The Dance Studio Gold Mine Hidden In Every Community
What are your studio goals?
- Do you want to grow your student count?
- Do you want to make more money for your family?
- Do you want to share your passion with more students?
- Do you want to make more money so you can contribute to your community and causes that are important to you?
- Do you want to be able to hire more staff to lighten your work load?
No matter what your goals are, reaching them usually comes down to either attracting more students or generating more profit (or both!).
And, if you want to grow your studio and/or make more profit you should REALLY consider the MASSIVE opportunity hidden away in every community, and that is to serve girls ages 3-5 years old.
Most studio owners think that their advanced-level dancers are the most profitable, but that's actually a dangerous myth that holds many studio owners back from reaching their goals. Instead, it's actually your 1x a week, beginning-level students who are typically the most PROFITABLE. That's because even though they're paying less per month, they're actually paying MUCH MORE per class because they're not receiving any multi-class discounts. In terms of actual PROFIT (the part you can use to feed your family, invest in your business, donate to causes you care about)... it's all about the beginners. Hands DOWN!
The younger a student is when they enter your studio, the more potential potential they hold for contributing towards your studios growth and profit. This is called their "lifetime customer value". For example, a teen who starts dancing at your studio when they're 13 year old will likely contribute LESS in tuition fees, costume fees, recital tickets while they're enrolled at your studio than a younger student who starts when they're 3, 4 or 5 years old. That 3, 4 or 5 year old could potentially be contributing 10x as much towards your studio's growth and profit simply because they'll be dancing at your studio for a longer period of time. So, in general, the younger a student is when they start at your studio, the bigger potential they have to contribute towards your studios growth and profit (so that you can reach your goals). Note: I'd also add, that they have the biggest opportunity for dance to make a MAJOR impact on their lives as well which is nothing to sneeze at! Note #2: This doesn't mean you shouldn't welcome new 13 year olds into your studio, it just means it's NOT the place to focus your growth efforts.
Reason #1 points to the reason to focus on beginners to optimize your growth and profit . Reason #2 points to the reason to focus on younger students in general to grow your studio. So, what makes 3-5 year olds the "sweet spot" in terms of where to focus your student attraction (and retention) efforts in order to grow your studio and your profits so that you can reach your goals?
3-5 year old girls are the "sweet spot" because they're simply the easiest to attract into your studio- by FAR! This is because the average child is typically ready to start participating in independent activities between those ages and so parents of 3-5 year olds are ACTIVELY looking for classes and programs for their child. This is a naturally "hot" market to tap into. Secondly, the older a child gets, the more likely they are to have found their "thing" in life whether it's dance, sports, music, etc. The younger a child, once they're started independent activities, the bigger opportunity you have to introduce them to the MAGICAL world of dance and make DANCE their "thing" (and at YOUR studio). Furthermore, many parents of little girls between the ages of 3-5 years are SPECIFICALLY looking for DANCE LESSONS for their daughter.
That's EXCITING, is it not?!?!
Right now, you have exactly what a HUNGRY market (many parents of 3-5 year old girls) want... dance lessons!
It's a perfect storm for success!
All you have to do is tap into this opportunity, which is available RIGHT NOW, in your community... and offer these parents what they want.
That's exactly what I sought out to do for my own studio once I discovered these truths about about the dance industry.
To do that I asked myself two questions:
- What would little girls between 3-5 years old LOVE in a dance class experience?
- What do parents who have a little girl between the ages of 3-5 years old want in a dance experience?
From those two questions, The Princess Ballerinas Themed Lesson Plans were born.
I originally created the program to grow my own studio by attracting (and delighting) the most valuable students in the studio industry- girls ages 3-5 year old- and today I shared the program with hundreds of other studio owners around the world. You can learn more about Princess Ballerinas here if you're interested.
I hope this article has helped to shed some light on some opportunities that perhaps you haven't noticed or taken full advantage of in the past.
The good news is that it's never too late to start serving 3-5 year olds in your community!
Right now, there are hundreds of parents whose little girl just turned 3, or 4 or 5 and they are EXCITEDLY looking to enroll her in dance lessons NOW.
What are you going to do to help them out?
Fill that need in your market, and I promise you'll never have trouble growing your studio (or profits) again.