Today’s episode is more of a public service announcement for studio owners who have businesses that are registered in the US.

On January 1, a new reporting requirement from the US Treasury Department went into effect and it might impact you. I’m talking about the Beneficial Ownership Information Reporting rule or BOI Reporting requirement from the Financial Crimes Enforcement Network (FinCEN), part of the Corporate Transparency Act.

Today I’m going to share what I learned in my research of the ruling. I’m going to go through this in a Q&A format that traces the path I took and the questions that came up for me as I determined whether or not I would be eligible and then what the registration process entailed.

Hopefully it’ll help you jumpstart your own research.

A full transcript and resources from this episode can be found at MusicStudioStartup.com/episode156.

Disclaimer: I am not a lawyer and I’m not giving legal advice here. This is strictly for informational purposes and it’s up to you to ensure your business is in compliance with all applicable laws.

📅 Register for our BOIR Filing Party on Tues, Dec. 10

MSS Entrepreneurs Hub + Mastermind

Music Studio Business Building 101

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Sean Murphy is a saxophone teacher who managed to teach 112 students on a weekly basis by teaching in schools, during the school hours.

In our interview, Sean shares his scheduling strategies, communication tips, and how he keeps his income up in leaner summer months.

A full transcript and resources from this episode can be found at MusicStudioStartup.com/episode155.

MSS Entrepreneurs Hub + Mastermind

MSS Studio Launch Grant Competition

Music Studio Business Building 101

Business Finance for Music Teachers

Today’s podcast episode is part 2 of a two part conversation with a returning guest. Christopher Maloney was on the podcast last year to talk about founding Practice Warriors, an online practice program aimed at teen and adult students. You can hear that story in Episode 132.

In that conversation, Christopher mentioned that he had formerly owned a multi-teacher music studio, which he sold. That was too big a topic to get into in our last conversation, but I knew I wanted to hear that story, so I’m grateful to Christopher for making the time for another interview.

In the first part of the interview we hear the startup story and Christopher’s take on the 5 things he credits for the success of his studio. Teaser: his wife, Christina, has a PR background and you can hear that influence in the out-of-the-box marketing strategies they used to launch the studio.

In the second part, which you’ll hear next week, we get into the numbers and money side: we talk about startup costs, how they priced lessons, how they financed the building, and how they eventually sold the studio. You’ll hear us talk a lot about “equity” in this episode, I’ll unpack that a bit in my recap, as well. It’s not something that gets talked about very much in the context of music studios, but I think it’s an important concept for business owners to get familiar with, so we’re going to talk about it.

A full transcript and resources from this episode can be found at MusicStudioStartup.com/episode154.