There's tens of thousands of music academy's around the world.
They are working their butts off to make their business better... But what are they working towards?
What is Academy Success? What does it look like?
I want to share 7 things (in my opinion) that I believe are markers of a successful Music Academy
#1 - You're the go to place for lessons in your area
You are the most well known place in the area to take music lessons. People know about your academy and they rave about you.
You're the place local people think of first when anyone mentions they'd like to learn an instrument.
#2 - You have a great lesson programme
You have great teachers, great curriculum, and great opportunities on offer for students to explore and develop their musical talent.
You have lots of students success stories from your school, demonstrating your ability to create great musicians.
Whether students choose to just jam at home or go on to be professionals, you've helped teach many great musicians.
#3 - You have an EPIC team
You're not just a teacher, you're a business owner who can build a team and create jobs.
On top of this, you create an environment where people are developed professionally, musically and become great leaders.
You have a team you love to work with and that becomes like a second family.
#4 - You are profitable
It's not about the money, but if you're not profitable you're going to either be stressed out, or go bust.
Whether you choose to reinvest your profit into growth or to take it as income, a successful academy should have the owner on a salary, then also receiving at least 5-15% net profit.
#5 - You have a powerful marketing engine
You have your marketing locked in and leads are flowing in everyday on auto pilot.
On top of digital strategies your students and parents are also a marketing force for your school, actively recruiting new students and being rewarded for doing so.
#6 - You're diversified
You don't just have one stream of revenue in your academy.
You have a range of income sources to both increase customer value and profit for the business.
You're more protected if something were to go wrong with one of your revenue streams.
#7 - You're living in your sweet spot
You love your business, you can't wait to get to work (most days).
You're able to work the hours you want to work, take holidays when you want and you're growing professionally and excited about the future.
Ultimately you're able to get at least 85-90% of the business to run without you.
Your school is growing year on year, and you're living in your sweet spot.
Bonus (#8) - You make a difference because you choose to
You have margin to give back and you choose to do so.
You don't just give generously yourself, but you inspire students, parents and staff to rally around the causes you initiate.
At this level you don't just own a successful academy, you've created a movement that changes peoples lives.
It's likely this list is totally overwhelming for you.
This is not a list you should feel bad about falling short on.
This is a list to aspire to and strategically work towards.
You need to focus on the NEXT BIG STEP every day.
What's the next thing you can do today to get you closer to that list?
Want to short cut your way to these goals?
If the list above is what you'd like to work towards in your teaching business, then I'm 100% certain that we have the resources and support that will get you there.
You just need to bring the work ethic and humility and take action.