Many people’s interest in music goes beyond just listening to it. A lot of people who enjoy listening to it are also interested in learning how to play an instrument. A music lessons business gives novice musicians a way to learn to play an instrument, and it provides more seasoned musicians with advanced training to help them improve their musical abilities. A business may offer private or group lessons in home or classroom settings.
Start a music lessons business by following these steps
You have found the perfect business idea, and now you are ready to take the next step. There is more to starting a business than just registering it with the state. We have put together this simple guide to starting your music lessons business. These steps will ensure that your new business is well planned out.
Plan your Business
A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:
What are the startup and ongoing costs?
Who is your target market?
How long it will take you to break even?
What will you name your business?
Luckily we have done a lot of this research for you.
What are the costs involved in opening a music lessons business?
The costs associated with starting a music lessons business are low. Business owners need to have their own instrument, which is often the most expensive startup cost. Typically instruments cost anywhere from less than $300 up to over $2000 (with some instruments falling lower or higher than this range). Instruments can often be found cheaper if used, as well as online. In addition to an instrument, business owners usually need a couple music stands (one for them and one for a student, unless teaching piano or organ; ~$30 each) and their own personal copies of the music they’ll be teaching (students are usually expected to buy their own copies; ~$3 to $25 each).
Instructors also need a place to teach, which can be a room in their own home, at each client’s home or in a public place, such as at a school, church or community center. Renting a space in a public building will increase operating costs a little, but it also provides space for teaching group lessons.
What are the ongoing expenses for a music lessons business?
The ongoing expenses for music lessons businesses are low. Business owners who drive to clients’ homes must pay for transportation to and from each client’s house, and those who use a public space have to pay for that space. Other expenses include instrument maintenance and repair costs, and occasionally purchasing new copies of music.
Who is the target market?
Ideal clients have a passion for music and are interested in learning to create music. Many are either students in school (anywhere from elementary school through college) or adults who have free time that they can spend practicing.
How does a music lessons business make money?
A music lessons business charges students for lessons, which usually last from 30 minutes to 1 hour. Lessons may be charged on a per-lesson or hourly basis. Group lessons usually cost a little less than private lessons, but they can generate more income because there is more than one student being taught.
How much can you charge customers?
Piano lessons usually cost between $30 and $60 per hour. Many music lessons businesses that teach other instruments charge similar rates. When lessons are only a half-hour long, these rates are usually cut in half for each lesson.
How much profit can a music lessons business make?
Even a part-time music lessons business can generate a significant revenue. An instructor who offers private lessons for 20 hours a week could earn between $600 and $1200 each week if they charged $30 to $60 per hour. Because the ongoing expenses are low, the vast majority of this is profit.
How can you make your business more profitable?
Offering group lessons is one of the main ways music lessons businesses generate additional revenue. Group lessons might cost students slightly less per hour, but they can increase the revenue a business brings in. Even if students pay just $10 per lesson, a half-hour group lesson with four students could generate $40 in 30 minutes, or an hourly rate of $80.
Other ways of increasing revenue including offering repair services for broken instruments (if the instructor knows how to repair instruments) and hosting recitals. Many instructors charge additional fees for putting on an annual or semiannual recital.