Studio Owner Buzz is a series of posts on useful tips for Studio Owners. Costume catalog reviews, business tips, and more. Click here for past SOBuzz articles
Most studio owners got into the dance business from their love of teaching and of dance, not their love of contracts, business management and administrative details. However, being a studio owner also means being a businessperson and often that means negotiating with business people who have been in business much longer than you and will not be afraid to throw some punches.
My first year of owning my own studio, I was 22 and had no official "business" experience. Walking into a meeting to "negotiate" a lease with my future landlord, I might as well have been a lamb being brought to slaughter. I had no idea what I was talking about, and probably came off nervous and lacking experience… which I certainly was. Sure I had done my research, but that's not the same thing as actually negotiating. I ended up signing the lease for 2 years more than I had wanted to, but got more square footage out of the deal so I felt somewhat accomplished.
But you! You're smart! And are doing even more research so you can learn from my mistakes and be ready to negotiate with the big dogs.
First, let's learn about commercial leases.
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