What does the future look like for dance studios post coronavirus? It's the million dollar question that dance studio owners face in a time of uncertainty.
Dance Studios Post Coronavirus
Some dance studios were quick to pivot to online dance lessons using Zoom, Google Hangouts, and Microsoft Teams for virtual dance lesson options. In some ways owners were forced to think outside the box and face technology solutions.
Other studios had to make some tough decisions and close their doors for the time being. Meanwhile, what started as a temporary closure, morphed into a permanent situation for many in the dance industry.
Resources from our state and federal government such as stimulus checks, PPP loans, Unemployment, and SBA financing were available to some but not all. Although every bit helps, it wasn't enough. The application process was stressful and required specific documentation. The fastest way to get the documents was to call your accountant. Unfortunately, many CPA's were not picking up the phone.
Taking the EIDL SBA loan came with its own set of concerns. Business owners accepting loans over 25k were guaranteed audits to make sure the funds were used solely for business expenses.
Furthermore, loans accepted over 25k required the accepting party to be held as a personal guarantor. Debt to income ratio impacts your ability to gain financing options for homes and other big ticket necessities. Not only did businesses show an extreme loss of income in 2020, now owners are committing to taking on large debts.
The ultimate dream for many is a source of residual income. Shifting to an online environment with pre-recorded dance routines and virtual instruction creates an opportunity for some to continue to make money despite not having the opportunity to see students in person. Will these dance coaches and instructors continue to reap the benefits of virtual training post coronavirus?
For some, coronavirus gave us an opportunity to finally commit to ourselves. Time spent during a daily commute has now shifted into self-care. Some are investing in home workouts and virtual fitness. As a result, many people are looking their best! The other half might have gained the quarantine 15.
We all learned something about ourselves. As a dance studio owner, I learned that my passion for dance is only a sliver of why I do what I do. I realized that my true passion is teaching people in person. I yearned for that interaction with my clients and while Zoom served it's purpose, my clients couldn't wait to get back to the dance studio for in person lessons. In the end, I craved the in person interaction just as much as they did. We've been back since June and we have loved every minute. We have now signed another lease in the Fine Arts Building and plan on having an awesome 2021.
Will we see a bounce back for dance studios post coronavirus? Based on the feedback from our students, we think its just a matter of time before we see the shift. As long as we see the vaccinations continue, we are expecting a full recovery by 2022. There will be some changes for dance studios post coronavirus but they may seem like small challenges compared to the mountain we have all been climbing.
Windy City Wedding Dance is located at 410 S Michigan Ave on the 2nd Floor.