Most of my blog posts up until now have been more story based. I’m going to try something a little different this time and take a look at the business side of piano teaching. I may get off track with narrative, but here are some tips for starting a small business:
Have savings set aside. This is super useful especially if you don’t plan to work an additional job as you begin your small business. Businesses are reliant on other people purchasing your service or product, and it takes time to build a strong client base. Getting started is the hardest part. My goal was to start with 20 piano students, and it was a bit of a struggle. There was a time where I felt like I was on a plateau and it felt like I would never meet my goal. Spoiler alert, I met my goal and I now have 21 students. But having that money set aside will significantly reduce your stress because you won’t have the learning curve of your small business while simultaneously wondering if you will be able to afford groceries next week.
Use technology. When I started out, I purchased business cards for myself and printed a bunch of fliers, most of which I did not use. Social media is the perfect place to make other people aware of your presence and the service you are offering. I posted the flier on several Facebook groups, including some parent groups. Think about who your target client would be, and use that knowledge to strategize where to post advertisements online. In my experience, advertising on social media was perfect for me, and if I could start over, I would probably decide that the business cards and fliers weren’t really necessary. But if having business cards would make you feel cool, get yourself some business cards!
Figure out policies before you start working with clients, so when issues arise, you know exactly how to respond. This goes beyond simply how much money you will charge for your service or product. Some of the things I needed to decide included cancellation policies for classes, if I will offer a refund or a makeup class if a student cannot come due to sickness, or what to do if there is a tornado watch and some students are panicking and some have lived their whole life in the midwest and wouldn’t bat an eye unless a tornado dropped their house in the land of Oz. I am sometimes flexible with my policies and discuss the needs of each individual client, but written policies serve as a sort of foundation that I can use to work out the details.
Filing taxes as self-employed is a bit more complicated. Be sure to plan extra time to file your taxes, and keep a careful record of all transactions. Since you do not have an employer withholding taxes, all self-employment tax comes out-of-pocket. Be sure to have some income set aside for this, and research tax laws in your area so you know what to expect.
Another important area of research is local laws about registering a small business. I do not have to legally register piano teaching as a small business because I do not have employees and I am not selling a tangible product. But the laws can vary from place to place, so make sure you know what to expect.
And finally, dream big! There are challenges that come with small businesses and being self employed, but there are also so many benefits. This is not something you have to tie your identity to forever. Maybe it will be an experiment, you will learn new things, and decide to not pursue your initial business plan. Or maybe you will discover your life’s mission. Or countless possibilities in between. No matter how it turns out, it sounds like a pretty great adventure!