planning for a profitable costume process

15
PLANNING FOR A PROFITABLE COSTUME PROCESS With Tiffany Henderson & Suzanne Blake Gerety

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Page 1: PLANNING FOR A PROFITABLE COSTUME PROCESS

PLANNING FOR A PROFITABLE COSTUME PROCESSWith Tiffany Henderson & Suzanne Blake Gerety

Page 2: PLANNING FOR A PROFITABLE COSTUME PROCESS

Tiffany Henderson • Owner of nine Tiffany’s Dance

Academy locations in California •  2500 students, enrollment of 4000 •  300 performing company dancers • Teaches 15 hours a week • Produces 29 recitals each year

and holiday shows too • Regular presenter on the dance

conference circuit • Creator of Twinkle Star Dance™

Curriculum

Page 3: PLANNING FOR A PROFITABLE COSTUME PROCESS

In this webinar you will learn: •  What to consider when selecting

costumes; from student age and experience to the vendors, sizing variations, and ship times

•  Ways to improve your productions and performances as it relates to costume choices and decisions

•  How to set expectations for parents with the entire costume process that leaves them delighted

•  Tips on setting pricing that is profitable for your business, yet fair to students

•  Plus suggestions on how using a costume and recital planning calendar and other automated tools to save you time and energy

Page 4: PLANNING FOR A PROFITABLE COSTUME PROCESS

What type of performances do you need costumes for?

• Holiday shows • Nutcracker productions • Competition teams • Performance groups • Recitals • Showcases • Community events • National/Travel-to Events

Page 5: PLANNING FOR A PROFITABLE COSTUME PROCESS

Pre-Costume Selection Process is Key!

• Recital/Performance • Decide on your recital

structure. IE: Baby Pre School Mini Show, Traditional Recital Production

• Choose a theme to help narrow your search or focus the selection process

• Create a class pairing list

• Competition • When buying from

vendors, be aware of key ship dates.

• Be clear on your in-hand deadline, work your order schedule accordingly

• Have a backup choice, 2nd favorite. This goes for recital too!

Page 6: PLANNING FOR A PROFITABLE COSTUME PROCESS

Other helpful pre-selection tips •  If you can see costumes in

person, it makes a difference!

• Dance conferences & conventions

• Trade shows UDMA [United Dance Merchants of America]

• Costume-Vendor specific events

• Create a timeline for your teachers to make informed decisions if you include them.

Page 7: PLANNING FOR A PROFITABLE COSTUME PROCESS

Considerations When Selecting Costumes• Style • Price • Student Age • Size Run Availability • Delivery Date • Developmental Age Appropriateness

• Photo Image Quality • Customer Service from Vendors

Page 8: PLANNING FOR A PROFITABLE COSTUME PROCESS

Studio Owner Insider Tips •  In Stock vs Made to Order –

“The Pros and Cons of Imported Costumes”

• Customer Satisfaction – “Is it ok to have all pink costumes?”

• Fatal Mistake – “The pig costume is only cute to the dance teacher”

• Cheap or Good Price? Value Line, Overstock Costumes, Discontinued Styles

Page 9: PLANNING FOR A PROFITABLE COSTUME PROCESS

Improve Your Productions & Performances• Class pairing list tips: multiple use of one costume

• Delight customers with value: include accessories, tights, garment bag, etc.

• Know what details matter most to you: quality of garment, multi-use, multi-season

Page 10: PLANNING FOR A PROFITABLE COSTUME PROCESS

Setting Expectations for Parents

• Communicate order deadlines (frequently)

• Give choices • Give measuring and ordering information early

• Decide if you will use a costume management system or in-house

Page 11: PLANNING FOR A PROFITABLE COSTUME PROCESS

Setting Pricing for Profit•  Set your goal on what profit you

aim to make on average per costume (EX: $10, $25, $30)

•  Understand your hard expenses if you do this in-house: credit card fees, payroll hours, return & shipping fees, etc.

•  Consider stressing the value of what is included in the costume vs the price alone

•  IE: $85. Costume price includes: selecting, sizing, shipping, handling, and all fittings and alterations (if necessary).

Page 12: PLANNING FOR A PROFITABLE COSTUME PROCESS

Costume price examples

•  Flat fee for age of dancer •  Preschool $70 •  Elementary School: $80 •  Teens+ $90 •  Varied pricing based on costume

price + $fee • Varied price, based on

costume + $fee •  Range of $50 - $100+, all

different

Page 13: PLANNING FOR A PROFITABLE COSTUME PROCESS

Automated tools for the costume process

• Studio management software • Student measurements • Auto sizing

• CostumeManager.com • Parents pay for the

costume, studio doesn’t process

• CM handles exchanges, returns

• You still control the choices!

Page 14: PLANNING FOR A PROFITABLE COSTUME PROCESS

Plan for a successful season, know the value of your time • How much money, time, or

stress does it cost you to manage the process

• Where could you delegate, improve systems, or use technology?

• Create a plan that works best for you, your studio, and your growth goals.

•  http://www.dancestudioowner.com/members/Recital-planning-master-task-list-and-calendar-template.cfm

•  http://www.dancestudioowner.com/public/Costume-Management-Resources.cfm

Page 15: PLANNING FOR A PROFITABLE COSTUME PROCESS

Thank you! • Post questions on our DanceStudioOwner.com discussion

forum • Use our Costume and Recital Department Resources • Maximize your studio management software features • Connect with Tiffany Henderson

•  http://www.twinklestardance.com/

•  Learn more about Costume Manager •  http://www.costumemanager.com/