How many legs are on your stool? This is a question one of my mentors asked me recently. By "legs", she meant income sources. The "stool" is your business. The more income sources, the better, and the more types of income the better. Types, such as passive income (like a storage unit or rental income, that really doesn't require you to do any work), subscription income (for example, a cell phone plan or dance tuition), or product income (one-off purchases such as retail sales or ticket sales). Other types include investment income (real estate) and affiliate income (commission).
Of course, ideally you would be diverse as far as income sources. Most studios likely have subscription income (tuition) and product (retail, snack bar, costumes, and ticket sales). The more income streams, the better you will be able to manage any ups and downs in your tuition income. So it is a question worthy of some deep thinking. How else could you be generating revenue? I have listed a few ideas below that may work for your business, but get creative. Consider the level of financial or time investment, your market, and your business model and add one or two into the mix.