Great topic! There is so much to think about as a business owner and not just a "piano teacher." For teachers that drive to their students, I'd also include factoring in the immense miles that probably are being put on the vehicle, how much that costs in real maintenance, gasoline, depreciation, etc... The IRS guideline for cost/mile driven for work is a great place to start and not only is the legal amount you can deduct on taxes, but also shows you just how much each students COSTS you simply to get to them. If you drive 100 miles round trip in a single day of teaching, as of today, that's a $65 deduction AND a $65 cost that teachers should be factoring in to their cost of doing business. If you average 500 miles per week for 50 weeks per year, that's a LOSS/EXPENSE of over $16,000, just to get to the students. I think very many teachers never think about this.
Yes! Such great, insightful ponders here! So helpful as well to look at those bigger accumulating costs, as those bigger numbers are harder to gloss over!
Very insightful video. I’ve been thinking of offering piano lessons as an additional service - this really opened my eyes to a few angles I had not thought about 🙂
Thank you so much for listening in! Sometimes it's so tempting to just price ourselves without making sure that we are reverse engineering our own costs as a service provider! It's a challenge to myself as well to stay current and always proactive when it comes to running a business in the arts!
@@MotifMusicStudios I feel like I've done that pretty well. I'm not the most expensive or the most cheapest studio in my area, but figuring out the true cost is always a challenge. Definitely something to think about!
@@MotifMusicStudios for sure! This would have been so useful when I started out. I recently put a note in my studio policies that lists what piano tuition covers (so much more than just time in face to face with students!!). So many people don't realize what this business all entails!
Yes! What a wonderful idea as well to start that education process with music families so that it speaks out value and helps make sense of tuition in positive ways! Love that, Heidi!
I really appreciated the challenge of thinking through some common pitfalls for music teachers when it comes to billing for lessons. There's much information in here for other industries too!
We should collab on business topics... I LOVE talking about this :)
How fun would that be! I've really admired your business content - so inspiring!
Great topic! There is so much to think about as a business owner and not just a "piano teacher." For teachers that drive to their students, I'd also include factoring in the immense miles that probably are being put on the vehicle, how much that costs in real maintenance, gasoline, depreciation, etc... The IRS guideline for cost/mile driven for work is a great place to start and not only is the legal amount you can deduct on taxes, but also shows you just how much each students COSTS you simply to get to them. If you drive 100 miles round trip in a single day of teaching, as of today, that's a $65 deduction AND a $65 cost that teachers should be factoring in to their cost of doing business. If you average 500 miles per week for 50 weeks per year, that's a LOSS/EXPENSE of over $16,000, just to get to the students. I think very many teachers never think about this.
Yes! Such great, insightful ponders here! So helpful as well to look at those bigger accumulating costs, as those bigger numbers are harder to gloss over!
Very insightful video. I’ve been thinking of offering piano lessons as an additional service - this really opened my eyes to a few angles I had not thought about 🙂
Thank you for listening in! I hope it gives some pricing courage for the journey!
Hey Amie, I will be revisiting my studio policy this year. Thanks for a refresher course
You are so very welcome! Hope it gave some helpful ponders!
Oooohhh!!! I hadn't thought about the researching being a pitfall! Great insight!
Thank you so much for listening in! Sometimes it's so tempting to just price ourselves without making sure that we are reverse engineering our own costs as a service provider! It's a challenge to myself as well to stay current and always proactive when it comes to running a business in the arts!
@@MotifMusicStudios I feel like I've done that pretty well. I'm not the most expensive or the most cheapest studio in my area, but figuring out the true cost is always a challenge. Definitely something to think about!
Totally! It's great when you find a spot that allows for a sustainable career alongside doing what you love.
Such a good topic!
Thank you, Heidi! I had such fun brainstorming for this video and I hope it had some helpful ponders for others too!
@@MotifMusicStudios for sure! This would have been so useful when I started out. I recently put a note in my studio policies that lists what piano tuition covers (so much more than just time in face to face with students!!). So many people don't realize what this business all entails!
Yes! What a wonderful idea as well to start that education process with music families so that it speaks out value and helps make sense of tuition in positive ways! Love that, Heidi!
I really appreciated the challenge of thinking through some common pitfalls for music teachers when it comes to billing for lessons. There's much information in here for other industries too!