What type of Pole business is right for you?
The Pole Biz copvers many areas. It could be an independant Pole Dance Instructor, Owning a Pole Fitness Studio, Manufacturing or selling pole related accessories, a line of clothing for the pole performer, providing pole parties and many more. Maybe you have a unique idea to bring to the Pole industry? Each of these will be covered in depth in separate articles. Most articles and information will pertain to all pole related businesses.
A pole business like any business is all about the long-term. Three-quarters of all small businesses fail within their first eighteen months. We will provide much to add to your business toolbox. It is up to you to put these into practice and make your own pole business a success.
Most small business failures are because they have gone into it without a proper business plan, a plan less than three years out or even no real business plan at all. All businesses whether a single person sole proprietorship or a Fortune 500 corporation have many variables over the life of the business. It is in fact a living, breathing thing. There will also be surprises that you have not accounted for but a good business plan will include allowances for. If you should need to pursue financing for your business, you will not even get an application without presenting a business plan. It is that important.
For everything in business bear in mind that nothing is in a vacuum. You open the only pole studio in town on Monday and a noncompeting studio opens across the street on Thursday. You get a booth at a pole convention for your pole dancing clothes and a competitor gets a booth offering a 2 for 1 special. You start building & selling poles but several people install them wrong, have failures and post negative feedback on your products. You advertise crash mats at a cheap price only to find a week later the cost for the foam as doubled. These are just examples of many things that you do not control. It is how you react that is important. Not time to give up. One pole instructor said she started to teach pole classes at a fitness center. Several weeks later after investing money in equipment, advertising, etc. she was informed the gym’s franchise agreement did not allow “non-approved classes” which included pole fitness and had to stop immediately. She reacted by finding space at a local community center at a lower cost with a better schedule. She lost only three days of classes. You cannot control everything but when something does happen, its time to get off your butt and get back in control of your own business.
As your pole business and the pole industry all in fact all business in general develops, competitors will come & go, expenses will change, prices will increase & decrease, contracts/agreements will have modified terms, accidents will happen, day turns into night. Keep your focus, update your business plan and move forward. While things performed by another person or business might effect yours, they may not adversely effect your business in the long-term. In some ways they mean be a positive change. A good business person does not panic.
Many people mistakenly believe that a business is like the line from the movie ‘Field of Dreams’ “If you build it, they will come.” No matter what type of business you must successfully market your business, products, service and brand,. Marketing like other aspects of business changes over time. Just a few years ago many businesses only needed a Yellow Page ad in teh phone book. Now, many areas do not even produce a phone book! Even Internet & Social Media marketing has evolved in the last twelve months. Your customers must know your company, product, service & brand. You need to make sure to communicate why they should be your customer.
You need to ask, who is your customer?
- Male, female
- Age group
- White collar worker
- Blue collar
- Single
- Married
- Children
- Hobbies
- Education
- Musical tastes
- General fitness level
The more questions you ask or research, the more answers you will have for marketing, advertising, scheduling and even music for pole dance classes. You need to know your customers.
Business requires math. The most important is your balance sheet. How much money is coming in and from where. And more important, how much is going out. It all counts.
A hundred dollars for fancy business cards; ANother hundred for a comfy office chair; Fifty for office supplies. Three small things that already add up to $250. How much do you have to sell to pay for those? Count every dollar.
If your profit is not enough, there may be additional revenue sources. There are a number of pole businesses whose primary product or service covers the expenses of the biz though add-on revenue provides the money in their pocket. (This will be covered in detail in a separate article)
If you watch the stock market at all, you will see a company announce good profits but the stock share price will go down. It usually is a lack of expected future growth. Without growth, a share of stock (which is a percent of ownership in the company) does not increase. As a company grows then the stock share price (ownership) also increase in value. If business shrinks then the stock price also goes down.It is the same with your pole business. If you do not grow your business not only is your own income stunted but you cannot respond to increasing expenses, competition and the always present loss of some customers. How would you respond if a large major employer in your area has a large layoff? It will hurt your local economy which includes your pole business. There are no guarantees in business.
Business is not easy. That should be apparent when three-quarter of all small businesses fail in the first eighteen months. There are no accurate figures specifically for pole businesses although we will attempt to gather statistics here as we can. As the pole biz world develops and evolves there will be much to be learned to develop a successful pole business. All that you will learn today will change tomorrow. Still owning & operating your own successful business is one of the most satisfying experiences.