The future is clear… at least, the future of your business should be. Planning ahead to where you want your business to go is crucial for its sustainability. Where do you see your studio this time next year? How do you plan your prospects and projections? Maybe you would like to add more students; hire another teacher; expand to another location; find a commercial space. How can you achieve these goals?
Remember, goals should be SMART: Specific, Measurable, Attainable, Relevant, and Time-bound. Knowledge is power, so you need to have all the numbers at your fingertips to be crunched into usable information!
So what information do you really need?
You should have a clear idea of your target demographic and know what sets you apart from your competition. Determine your goals and objectives in the short term and long term.
Business forecasting and planning for the future means having an accurate financial picture of where you stand now and having enough historical data to help you predict what’s coming. You need to know how much you’re making from your business (also known as your revenue) and everything you’re spending (expenses). How much do you profit from teaching? If you teach multiple instruments or lesson formats, do you know which are the most profitable? What is your net worth? Do you have a little put aside for a rainy day or a big purchase?
Business forecasting can be exhilarating! Having all the numbers and data at your fingertips is key to moving your music studio forward.
Keeping your music studio finances in order can be overwhelming, however My Music Staff makes it easy! From tracking payments to saving receipts, you’ll have all the data you need to stay on top of finances and plan for the future. Sign up now for a free 30-day trial!