Cost Effectiveness of Online Private Lessons with Rising Studio Costs
As the owner of a dance studio, you are dedicated to helping your students reach their full potential. That’s why you put so much care into choosing the best instructors for each class and ensuring that they have the support they need to deliver quality lessons.
But as you know, this isn't always easy — especially when it comes to finding affordable rental space for your facility or paying for instructors' salaries. At the same time, it is also extremely important that as an instructor you are able to reach & achieve your full revenue potential and the growth of your brand & business is not hindered in any way.
Fortunately, there are solutions out there that can help ease some of these financial burdens while also improving your bottom line: online private lessons!
Rising costs for dance studio rentals
Renting a dance studio was never cheap, especially in metropolitan cities, where there is a high density of population and demand for dance studios is high. But post the pandemic, as demand has shot up exponentially, the cost of renting a dance studio has increased, as most studio owners are trying to make up for lost revenue.
The real estate market which saw a slump in 2021, is experiencing a boom of sorts and demand is high with people returning to live in cities.
Coupled with higher taxes, increase in insurance amounts and most importantly utilities being more expensive than ever before due to the global energy supply chain having been affected due to Russia-Ukraine instability has all contributed to real-estate rentals becoming very expensive.
In North America & Europe , high rentals have become a major issue for small & medium sized businesses and independent instructors it’s almost become impossible to afford studio rentals
Cost effectiveness of online private lessons
Teaching online is a boon, in more ways than one. Firstly, one ends up saving copious amounts of time. All of which can be used more productively & creatively. And at the same time it allows you to teach a lot more.
You save 100% of the studio rental costs and in this day & age, even the cheapest of studios cost at least $40 per hour to rent, with the more expensive ones in cities like Chicago & New York easily costing close to $80-100 per hour.
This money not spent on renting a studio directly contributes to increasing your profits.
Commuting back & forth from the studio and the cost to do that, also eats into your profits. On an average it would easily cost a minimum of $5-8 to get to the studio & back, even if you are using public transport. In comparison, it really doesn't cost any money to get to one room from another, if you are teaching virtually from your home or home studio!
Teaching online reduces the commute, which also means that it cuts down on our carbon footprint and helps the planet be a greener place. With teaching virtually there are no commuting costs whatsoever!
This helps us all save money while being good stewards towards our environment :)
Save time! Teach more!
The best way to save yourself time is to teach more students, especially if you're charging for each individual lesson. This will not only help grow your business, but also help generate more revenue for you!
It's often said that time is money, and whatever time you save, you can use it to make more money. With Versai all of our tools are focused on saving you time so that you can use that time to teach more which helps grow your business & revenue.
Balance your dance school budget
Unlike every other business, however, the bottom line dictates everything! Going virtual can really mean bringing in that cost effectiveness into certain parts of your business that allow you to balance out your budgets and increase your profits.
Given the savings that are possible, largely due to not needing to spend on ever-increasing studio rentals, funds can be better allocated into other avenues that fuel the growth of your brand & business.
Marketing in this day & age is more important than ever before and increased marketing spends that can be optimized more regularly, will definitely help you increase the visibility of your brand across geographies & demographics, thereby bringing in more students.
Reducing your overheads will also help you improve your cash flow which always helps businesses especially smaller enterprises as they tend to have higher burn rates than their bigger counterparts.
You can teach more students which means increased brand awareness and incoming traffic through word-of-mouth!
Reach Global Audiences
When working in a studio, you are limited by the hours it is open, so if your schedule doesn't work with that of the studio then there's no use going there. Online teaching brings in a level of flexibility which otherwise you cannot experience if teaching in studios - i.e., there is no need to plan days or weeks ahead of time just because you need to book a studio!
Teaching virtually also means that you don't have to depend on geographic limitations for students without which demand could often go up & down - so this helps reach out and teach more students thereby greatly increasing your revenue potential!
Additionally, teaching online allows instructors to take advantage of their time more efficiently since there isn't any travel involved between locations (saving time).
Move Online with Versai!
With rising costs for dance studio rentals and the need to keep up with new trends in dance, many independent instructors & studios are finding it difficult to stay competitive. The cost-effectiveness of online private lessons allows you to teach more students and earn more income without increasing your expenses.
This is a great way for creative professionals to expand their reach globally or meet new clients from other countries, both of which help your brand grow online, which can be make or break in the world we live in, given the role that social media plays.
Versai's all-in-one system helps you to move online with ease!
Our custom website builder helps you design and set up your personalized website and storefront in no time! We enable you to easily manage clients and host dance experiences. With features like video collaboration, website builder, and Dolby-enabled sound, we help you curate a virtual studio worthy of your dance skills.
Get started today and let us help you build your brand’s online presence. Use the link below for a free website consultation, or learn more about Versai by booking a call with our founder (who’s also a dance instructor!)