Did you know the single best way to improve your income as a music teacher?
It is to improve your retention rate.
If you had a 25% decrease in the number of students you lost in a year, would that make a difference to your income?
Absolutely it would!
Lets say you had 50 students worth an average of $800 each per year to you – meaning your income is approx $40,000
Obviously it varies, but lets say that each year you lost about 20 students, and picked up about 20 more, but your capacity – the number you could optimally teach for maximum income is around 60.
Just a 25% reduction in your loss of students would mean that you would only lose 15, and you would pick up 20 more, meaning that in 2 years you would be at capacity!
You would pretty soon never have to advertise again. Most good music teachers don’t need to advertise anyway, but you do have to when you are starting out.
Unfortunately we tend to focus our advertising on attracting new students, instead of focusing our marketing efforts on retaining and giving each and every student a positive experience.
If each and every student has a positive experience, then they will tell their friends, and pretty soon you’ll never have to advertise
So, not only do you have more students, you’ve saved the advertising costs
|So – income before (50 students)||$40,000|
|Less advertising costs||($1000)|
|Income after (60 students)||$48,000|
|Less advertising costs||$0|
This is of course a hypothetical example, and of course the numbers are never so simple in the real world. The point is that if you concentrate your efforts on retention you’ll find that your teaching business will be very much improved and your income will steadily grow.
In our teaching business we constantly found that the Number One reason students stopped having lessons was because they didn’t practice. If they practiced regularly, then the parents could see that they were improving and would keep coming. There is obviously other reasons, but this is the main one. If you can tackle it, you’ll have a much improved retention rate!
The number one way you can get children to practice their instrument is by using a detailed plan or system to make it happen. At the Fun Music Company we have such as system – called the Ultimate practice system.
The Ultimate Practice system is also included with our Printable Music Games package.
Good writing. Keep up the good work. I just added your RSS feed my Google News Reader..
We use practice books to keep students no track. It has really helped a lot and I think the parents like to see that their children are making progress each and every week.