Dance Your Way Through Negotiations For Your Studio

Studio

Usually for a dancer is easier to negotiate their way through movements and music than it is in an office. Being a dance studio owner can be challenging if the proper research is not done prior to the negotiation. Whether it’s negotiating a lease, a contract or any deal that involves the studio there’s a few things that we must know before making any decisions. According to Dale Willerton, “we must negotiate to win.” Dale Willerton is a Senior Lease Consultant who works exclusively for leaseholders. He has run into a lot of lessees who come into a lease negotiation unprepared and with the mentality of settling because they want a studio badly. Even if the first offer sounds great, reasonable and too good that you can’t wait to sign that contract, negotiate what you want on your side of the deal and don’t’ accept it right away. It is acceptable to negotiate aggressively. 

You should also prepare yourself in case you have to walk away. Setting aside your emotions and make objective decisions will help the deal. Whoever desires the deal more will hand over the most concessions. He emphasized that we must also remember that an excellent studio in a bad location may not attain its complete potential. To get a better deal and be ahead of the landlord you must do your research. Gather information from other studios or business around the area, how much are they paying or what incentives they received. Asking for more than what you want, so you end up getting what you want. Dale suggested, if you would like the first 2-4 months free, ask for 3-5 months. The landlord is obviously going to want to counter offer and negotiate. So why not go higher? Always make sure that what you are paying for is what you’re getting. Most dance studio owners pay their rent per square foot, measure your space, and confirm that you’re getting the space that was agreed on the contract. 

I totally agree with Dale, as entrepreneurs sometimes we can get eager to start making moves without knowing exactly what we want. When you are passionate about something and you revolve your life around it you want to make sure, you’re doing the right thing to succeed. Don’t fall in the whole because you were desperate to start living your dream. Patience, time, and preparation will lead you to a successful negotiation. 

-Jess!


"Creating Memories, Building Characters."