Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.
Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
They may be past dancers or still regular performers.
The dance instructors that a studio serves don’t need to be wealthy, but it helps to have a studio located in an affluent area as residents have discretionary income to spend on dance lessons, which can increase the number of dancers instructors have to teach.
Anyone with access to a commercial space that can be adapted into a couple of classroom sized rooms and a larger performance area might consider opening a dance studio.
A passion for and knowledge of dance is helpful, but not necessary because the studio owner doesn’t necessarily have to be the instructor, but can hire or lease space to one or more instructors.
It’s also useful to know how to handle basic maintenance tasks such as fixing broken lights, unclogging drains and repairing doors.
These skills can greatly reduce how much a dance studio has to spend on repair and service calls.
Additionally, a studio should have a reserve fund available in case the building needs an emergency repair.
Regarding insurance, a dance studio should have robust liability protection that covers all students, instructors, guests and events held in the building.