A Bookkeeper Can Help Your Dance Studio Grow

Dance Studio Industry Growth

According to IBISWorld, an industry research database, Dance Studio business growth in the United States is predicted to increase 3.1% in 2020. This growth is consistent with the five-year annualized 3.1% growth in the Dance Studio Industry in the US  between 2015-2020. Ideal for the entrepreneur or solopreneur, there are no monopolies in the Dance Studio Industry – no company has more than 5% of the market share. Truly a small business model, the Dance Studio industry has experienced growth across the US resulting in 54,627 Dance Studio businesses as of 2020.

Is Your Dance Studio Ready to Grow?

Are you prepared for growth in your Dance Studio business? Are you leveraging to your advantage the nationwide trend in growth in the Dance Studio industry? Beyond offering a variety of classes like ballroom dance, fitness, fusion, and Latin-inspired, is your Dance Studio business making the most of the resources available to you? To maximize your time, as well as your profits, your Dance Studio business can take advantage of a bookkeeper to help your business stay on track financially, as well as to take a proactive position by creating a financial plan. If you want to take the next step in your Dance Studio business, a bookkeeper can save you hours of time and help your business create a plan to reach your potential.

Here are your Top 5 reasons to hire a bookkeeper for your Dance Studio business:

1.Focus on Your Expertise & Allow a Bookkeeper to Run the Books

If your expertise is dance and running a dance studio, it’s likely your expertise is not accounts payable, accounts receivable, and taxes. Don’t let the hours you’ve invested in building your expertise go to waste with accounting errors. Allow a bookkeeper to apply their expertise to your business, saving you from costly mistakes.

2. A Business Partner

Your bookkeeper will have a perspective beneficial to your Dance Studio business. They handle a number of businesses and see what works and what doesn’t. They can help you create a financial plan and measure your actual financials against the plan, allowing you to adjust course if necessary. By putting your business’s financials in order and by providing monthly reports, a bookkeeper can help you see where your funds are spent and where your efforts are paying off. Your bookkeeper provides the overall financial picture for your business, giving you the perspective to make effective decisions to increase profitability.

3. Spend Your Time on the Dance Studio (rather than the books)

As a small business owner, you need to focus your attention on bringing the potential of your Dance Studio to fruition. You can’t afford to spend precious hours and energy on a task that your business can easily outsource to an expert. Not only do you need that time to run your business, but you’ll also need to guide your dance studio’s marketing strategy to recruit more clients. Partnering with a bookkeeper will significantly decrease headaches while increasing your business’s profitability.

4. Tax Filings

Depending on your business, your bookkeeper can help you with your estimated tax payments, corporate tax payments, 1099s for contractors, and additional filings. Whether you file quarterly or annually, your bookkeeper will support your tax filings. In addition to your accounts payable, accounts receivable, and other financials, you should find a bookkeeper who can support your business with your taxes, as well.

5. Burnout

To prevent burnout, you, as a small business owner, should take time out for yourself and your family. In addition to outsourcing your bookkeeping, you should outsource as much as your budget allows. Then, you’ll have the mind space and heart space to pursue your real passion. Why did you open a Dance Studio to begin with? It wasn’t to send invoices and pay bills. In addition to preserving your energy for your expertise in dance, you must also preserve your energy for the things that matter in your life, friends, and family, in addition to your Dance Studio.

Your Dance Studio’s Partner: Performance Bookkeeping Service

Performance Bookkeeping Service is your Dance Studio bookkeeping specialist. We can help your Dance Studio improve your cash flow in 90 days by focusing on your strengths and creating a financial plan. Performance Bookkeeping Service will help you focus on your business by shouldering the responsibility of ensuring your Dance Studio business runs smoothly. We’ll also ensure your business is tax compliant: We handle your tax payments and we support your business when it comes time to file taxes. We also provide monthly financial statements, as well as year-end financial reports. Liberate your business from data entry, number crunching, and worry by setting up your initial consultation with Performance Bookkeeping Service. You can reach us at (919) 617-6690, myperformancebooks@gmail.com and www.dancestudiobookkeeper.com 

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