A Few Tips That Will Help You Choose The Perfect Renting A Studio
Looking to start your own dance school? Dancing is a fabulous experience and more and more people enjoy it either as a hobby or as physical exercise. Dancing comes naturally to people and it’s no wonder that we love it.
Dance studios for rent in Miami are ideal locations to start your dancing lessons. It’s the perfect spot to learn the basics, hone your skills and learn from the professionals. Dancing studios can be started by any professional dancer. You’ll just need a good location and you are good to go. But how do you start your own dancing studio for rent in Miami? Let’s go over this quick guide and see how it easy it is:
Renting the studio space
When starting a dance studio, the first thing you need to get right is the location. In this case, the location refers to the actual studio where you will teach the dancing lessons. Essentially, you’ll need a big room with a good floor, ideal for dancing, and a changing room for students. These are the minimum requirements for a basic studio.
You can either rent or buy the studio space. Buying a studio space is a massive investment for most new dance professionals, so your best bet is to find a studio to rent. Renting also gives you flexibility, adaptability and can lower your costs depending on seasons and holidays. Here are some things to consider when looking to rent a dance studio:
When to rent?
Buying a studio requires a large financial commitment. Renting is a better alternative for new studio owners. You will be able to choose and test the market, the location, and your clientele. What’s more, you can start making a profit before you make a massive investment in a new location.
Renting is ideal for flexible growth
Renting your dance studio, as opposed to buying, gives you incredible flexibility. Your business can grow, expand its clientele, become a brand and a local important dance school, without being fixed in one location. If you lease, you can always start small and expand naturally into a bigger space, as needed. Of course, you can downsize with minimal costs, if necessary. While having a landlord can be tricky sometimes, it’s important to have someone to help you out when something needs fixing or updating. Plumbing, electrical wiring, HVAC or other repairs will be done by the landlord, or the costs will be shared, according to the lease contract.
Have a business plan and do your research
Most businesses conduct thorough research before choosing their location. It’s important to also have a complete business plan. What are your expected costs, your income, and your profits? Is renting better or should you buy the studio space? Do your research on multiple locations, check the prices, the clientele, the demographics in the area. You are making a long term decision and you should do your homework thoroughly before launching the new business. You should know everything about the areas you want to launch your dance school.
Tips on how to choose a studio to rent
Here are a few tips to help you choose the best dance studio for rent in Miami:
#1 – Location, location, location
This is an old adage in real estate – location is everything. And it applies to dance studios for rent in Miami as well. Where your dance studio is located matters a lot. It determines the type of clientele you attract, how popular it is, how much it costs and how easy people will find it. It also creates an image for your brand. What’s more, the location matters when it comes to your competition – do you have other dance schools around? Are they good? Could yours be better?
Also, is the space ideal for dance lessons? – Check the size of the room, the amenities, the floors, the windows and natural lighting and whether it needs any major renovation. Consider the following spaces: office spaces, waiting areas, dance room sizes, visibility, parking spaces, and important attraction points in the area.
#2 – What type of entity will your dance school be?
This is important as it will affect your business in the long run. A dance school is a business and you’ll have to pay attention to the financial aspect, or else your business will fail. Talk to an accountant to decide which type of entity suits you best. Here are the major types of entities to choose:
- sole proprietor – this is the basic business entity many new studios for rent in Miami choose to go for; this entity is an unincorporated business that is owned and run by an individual; there is no separation between the individual and the business;
- S corporation – this is a type of corporation designed to avoid double taxation – the taxation to the business and to the shareholders
- C corporation – this type of corporation is owned by the shareholders but it is liable for debts and legal actions
- LLC – Limited Liability Companies are corporations that offer a limited liability but has very advantageous flexibility towards partnership and future growth
Ideally, when you start out, the best choice is to go for a sole proprietor type of business. As you grow, you can expand and change the type of corporation.
#3 – How will you market and advertise your dance studio?
Who are your customers? How can you reach them and attract them to your new dance studio? Survey the local population to see what they want. Similarly, do you want to teach adults, children, couples or want to offer the full range of services? Check out what other dance studios are doing. Is there room for another studio for rent in Miami? Can you handle the competition? Think about the name of your studio and how it relates to the local area. There are a lot of things you’ll need to think about during the marketing process in order to be successful.