How do you add extra profits to your Music teaching business?
I love to teach students to play the piano! There is no doubt I get much pleasure out of seeing the progress of each student as the years go by. However: bottom line is this is my business and I teach to provide an income.
As music students complete materials, new materials must be available. Some studios request that the student provide the new materials but I found several problems with this:
1. The parent/student forgets to purchase the materials in a timely fashion.
2. The parent/student forgets what is needed and orders the incorrect supplies.
3. Multiple emails about the needed materials to accomplish a simple task.
To rid my studio of these problems, I supply materials for students. I purchase the materials from supplier at a discount which allows me to make a profit on the materials. This helps to offset the time it takes to complete this task.
I have been buying supplies from Prima Music for many years and have always been impressed with their business ethic and professionalism. Orders are delivered as promised and the paper trail (via email) lets you know at what point your order is.
When you set up an account with Prima you may create “favorites lists” from which you may easily place new orders.
When you sign up as a music teacher with Prima Music, you begin with a 10% discount and build to 25%!!! There is also a whole sale program with discounts up to 35% off items from FJH Music, Alfred, and Hal Leonard!
When your purchase amount is over $30 the shipping is also free on orders placed within the United States!
Copied from Prima Music home page:
Designed especially for the music teaching community, Prima Music has quickly become a leading internet destination for music teachers everywhere. We feature an extensive collection of lesson and supplemental books, sheet music, and teaching aids. Backed by an availability of over one million items, Prima Music stocks teaching material for all instruments and all grade levels, beginner through advanced.
Conceived by music teachers, Prima Music’s unique membership program rewards teachers with increasing discounts of up to 25%. Unlike other music retailers, customers are not required to buy multiple copies of the same item or pay an annual membership fee in order to receive a discount. By simply registering for free membership at Prima Music, teachers begin with our Silver Level status (10% off of list price) and can move quickly to the Diamond Level (25% off of every item purchased, all the time). Once qualified for each higher level of discount, active members remain at that level for life.
Click on this link to find out more about Prima Music http://www.primamusic.com/default.asp?afid=3548
How I manage the sales of books in my studio
I inventory several sets of all books my students use from which I provide materials as needed. I can access new books while a student is playing a piece after which I add the materials fee to their next invoice using Music Teachers Helper. It is SO convenient!
Note: Since I invoice every other month I set the fee date to the 1st date of the next billing period. This is not necessary depending on how you use the invoicing system.
Because most students work from the similiar books, I am able to access the cost of all items by simply searching in the fees section of MTH for a particular set of books. You may search for a particular set of books by using the Advanced Search box in the upper right corner of the fees section. Then open the fee information, cut and copy, and easily paste the information into a new transaction.
I add a small handling fee of $2 to each order. The parents do not complain, this saves them a lot of time.
I add information in the “Details” box as I add the fee, such as the date the books were delivered and any other important information such as: Example – “Need Cd”.
Adding this reoccurring profit (though seemingly small), does add up at the end of the year! Personally I use the profit to stock my repertoire from which students may borrow books (again using the MTH section on lending materials to track what has been taken out of your studio).
How do you add income to your business?
It is nice to share ideas such as this. Please feel free to share your profit making ideas in the comments below.
May the rest of your day be filled with beautiful music!