DO 1,000,000 MUSIC SCHOOLS EXIST? [THE TRUTH]
Million Dollar Music Schools Defined
If you’re a music teacher who has watched videos about successful business people, you may have heard some of them use ‘vanity metrics’ when they say they’ve built a six or seven-figure business.
Vanity metrics are often bandied around to boost and justify the authority of a speaker … but what do those metrics actually mean, and should you even care?
I’ve personally heard some people say they’ve built million-dollar music schools, so I’ll aim to answer these questions for you.
Do million-dollar music schools really exist?
If so, what do they look like?
And could YOU potentially build one?
When it comes to these types of schools, there’s four definitions you should know about that will help you draw back the curtain on vanity metrics and be more savvy, and avoid ever sounding like a rookie by saying the same things yourself.
Definition #1
“My school has earned $1M in ‘all-time’ revenue.”
If they have been teaching for 20 years, this is not impressive at all. That could just mean they’ve earned $50,000 p/a then on that definition. They really just own a job.
Definition #2
- “My school earns $1M in revenue p/a.”
- This is impressive and took me about 7 years to achieve with my music school.
- People who do this have worked really hard to get to this level.
Definition #3
“My school earns $1M in net profit p/a.”
This would be seriously impressive.
I never achieved this, and I’ve certainly never met a brick-and-mortar music school owner that is at this level — if you of know one, drop me a line and let me know!
I do have colleagues with online music schools or memberships doing this like my friend Scott from Scott’s Bass Lessons; he has over 26,000 students and clocked the $1M in profit p/a a long time ago.
To be honest, most brick-and-mortar schools aren't even profitable, so your first step is to be aiming for at least 5-15% net profit after your salary comes out.
If your music school is not profitable, I highly recommend taking our Master Your Studio Cashflow in 5 Days Challenge. This can be accessed for free when you take a 7-day trial of our membership.
Definition #4
“My school could be sold for $1M.”
This is also really impressive.
If you’re thinking of selling your music school, know that it’s likely the true value of your business will stem from the salary it brings you, and the net profit after that salary and all expenses are paid.
So what's the takeaway here?
Don't get tricked by vanity metrics that may not be that impressive.
If you have the chance, ask the person using them about which of the definitions they mean so you can better understand their experience in their industry.
Also, focus on building your business and making it profitable.
If it isn’t definitely consider taking a 7-day free trial of our Build a Music School membership and we’ll help you work on that.
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