Make more money!
Who doesn't want to make more money? Nobody I know, that's for sure. Do we live in a culture of always wanting more? Yes. That's capitalism. But even more simply: money buys the freedom to do things and spend time however you want. So...let's look at some ways you can increase your teaching revenue by 20% for next year!
First thing's first, and this requires some deep thinking. You have to know (and lean into) what you're naturally and already good at. These can be things like communication, organization, discipline, ability to connect with others, etc...then, ask yourself and others who you might strategically survey and see if those strengths that you have identified are in fact what you are known for by colleagues and clients. If you find others know or label you as having strengths you didn't know you had, and you think you're naturally good at other things, how can you better align these strengths and "capitalize" (sorry, poor word choice) on them? As an example, I'm really good at getting things done. Per the Gallup Strengths Finder test, i'm an achiever (my #1) and I crave significance (my #5) in my life, I also naturally connect and relate to people (#2 and 4). So...naturally, I'm a teacher. But to be the best version of myself as a teacher means I have a feel like I am achieving with each student and also feel like I am adding significant value to their lives, along with being able to connect and relate to them. I value the relationship of the people I work with as much or more so than I value the theory, for example. (For those that can't take the suspense, my #3 is Harmony, which means I don't like conflict. Interested in taking this test too? Check out the Clifton Strengths Finder in our good friend, Google.)
Once you've identified your strengths, get really good at those, lean into them, and figure out what makes you unique. "My students having fun playing piano" is not unique. "My students play pop music" does not make you unique. "My students play in three recitals a year" is also nothing new or anything different. These are expected norms from a piano teacher! Your students SHOULD enjoy the journey of learning, and in this case, at the piano. Your students SHOULD have a good time playing some of their favorite music. Your students SHOULD have multiple opportunities to perform. In a sea of a saturated market, I have had the luxury of being forced to show how I/we are different. As an example. I promote our 5 Pillars of Learning Piano:
Once you've identified your strengths and are actively getting better at those, make a list of your differentiators and start developing a plan to tell the whole world what you're good at and how you're unique.
You're going to use these to your advantage (leverage) in the marketplace, so that you can pick up a couple students, charge more and have a wait list.
Where is the 20% increase in revenue coming from?
I'm so glad you asked! We're getting there...there is a lot of foundational work that needs to take place BEFORE you can jump in. Now, in order to be on a level playing field, these are the assumptions and figures I will be using to show how to increase revenue by 20% for next year:
Now that you now my assumptions, you can see how I'm recommending and giving ideas for tuition increases below:
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