Every year, more dance studios expand into retail dancewear. It’s a trend that lets studio owners open up new revenue streams while providing needed products to their clients. So, as you cordon off that corner of your lobby for a new boutique, ask yourself these questions to ensure success:
Have you studied your market & competition?
In small towns, everyone either has to order online, make their own costumes or travel prohibitively long distances just to get shoes, leotards and basic supplies. Your market needs you and if you have a healthy studio, then you already have a healthy client base.
On the other hand, urban dance retailers find themselves up against bigger competition, whether it’s specialty stores selling a range of brands or even discount retailers like Target or Payless Shoes. Before you launch a retail dancewear store in your dance studio, make sure you understand who you’ll be up against.
Are you ready for the paperwork?
A retail component could mean setting up a whole separate bookkeeping system or even business. You’ll need to report sales tax, track sales and stay on top of inventory. It’s a lot of work and even more papers.
Truthfully, it’s not all that hard and is easily “outsourced” to a reasonably priced professional, nevertheless, you need to know: Are you ready for it?
Do you have the space?
Running a small retail dancewear store means you’ll not only need square footage for the store, but also for your inventory storage. Do you have that space? If not, can you easily expand? If not, with all the paid storage spaces popping up everywhere, an inexpensive “dancewear warehouse” should be too hard to set up.
If for some reason opening a retail store in your dance studio means you’ll have to sacrifice dance space, carefully evaluate which service will potentially bring in more profit before you make the switch.
Do you have a strong brand?
Does your dance studio have a strong brand? Are you already selling t-shirts or competitive leotards with your logo? If so, you could be in the perfect position to set up a small retail store selling other branded items such as stainless steel water bottles or customized practice leotards. Here at MotionWear, we can help you design, develop and sell your own custom, branded dancewear.
Dance Studio Owners – Tell Us
What do you think – What makes a dance studio ready for retail dancewear? Is adding a retail component always a good thing or can it overwhelm a studio with unnecessary responsibilities?
I’d love to hear your thoughts in the comments section, so please feel free to share.
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