This winter, the two of us began toying with the idea of partnering to expand the studio and eventually hire another instructor. The idea became a reality a few months later when we found a fantastic space within our local music store.
After wrapping up the summer session in my home studio, we are now in the process of moving into our 3 new studios. It’s been a long and complicated process, because not only are we changing locations, but we are also changing our business structure.
With our business growing considerably, we took the plunge and entered into an LLC agreement (which is not cheap in the state of Illinois) after having run as a sole proprietorship all these years. With that came legal and accounting consultations (which are not cheap either).
Budgeting has been an essential step in this process. We’ve had to make quite a few purchases to outfit the new studios, not to mention cover our rent and other related expenses.
Tomorrow is our official moving day, so I’ll most likely have a lot more insight to add after actually going through the process. In the meantime, have you gone through a studio move or other big change? What advice do you have to share with someone like me who is facing this overwhelming task?