Passionate about music? Know how to play a musical instrument? It might be a good opportunity for you to earn an extra income by starting a music tuition business. You would provide services to students by either teaching them how to play certain instruments or training them to further develop their musical skills. You might choose to offer these services privately by yourself, or by employing multiple music teachers. Either way, here are 5 useful tips to get your started.
1. Make sure you have the necessary skills
To be able to actually teach students, you need more than just a passion for music. While you don’t necessarily need to have a formal education in music, at the very least, you need to be competent in the particular musical instrument that you are looking to teach.
However, it’s definitely beneficial to have a tertiary degree or Australian Music Examination Board (AMEB) qualifications, especially if you’re looking to teach intermediate students. This will increase your credibility as a music teacher and may even attract more potential students.
2. Do your research
You need to conduct effective research to assist with your plan to start a music tuition business. Your research should include, for instance:
Costs
The good news is that this is a relatively inexpensive business to start. In terms of equipment, you will only really need the musical instrument that you will be providing teaching services for, which you will likely already have. Although, it might also be beneficial to have a spare for your students, in case they don’t have their own. To seem more professional, you might also decide to invest in other common musical equipment such as a music stands, tuners and amplifiers.
However, if you’re considering starting a music tuition business that employs multiple music teachers, you will need to consider further costs.
Rates
You need to consider how much you will be charging for your services. To do this, look into how much similar competitors are charging at your specific location. This will depend on several factors such the instrument, duration of the lesson and your qualifications. For example, a piano teacher with a tertiary education and AMEB qualifications might charge more than a piano teacher without a formal education and qualifications.
You should also consider other ways to maximise your profit stream. For example, you might decide to offer group sessions at a lower price, on top of individual lessons. This can bring in further profit to your business.
Location
Will you be delivering lessons from your own home or will you be travelling to your students? Otherwise, will you be renting an exclusive venue? Depending on what you decide, you might need to take into account the extra travel costs and/or rent.
Aside from this, you should also consider whether there is a demand for music lessons in the location of your choice. Ask yourself, for example, whether the location is busy and whether there is already an excess amount of music teaching services offered.
Target market
What instrument(s) will you be providing teaching services for? Are you targeting beginners or intermediate students with existing skills? For the latter, you will need more advanced skills which may require formal qualifications. It is much easier to teach beginners. However, if you have the necessary skills, you might decide to cater for both.
3. Develop a business plan
It would be beneficial for you to develop a formal business plan using your research, which will guide your music tuition business. This business plan might include:
- Your business objectives and goals
- Your business structure
- Any business policies surrounding cancellations and make up lessons
- Target market
- Marketing strategy
If you aren’t confident in developing the business plan yourself, you should consider seeking assistance from a professional accountant or business lawyer. You should also regularly revisit and review your business plan. If you need a business plan template, you can find one here.
4. Register your business
At this point, you can likely distinguish this as a business venture rather than a hobby. In some circumstances, you won’t necessarily need to register your music tuition business. However, there are certainly many benefits that come with registration. For example, it’s much more professional for you to be issuing receipts for payments.
To become an official business, you need to register for a few things, including:
- A business name
- An Australian Business Number (ABN) which will help the Australian Tax Office (ATO) and customers identify your business
- Tax which will depend on various factors such as your business type
5. Promote your business
In such a competitive industry, it’s important to effectively promote your music tuition business. To effectively promote your business, you should consider:
- Setting up and maintaining a website
- Setting up and remaining active on social media
- Utilising physical advertisements such as flyers
Once you a have a few students, it becomes much easier to effectively promote your business through word of mouth.
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