The Key to Being Profitable (Hint: “Math”)
Well hello there! I'm so glad you are back for more.
You are getting serious about this, huh? That's great! Because today we are going to dive into a serious topic. And that is how to make money being a sewing teacher...like as in profit!
This may be fun and all, but you will drain your bank account and your energy if you don't price yourself accordingly.
But how do you know what to charge? That's a good question!
Here are 3 important factors to keep in mind.
#1 – Your Time
Your time is worth something!
Do you remember that I mentioned this in tip #3 in the first video. If you under charge you will not be in business long.
This is a newbie mistake that put most business owners out of business. So to be a profitable sewing teacher you need to do what you do well and charge accordingly.
Ask yourself what you are comfortable making per hour?
Is it $20, $35, $50, $100? Don't worry about anything else right now,just what you feel your time is worth?
Now...I'm going to tell you what I charged for my classes.
When I first started it was $60 a month for 4 - 60 minutes classes.
Then I increased it to $75, then $85, then $99. Yep, a year later I was making almost double because I saw the results my student were getting and knew I was worth it.
So what does that come out to by the hour? Let's do the math!
First, it depends on how many students.
If 1 student it's not so good...at only $15 to $25, if two students, then it's better at $30 to $50, but what if you had 4 students per class? Now it's $60 to $100 and hour.
Yes, it is possible when done right to bring that in for your business, but that is not the whole picture...so let's go to the next factor.
#2 – Your Expenses
What does it cost to teach sewing classes?
You need to add up your cost of doing business and there can be quite a few depending on how you want to set up your business.
You have your set up costs for the studio, paint, décor, machines, tools, tables, and maybe even fabrics (if you choose to include them).
You also may have overhead costs, such as rent, utilities, phone, or heat.
You may have marketing costs. Maybe you want a website, and printed materials to hand out (like flyers, postcards, business cards).
There is also the paid ad options if you want to scale you business. That can be expensive...but worth it if you get it right!
But in many cases it can cost more than half of what you are charging for a class. So your profit may only be 50% now.
Exp. So say you offer a 3 month course that sells for $299 and it costs you $150 to get a student, that has to be figured in.
Meaning = you need to charge hourly 2 to 3 times more that what you want as a teacher. So what costs do you have that need to be added up and subtracted from your monthly projected intake?
It's possible that you can start with very little out of pocket though and grow your business over time.
So maybe you already have some machines and tools.
Maybe you have a space in your house that just needs a coat of paint on the wall and some inexpensive wall art to inspire your students.
If you want to find out more details about what I used to create and setup my studio I share that in my 12-week Start Up Training.
I have to say decorating, getting crafty, and being resourceful is one of my favorite things as a business owner!
#3 – Your Market
What do you “think” people are willing to pay? I bet it's much higher than you think.
Do you know someone else in your area teaching sewing? What are the karate, dance, gymnastic studios charging?
What about horseback riding, piano, music, or singing lessons? Sewing is the most like them, so should be priced accordingly. These are all usually around $50 or more an hour.
How does this price compare to what you want to make per hour? If it's close and all the numbers add up...then you could be a profitable sewing teacher.
So, go ahead and take a few minutes to really do the math the best you can.
Your Next Step!
Now if you feel like you want all the formulas handed to you, I do go into more detail on pricing in my 12-Week Start Up Training.
I cover the exact details of how many students I recommend per class, what I would charge, and even the projects to teach each week.
It's like a blueprint all laid out for you! And something I have spend over 7 years perfecting. This would be a great next step for you if you are serious about being a sewing teacher.
I invite you to find out more by clicking on the button below.
Not quite ready to find out more about that training, then no worries!
I do have one more free training for you. And it's about marketing your classes, so you can get students!