Recession Proof Your Pole Based Business (Part 2)

In Part 1, we discuss what a recession is and what to do with the cash you already have on hand. In this part, we will discuss ways to increase your income when you’re feeling the pressure of an economic downturn and what you can do for others.

Diversify Your Income

Multiple streams of income are always a good idea to create, but especially in a recession.

If your in-person student numbers are down, online content is another way to reach others who are further away, including people in an area not facing a recession. Recorded online classes are also an excellent source of passive income, and you have the option of adding new classes whenever your time allows.

Another angle you can take is reaching out to corporate employee wellness programs.

Corporations love to run “wellness challenges”, connecting with a wellness program can bring in new clientele on their company’s dime. Since wellness program contracts are typically paid in full at the beginning of the contract, these programs were likely set up prior to any economic downturn.

Host a Residency

If you’re a studio, a recession may be a great time to host a residency. We discussed residencies in this post. Most residencies will charge the artists a fee in exchange for open studio time or classes. This can be a less traditional way of getting some income into your business. If you have an artist in residence you can set the times they have access to the studio (for example: during the day when most of your clients are at their day jobs). You can also include in the residency contract that the resident artist must teach a certain number of workshops or classes while they are an artist in residence. Depending on the star power behind the artist, this can attract new students from further away to come to your studio who may convert to more regular students.

Explore Outside Investors

If your pole business hits especially hard times, it may be time to seek outside investors.

Joining a franchise is another way of getting outside investors that is beneficial to both parties. Your business gets the support of a larger company and the company gets a new location that won’t need as much build out as a brand new space—plus your customers already know the space and instructors.

Getting investors or becoming part of a franchise can be complicated, involving contracts and having new people get involved in your business. If you prefer to be your own boss, this is likely not a great idea for you. If you’d rather offload some decision-making, this might be a good idea. Read more about franchising and licensing here. 

You could also look for grant opportunities. Every grant may have some particular requirements but may be less invasive than becoming part of a franchise or getting outside investors. Read more about grants here. 

Keep Your Community Strong

Some of your students may have to cut their pole spending altogether, which will be an emotional blow to them. Being empathetic to those who have to cancel memberships or stop coming to classes is key. If you’re able to, hosting free or pay-what-you-can community events or works in progress shows are a great way to keep folks engaged and coming to the studio.

A little bit of kindness can go a long way.

Don’t Let Bastards (The Economy) Grind You Down

Remember, recessions are temporary and (so far) the global economy has always bounced back.

THAT SAID, some businesses will not survive a recession. Some will not be able to make things financially “work” while others may see it as an opportunity to pivot or change their business and personal lives. How do you know when it’s time to close your business? Check out this post. 

Having a plan and saving money when times are lush is essential for protecting yourself during a recession or a slow season. Keeping the community connection strong is also vital. When your business is a pillar of the community you’ve got plenty of people in your corner who want to help you succeed. Sometimes it takes a village.