Hands up ABBA fans! I’ve got ‘Money, Money, Money’ stuck in my head (and now, so do you, sorry).
Why have I got this song going round and round in my mind today? Because I am thinking about profit. Ok, please don’t run away, I promise I won’t bore you with financial jargon or tell you to work more hours (in fact, quite the opposite).
If you have a few minutes spare, I would LOVE to let you in on three of my favourite ways to increase profit in your dance fitness business. And the best bit … you can do this RIGHT NOW, without having to work ‘harder’ or teach more classes. Phew!
This blog is for you if…
- you currently teach dance fitness and want to know how to increase your profit.
- It is ALSO for you if you’re not a dance fitness instructor yet, and would love to teach dance fitness as your full time job by turning your passion for dance into something you love.
I know we all LOVE what we do and probably would do it for FREE if we could, however we need to remember we are running a business and need to start looking at our classes with our business owner hats on. You work hard, you’ve spent years of blood, sweat and tears to get to where you are now.
Maybe in the past in order to make more money you’ve always thought you need to work harder or put more classes on?
Here is a quick summary of my 3 tips to increase profit:
1. Increase Prices
A common reaction to this is ‘I can’t increase prices, no one will pay it’. Do you relate to this feeling? More often than not, this is due to our own limiting beliefs and money mindset. It’s all about how you communicate it and the value you offer. Whenever I up my prices, I always add a little bit of extra value (such as bonus videos). Good practice is to increase your prices every year, even if just a small amount.
2. Increase Capacity
Here are some ideas (most of which cost nothing)…
Are you spending too much time on marketing and admin when a system could do it for you, to allow you to teach more and increase capacity?
Upsell to your current clients, they could pay more for a package which allows them to come to more classes per week (this would be better value for them, and more profit for you).
- Get in touch with previous clients to re-advertise your classes.
- Change your venue to a larger one
- Add more classes to your timetable
- Diversify by adding one off classes and workshops to generate extra income (great for cash flow).
- Could you teach online live classes at the same time as your in person class to increase your capacity? You might only be able to have 10 in the room, but you could have an unlimited number online.
3. Decrease Overheads
- Are you paying a person to do a job when a system could do it instead?
- Could you get a cheaper venue?
- Is there a deal to be done with your current venues, there’s no harm in getting in touch with them and asking. They need your custom too!
- Go through your direct debits. £10 here and £10 there can make a difference. Are you paying for any systems or memberships you once used for your business but you don’t really need anymore?
- Track your monthly income and expenses.
I used to only ever focus on growth and income and I’d put all my outgoings in a drawer and ignore it. Relatable? You can grow and bring in money, but if your expenses are high you’re only making yourself work harder! Your business might be earning, but you need to be able to make money for YOU too.
Want to find out more about how you can make more time and money teaching dance fitness?
Wish you could teach dance fitness every day as your job??
Click the button below to download the free guide. This guide will give you an insight into how you can replace a full time wage by teaching just 6 dance fitness classes a week (from personal experience). Check it out below: