Are you trading time for money or creating assets?Jul 25, 2023
Today, we're going to delve into a thought-provoking topic: the difference between trading time for money and creating assets in your piano teaching business. I'll break down both concepts, share a real-life example of creating an asset, and explore the long-term benefits of adopting an asset-focused mindset.
The Pitfall of Trading Time for Money
Many piano teachers fall into the trap of associating their income solely with the hours they spend teaching lessons. This mindset revolves around the equation: "I teach for X hours and charge X amount per hour." While it may take different forms, such as charging by the hour, by the month, or even the year, the underlying concept remains the same - your time equals your money.
This approach is widespread in the music teaching industry, but it often leads to limitations in terms of income and flexibility. Teachers may find themselves creating a job for themselves rather than achieving the freedom and flexibility they initially sought as business owners.
The Power of Creating Assets
Shifting from a time-for-money mindset to an asset-focused perspective can be transformative for piano teachers. In this context, an asset refers to something that works for you and provides value to your business over the long term. It could be a well-crafted studio policy, a unique teaching philosophy, or, as we'll explore in more detail, intellectual property that benefits your students.
An Asset in Action: "Secrets to Sight Reading"
Let's take a look at a real-life example of creating an asset: a course called "Secrets to Sight Reading." The teacher, in this case, designed a six-week experience focused on helping students level up their sight-reading skills. Instead of simply charging for instructional time, the teacher structured the course as a valuable experience for the students. Participants received not only live classes but also 15-minute office hour sessions, access to an exclusive Facebook group, custom resources, and more.
On the customer's end, the value they received far exceeded the monetary exchange for a single hour of instruction. This asset-driven approach made the class more appealing, and students saw it as an opportunity to achieve their sight-reading goals effectively.
From a business owner's perspective, the asset mindset opened up multiple possibilities. The course could be converted into a digital course with ongoing sales potential or run as a live course multiple times, thanks to the already prepared materials and resources. The Evergreen content ensured the course's relevance for future students without having to recreate it from scratch.
Creating Assets: It's Within Your Reach
As a piano teacher, you are continually creating intellectual property in the form of lesson plans, customized resources, and unique teaching approaches for your students. Embracing the asset-focused mindset allows you to leverage these creations in multiple ways, leading to more income, greater freedom, and long-term success in your business.
By shifting your perspective from trading time for money to creating assets in your piano teaching business, you open up a world of possibilities. The "Secrets to Sight Reading" course example demonstrates how providing value and focusing on long-term benefits can elevate your business to new heights. So, don't wait any longer – start thinking like a business owner and unlock the potential within your reach!
If you're interested in taking your business to the next level, I'm here to help. Book a call with me, and let's embark on this transformative journey together.