What can we take away from this article for dance studio owners?
1. Beating them in the market may be the best revenge (and cheapest).
"...I decided to focus all of that energy on outdoing our competitor instead. We vowed to differentiate ourselves by focusing closely on our clients’ needs. Innovation became very important."Instead of spending money suing your copycat competitor, focus your time and money improving your own studio. If they continue to steal your ideas, remember that they will not come across as genuine because they are missing one key ingredient in running your business... YOU! You make your business unique - no one can steal that.
2. Find your businesses strengths and explore them.
"Above all else, I’ve learned that it’s best to take the high road and commit all time and resources to being the best and — not worrying about what other companies are doing."Find what makes you unique and continue to push your studio in that direction. Do your customers enjoy adult classes? Then develop your adult program. Do you have a fantastic preschool teacher? Then promote your preschool classes and make them the best in the area.
"I can’t stress enough the importance of having all contracts, agreements and letters—whether with employees, partners or vendors—put in writing."Do you have an employment contract with your teachers? It is recommended that you write year-long contracts and renew them at the end of each season. A contract can help clarify what you expect from your teachers and what they can expect from you. You can make it as simple or as complicated as you want, but make sure you have a lawyer check it over.
And the best advice from this column: "having a rival to compete with can improve the quality of everything your business does". Embrace your rivals and use it as fuel to improve yourself, your business and how you do business.
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