1, 2, 3 Ways To Double Your Dance Studio Revenue
You don’t want to focus on money, and yet you need to consider it. We completely understand that quandary. With Jackrabbit Dance Software, you can automate many administrative tasks, significantly decreasing your dance studio’s overhead expenses while simultaneously allowing you to put policies in place that will help increase your revenue. Sounds like a win-win, right? Well, that’s because it is! These are three of the top ways we recommend to help you increase your dance studio revenue.
Money-Back Guarantee over Free Trial Classes
When you offer a 100% money-back guarantee, it may seem risky at first. I mean, what if all your students were to say they weren’t satisfied and request their money back? While you may need to return money to a few unhappy customers, this offer attracts plenty more because of the confidence it exudes. Unlike a “free trial,” which is typically intended with the same purpose in view, a money-back guarantee helps increase revenue as well as decrease administrative workload.
Part of the reason this works is the power of “no” and the need for change. Most customers like saying, “no,” because it gives them the feeling of having control; they also tend to resist change. So when instead of starting to pay for a class (a change), they can just continue attending and paying as they have already been, most will remain. And whether they’re asked if they’d like to enroll in a fee-based class after taking a free one or realize they can cash in on the money-back guarantee, most will decline or do nothing.
Auto-Pay System and 30-Day Withdrawal Requirement
Again capitalizing on the power of “no” and other facets of human nature, your dance studio can increase revenue by simply employing the Jackrabbit monthly auto-pay system. Dance families can attach their preferred credit card to their account, so their payment is processed automatically each month. Eliminating the need for parents to remember to pay and take action to keep up with their accounts, this helps delinquent accounts and late payments to become distant memories. All you need to do is press a button to run tuition each month! By asking for a 30-day written notice, you can decrease withdrawals overall. Whenever someone has to take an extra step to initiate a process, chances are that they won’t. And your dance studio will benefit by retaining students as well as revenue.
Continuous Enrollment for Dance Classes
Building on the same basic principles we’ve already explained, your dance studio will benefit by not taking a break from sessions. Instead of risking students’ not coming back in the fall after summer break, why not just keep it going? Perhaps schedules will change or lighten up a bit, but with continuous enrollment, you not only increase your revenue during what might otherwise be a low season, but you also increase your chances of students remaining loyal to your dance studio from season to season, and from year to year.
We have a few more revenue-growing suggestions for you in the section below and just like these, they really take very little extra work on your part.
1, 2, 3 More Ways To Double Your Dance Studio Revenue
As your dance studio revenue increases, so will the benefits to your dance family. A healthy dance studio will be growing in many ways, including financially. In Part 1 above we explained how three changes can help greatly increase your revenue: offering a money-back guarantee, implementing an auto-pay system and requiring a 30-day notice for withdrawals, and switching to a continuous enrollment format. Now we’ll take a look at three more recommendations that many of our customers have found to be successful.
A No-Cash, No-Dance Policy
We get it. It seems harsh at first. But it’s fair, and it’s good business. Having zero receivables allows for a fiscally healthy business. If you think of it, most businesses are run this way: after all, you can’t pick up new toe shoes when you need them and promise to pay when you can. When you already have an auto-pay system in place and don’t accept checks as a payment form, you really reduce your overhead expenses as well as the chances of any outstanding accounts.
Value-Based Dance Class Pricing
If your goal is to be the lowest-priced dance studio in town, you’ll probably be the one with the least content staff and most run-down facilities, too. But if you aim a little higher and attempt to allow your pricing to coincide with the value which you offer your students, many will get the picture and appreciate the investment they’re making in quality dance instruction. By going beyond what you actually need in order to run your dance studio, you’ll have extra funds to use for value-added options and activities. And the stability gained from not feeling as if you’re on a week-to-week or month-to-month basis, financially, will pay dividends in morale. We recommend committing to no less than a 3% annual increase in pricing for starters.
Online Registration & Payment Platform
Your dance studio family will benefit, as will your staff and overall organization, when you go to an online-only registration model. Jackrabbit makes online registration simple and pain-free, giving parents the flexibility of registering from any device, any time of day. Your staff will have access to updated registration information without having to put in extra time or having to perform added administrative tasks such as data entry and payment processing. Gone will be the days when someone has to worry about privacy issues with credit cards or manual deposits of cash and checks. Once account information is entered, other time-saving, revenue-building policies will be easy to implement.
While these changes may seem significant and difficult to wrap your head around, when you have Jackrabbit Dance software, they’re really quite easy, and you’ll have our support staff ready and willing to help you, every step of the way!
4 More Ways To Double Your Dance Studio Revenue
If you’ve read the above tips, you know that Jackrabbit Dance software makes increasing your Dance Studio revenue pretty simple. A lot of it boils down to making it easy for your dance studio family to continue benefiting from the classes you have to offer. Makes sense, right? But there’s more to it than just that; you’ll also stand to benefit by focusing on your staff.
Offering the Summer Freeze
We’re guessing we got your attention with that title, didn’t we? While previously we’ve mentioned the benefits of a continuous enrollment policy, we also realize that not all your dance families will want to go that route. However, you don’t want them to withdraw. You can offer a third option: the summer freeze. Essentially, it’s a combination form that includes withdrawing and re-enrolling in a single step.
You might be wondering how your dance families will benefit by freezing their accounts rather than simply withdrawing and re-enrolling. When dancers decide to “freeze” accounts for 4-8 weeks, they’ll be able to hold their spots in their classes for that amount of time at no cost to them; tuition charges will simply resume after the predetermined timeframe for the freeze ends. In addition, dance parents will appreciate avoiding the nuisance of having to complete a new registration. Even though we’re suggesting that you recommend it primarily to those dancers who wish to take a break from dance class over the summer, a freeze can really be done for any reason, anytime of year. For instance, travel, health issues, or injuries could prompt a freeze for a dancer, anytime of year.
Hiring Quality Staff Members
The remaining three ways to increase revenue are less direct yet extremely influential in your dance studio bottom line. And they all relate to your staff members. First and foremost, hire only staff members that exhibit the kinds of qualities — both character qualities and professional ones — that you truly admire. Before you hire any new instructors or support staff members, always ask yourself if you wish to be around and be influenced by those individuals. And make sure that’s a part of your annual review of your team members.
Using Performance-Based Compensation
As you review current team members, consider including performance-related compensation for all team members. While individual or department-oriented compensation can lead to an unhealthy competition and even divisiveness, this method allows staff members to truly see one another as being on the same team. Everyone will be more motivated to help the team succeed if they stand to benefit when it does.
Communicating Weekly KPI Reviews
In the interest of measuring progress toward annual goals, weekly reviews will become significant to all staff members. Key Performance Indicators (or KPI’s) can include data such as hours logged by instructors, enrollment, and efficiency of classes or programs. Providing data relating to KPI’s will allow leaders to evaluate their programs and overall performance.