My future studio will be in Shanghai, China. I choose to set up my studio in Shanghai for two reasons: 1. As an international metropolis, Shanghai pays much attention to the music education of children. 2. Wages in Shanghai are much higher than in other provinces in China.
My studio will be very bright and spacious. For example, The door will face the road. Second, when students want to counseling course, we will set up a large desk on the ground floor, will put the computer desk so that the staff fill in the student information. We will put a lot of green plants in the hall, and I will set up a large grand piano in the center of the hall. On the left side of the grand piano, I will put many digital pianos.
Pianos on the ground floor are sold instead of being used by students for lessons. For it, I will hire two or three professional salesmen to sell these pianos for me. Surely, they should have adequate knowledge of pianos. Moreover, I will help them when I do not have classes. My studio must have two floors. On the second floor, I will set up a rest room, so that parents can have a separate space to have a rest when their children are in class. This design allows parents to avoid disturbing students. For practice room, I will have two rooms with digital piano and one room with grand piano. Taking both factors including cost constraints and students’ demand for space into account, I plan that each classroom will be 35 yard².
My studio is open to students of all ages. In China, children and adults mostly play the piano for fun. Since I want to recruit students of different ages, I will recruit two teachers to help me teach piano. In my plan, my studio will have three classrooms (as mentioned above), so three teachers can teach at the same time.
For teaching time: 1. Every teacher can have a rest each Monday. (No class) 2. From Tuesday to Friday at 12:00 noon, all teachers need to arrive at the studio to start teaching until 19:00 PM.(The reason is: from Monday to Friday, children and adults need to go to school and work, so no one comes to the studio in the morning, so I decided to start the class in the afternoon) 3. Saturday and Sunday from 8:00 am to 21:00 pm. (In China, the children do not have a rest on weekends and they will use the time to do extra study. They will come to the studio from 8 o ‘clock in the morning and the weekend will be the busiest two days in the studio.) My studio will also have a holiday in all Chinese festivals. In addition, I will follow the schedule I just mentioned.
Our courses offer private instruction. The level of each child is different. Separate teaching can help students build confidence and make students more focused. Besides that, I plan to set awarding system to attract the students and increase their interest. To be more detailed, those who make great progress in a month will get the presents prepared by us, which can stimulate them to continue making progress. In this way, I believe we will get good effects and our studio’s reputation will get better and better.
For the management part: 1. I will provide teachers with a stable salary and make a commission at the end of the year. The commission will be based on the teacher’s class time. Generally speaking, I will provide each teacher with 150 RMB every hour. Surely, the salary can be increased if they perform well. 2. Before the recruitment, I signed a contract with the candidate to avoid property disputes. For the three teachers (plus me) to recruit 30 students is already maximum. In this way, the other two teachers will teach 20 students. Assumed that each student will take piano lessons in our studio for 2 hours a week, then 20 students will spend 2 thousand hours in total here. Then I should pay the other two teachers 300,000 RMB in total.
After deducting the cost which includes the salary of other teachers and salesman, I hope that I can earn 300,000 RMB per year, equivalent to $45,000 a year. In other words, I plan to get a net income of $45,000 a year. To realize it, I think should get a passive income of at least $46,000 per year after I take the taxation system of China into account. Surely, it is my initial goal. I plan to expand the scale of the studio after it gets stable development. At that time, I will increase enrollment and hire more teachers as well.
To be honest, in China, it is very difficult for newly graduated students to be financially independent. At the beginning of the founding of the studio, we must have the support of the parents. I have considered the bank loan, but banks need housing assets as collateral for loans. Therefore, I will borrow a fund from my parents as the initial capital. After getting profit, I will pay some back to my parents and leave some for myself to continue governing my studio. After a certain period, I believe that I can pay the fund back to them and be financially independent.
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