You are an artist with a long experience in the art world. You want to share what you know and at the same time profit from it. You are thinking of putting up a business from it. But you find yourself at a loss for ideas for starting an art class business.
Starting a business is always a challenging activity. You have to consider many aspects of your capability to handle the business as well as a number of rules to follow and business requirements to fulfill. To help you ease the transition, follow the steps below:
Craft a Financial Plan
A financial plan should come first. You have to consider the potential costs and revenue sources of your business. The costs of supplies, infrastructure, learning space, and advertising are just a few of the costs to cover. Are you renting out a building, or are you using your own home? The latter is obviously cheaper. As with your potential revenue sources, will you expect a number of students? Will tuition be enough to cover most costs? The revenue projection should at least be bigger than the expected costs.
Plan a Sound Curriculum
A neatly done curriculum will attract learners. You have the skills. Now put them into writing, sections or modules, into schedules. You must consider the teaching techniques that will ensure effective learning. Start easy with projects, then slowly build from it as the students learn to do more difficult tasks. It is advisable to base your curriculum on teaching standards made for specific age groups. You can search for models online or through your local university or basic education office.
Know the Market
A very common mistake of new businesses is the failure of assessing the competition. You must have a good idea of the market and how it works. Competitors in your area are a sign that the art class business is a profitable business. It is also a warning that you have to double up your preparations since you will be cutting a piece of the market pie. You must also see if the demand for art classes is sustainable. Do parents only allow their kids to attend art class during the school break? Or are there parents who want to expose their kids into the arts more? The competition is one way to find that out, but a market survey is the best approach. Build your questionnaire now and go door-to-door tomorrow.
Starting a new business from scratch is hard to do. Most often, new businesses, without proper support or opportunity, will shut down after the first year. With this unfriendly reality, why not consider franchising? If you find franchise opportunities in your area, then go for it. Franchises are already built with a strong foundation. You get much of the support, from materials to training, directly from the franchisor. Building a business on your own consumes time and money if you are not ready. A franchise skips the growing pains entirely.
An art class business is a good idea of imparting what you have learned to the young. You do not only benefit from it financially, but you also help the community appreciate the arts and expand the value of art and culture. To be successful with the business idea, you have to prepare well, considering the many factors of building a business.