Whether you’re already up and running your own Street Dance Fitness business or still unsure whether you have the skills required, this information is for you. All successful businesses need to be competent in the six areas below, and if you have those areas under control you have the makings of a successful Street Dance Fitness enterprise.
1. MARKET RESEARCH
This is probably one of the most difficult areas to get right as a start-up business. Hiring a specialist market research team is beyond the budget of most small companies and yet it is vital that you understand what your potential customers are looking for. Online software and processes such as bulletin board and webcam focus groups have made DIY market research more common, but you still need to know how to interpret the results so consider taking a short market research course.
Many small enterprises opt to study a smaller sample of people in more depth and rely on talking to people and listening carefully to their responses. You probably know people who are already attending dance fitness classes, so ask them why they chose those specific classes, what the pros and cons are and how they could be persuaded to go to a class like yours.
2. WISE INVESTMENT
There are so many people offering opportunities in business that it can be difficult to sort the wheat from the chaff. Clearly you have to spend some money to get going: few people will trust an unqualified fitness or dance instructor, and you would be hard-pressed to find anyone offering free qualifications. On the other hand, don’t fall into the trap of equating cost with value. Just because a franchise runs into five figures, it doesn’t follow that your path to success will run smoothly. Street Fit® have been careful to price our Instructors’ Courses to be affordable to the majority of people who are serious about making a future for themselves.
3. EFFECTIVE SYSTEMS
While you won’t need many of the business systems that big corporations do (production, HR, distribution, etc.) you will need to be organised in two main areas: customer records and accounts. But don’t panic! Neither of these areas need to involve much more than a spreadsheet or two, and there are plenty of cheap and free software programmes about. It can take some shopping around before you find a system you’re comfortable working with, but once you’re set up it’s just a case of organising your time so that you keep on top of the data entry. Some people choose to nominate ‘admin days’, whereas others prefer to work on a day-by-day basis. If you’re not comfortable with using spreadsheets and databases, there are plenty of affordable IT courses that would be worth considering.
4. FINANCIAL DISCIPLINE
It can be easy to get excited and blow large amounts of money on marketing campaigns or business systems that promise the Earth. A more sustainable approach is to set aside a small percentage of profit for sales and marketing and think carefully about what you are going to spend it on. Track the results over a month or two using promotional codes or web-based analytics as appropriate.
5. KEEP UP-TO-DATE
Every industry is in constant change, driven by competition and new trends and technologies. In particular, the dance fitness and fitness instructor industry never stands still, so you should be constantly staying on the pulse and making use of new styles, concepts and technologies.
6. BUSINESS PLANNING
A basic two or three year business plan is essential to keep you focused on your performance and targets. This should include a profit and loss projection and a cash flow projection to ensure that you will:
a) Make a profit
b) Have access to the cash needed to keep the business going
See our previous post for more detailed information on business planning.