It can be hard to see through your studio’s current circumstance to a brighter future. But, we know from experience that that’s the key to actually making real significant change.
Imagine yourself on a Sunday evening a short while from now getting ready for the week ahead. Rather than stressed about how everything is falling apart at your studio and how much work you have to do you’re ready for an exciting week welcoming new smiling faces into your classes.
That might sound like a dream, and far away from how you feel right now.
But, hope is a powerful drug. And, if we can back that up with a clear plan, you always increase your chances of success.
Many studio owners are currently feeling an extra dose of anxiety lately. They’re uncertain of their future. Some have never really run a profitable studio. Others don’t know that it’s actually even possible. Some are losing sleep over the fact that they may realistically lose the business they’ve spent their life building.
I know. I’ve been there.
“Hope is a powerful drug.”
And, frankly, it’s all understandable. This is a tough industry to be in.
I’ve talked with dozens of studio owners in the last few weeks and I’ve noticed some common themes in their concerns and fears. I’ve also been able to distill some differences between the studios that are going to survive and thrive and those that are going to suffer the most as a result of their trials.
1. Thriving studios aren’t overly optimistic
The studios that weather tough times the best are those that are optimistic but not overly so. They’re not in denial of their current situation. They understand that things are HARDER now than they were in the past. But, they’re not letting that discourage them. They’re using it as a motivating factor.
Some studios are so pessimistic that they’ve just hunkered down or given up, others are too optimistic and in for some tough surprises. Like a lot of things in life, the most effective position is somewhere in the middle; optimism balanced with a hard look at reality.
2. Thriving studios have a plan to ramp up
If things aren’t just going to “get better on their own.” That means there has to be something we’re actively doing to push everything in that direction. What’s your plan to really ramp your studio up? What specific things are you going to invest money and time in to make sure you end with record numbers at your studio?
The moment that the Covid 19 pandemic shut down the live classes at my studio we immediately moved our full schedule of classes online. That was a lot of work. But, not only did I do that (many studios did) I also DOUBLED my marketing budget.
You read that right. . .
I was already outspending most studios in marketing, but I doubled what I was doing during a time when everyone else had all but cancelled their advertising efforts.
I knew that when it was time to open the doors back up again that I wanted a HUGE list of warm prospects just waiting to jump at the opportunity to enroll. It was a risk, but it’s worked out exceptionally well.
Warren Buffet is famous for saying that his investment strategy is to be fearful when others are investing, and investing when others are fearful. Successful studios understand how this works.
3. Thriving studios have found excuses to change
A global pandemic has done something else for some studios. . . it’s given them the excuse they’ve needed to make the changes to their programs that will help them to be more successful in the future.
Some have moved to 12-month programs running full schedules all year round.
Some have moved away from small registration fees and started charging large down payments at enrollment.
Some have found new ways to add value to their programs so that they can justify higher tuition rates.
While the opportunity to make changes like these have always been there, it was interesting to see how the global pandemic helped with the messaging. It was literally the excuse some studios needed to be pushed over the edge and take the plunge.
Other studios won’t react that way. Remember, never let a good challenge go to waste.
So, take a moment and think this through. Grab some note-taking paper and a pen.
What’s the cold, hard truth. Where is your studio right now? Where do you want it to be by the end of the year? Is that motivating or frustrating? Why?
Write down your answers.
What’s your plan to ramp things up? How are you building your list of people interested in your classes? What are you going to invest to build your program?
Once again, write down your answers.
Your current situation is difficult, but how can you leverage it to justify the changes you need to make in your business? What do you have the opportunity or motivation to do right now that you didn’t in the past?
If you’re struggling to form a clear vision for your studio it might make sense for us to work through it together.
My staff and I have some time to schedule a few strategy calls this week with studios that are interested in aggressively growing their enrollment and profitability as they ramp things up. But if you’re interested in chatting it’s important to hop on our calendar sooner than later. These time slots are sure to fill.
Here’s a link to apply for a free call:
On that call we’ll have some questions for you about your own studio numbers. We’ll help you find the hidden value and focus your work on the low-hanging fruit so you don’t waste time growing. If, at the end of the call, we feel like working together would be a good idea we might make an invitation to join our consulting program.
Either way you’ll have a step-by-step plan for ramping the studio up.
We look forward to learning more about your studio and goals.