Tips for creating a business plan for a dance studio include conducting a thorough analysis of other studios in the area to identify market competition, outlining specific pricing plans and models as part of revenue projections, and creating a list of initial and recurring expenses. The plan should also include an executive statement that highlights the key features of the studio and a marketing section with tactics to obtain clients.
Competitor analysis is a key feature of a dance studio's business plan because it allows the owner to structure the growth projections and make other decisions more accurately, as well as identify any potential threats or obstacles to the business' general operation. The specific findings from the research should appear in a separate section of the plan to provide a historical reference throughout the process. The business plan should also include an executive summary that draws directly form the competitor analysis to determine what sets the studio apart from others, such as offering specific types of dance classes.
Another important section of the business plan contains the operating expenses, which should include items such as the rent and insurance for the studio, equipment and allotments for regular maintenance. Similarly, the plan also needs to contain financial projections that outline how and when the studio can turn a profit, including the exact price points and class options available. It also needs to list specific methods to find clients, such as advertising in local newspapers or partnering with youth organizations.