MUSIC SCHOOL BUSINESS PLAN SAMPLE TEMPLATE
Starting a music school goes beyond having the skills necessary to impart the knowledge of students.
There has to be a structured business plan for starting a music school in place to guide your activities. This is where your business plan comes in. The plan is crucial to how well your business kicks off.
This music school business plan sample has been written to provide the needed guidance.
Tempo Studios is a standard and licensed music school located in Chicago, Illinois. We offer a wide range of courses including single-course programs where our students are given the very best and get to learn in a serene atmosphere.
At present, our music school can contain about 60 students. However, expansion plans are in the works and will roll out within the coming months.
The aim is to provide more capacity as well as purchase more equipment. The delivery of quality lectures is dependent on an experienced workforce. This is why we’ve committed significant time and resources to hire our teachers.
While expanding our business, we will engage in effective marketing campaigns too.
At Tempo Studios, we seek to build a world-class music school where our students get the very best. We intend to become a reference point for excellence. This has so far been demonstrated in the quality of our curriculum as well as in our ability to put together a strong team.
While consolidating on this, we see enormous possibilities for growth and improvement.
We aim to join the big league of music schools in Illinois. Penetrating the top 10 will take a lot of work and dedication. We are well prepared for this and will be committing our time and resources to ensure we achieve our objective.
Within 8 years, we plan on expanding our reach to cover more areas (at least 10 cities) beyond Chicago.
Services And Products
We have set out to ensure we include a wide array of products and services. These include private lessons covering guitar, piano, bass, violin, drums, voice & band instruments. We also have interactive learning options with in-room tablets. We provide group music theory courses and string changing services.
GUIDE: How to Sell Song Lyrics
Products include Beaver Creek Acoustic guitars, drum practice pad, music theory workbooks, method books, and Suzuki violin books. There are also guitar picks, guitar, and violin rentals and several others.
Our expansion plans will require the injection of a significant amount of capital. The sum of $900,000.00 is required. We’ve decided that this sum will be raised from loans. This will be sourced from our banking partners and will be accessed at a reasonable interest rate.
This amount will be spent on the provision of more classrooms, the purchase of equipment and the hiring of new music teachers. 30% of this amount will be used as running costs.
It has been four years since we first opened our doors for business. Since then, we’ve witnessed remarkable growth in improvement.
To better assess our performance, we hired a consultancy firm to help conduct a SWOT analysis. The outcome has been revealing and will enable us to re-strategize towards increased productivity.
As a business, we’ve identified our areas of strength to be in the quality of our workforce and the depth of our curriculum. This has helped significantly in the training of well-equipped graduates who have turned out to be highly successful with their music careers.
We aren’t resting on our oars but seek to double our efforts for greater impact.
Weakness is a reality we have to deal with in our chosen endeavor.
As such, our areas of weakness have been identified to include ineffective marketing and a drop of 5% in revenue. This has been revealing and it’s little wonder that our marketing efforts have been mediocre and haven’t yielded much. However, we’ll be finding immediate remedies by ramping up our marketing efforts.
The need for music lessons has seen a sharp increase over the last 5 years.
This means a greater number of people are more interested and open to take music lessons. A growing economy also means more people having disposable incomes to spend in acquiring new skills. We are well poised to take advantage of the opportunities presented to us.
Threats to our music school will come in the form of a dwindling economy. This is so because when disposable income drops, the need for our services also declines. Thankfully, the economy is buoyant and doesn’t seem to be declining anytime soon. We are also strategizing to limit such threats by diversifying our business operations.
Our profitability lies in our capacity to increase patronage significantly. This, in turn, is dependent on your marketing strategies which we have decided to improve upon. With the proper implementation of these strategies, we hope to attain an appreciable level of growth in the short term.
We have made a three-year growth projection based on the proper implementation of our sales strategies.
- First Fiscal Year $1,000,000.00
- Second Fiscal Year $1,900,000.00
- Third Fiscal Year $5,800,000.00
Having identified our weakness in the area of marketing, we are adopting a multi-pronged approach to improving our business presence. We have revamped our marketing department by hiring a new and experienced team that will coordinate all marketing campaigns. We will be running paid ads on radio, TV and print media platforms.
Social media marketing is yet another option we seek to explore. We will be creating social media accounts on all the major platforms such as Facebook, Twitter, and Instagram. Our weblink will also be promoted through the creation of relevant content. This content will be shared on all our social media handle to attract visits.
Fliers, banners and business cards will be printed and distributed too. Most important of all, our students will be encouraged to spread the word about our business. This will be incentivized to encourage them to do so.
Our competitive advantage as a music school lies in our ability to recruit the best. We have some of the best crops of music tutors in the industry. This has helped us create a rich curriculum that meets the best standards available.
This music school business plan sample has highlighted some of the key areas a good plan should have. We have made it as straightforward and comprehensive as possible for easy understanding. By using this as a template, you can avoid common mistakes made by many in putting a great plan together.