Making Money by Teaching Music Lessons

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1 Making Money by Teaching Music Lessons GRADE 11 Professional musicians often need to rely on more than performances alone to generate income. The aim of this lesson is to demonstrate the entrepreneurial and financial skills required to start up a private music studio. Subject Suggested Timing Financial Literacy Objectives BAF3M Financial Accounting Fundamentals AMU3M Music *This lesson is easily adaptable to other Arts and Business areas 70 minutes At the end of this lesson, students will: identify expenses and income related to profit; apply accounting methods to maintain financial records; analyze the correlations between income and factors such as education, economy, worker supply and demand; explore post-secondary opportunities (further education and careers). Curriculum Expectations Business Studies, Grades 11 and 12 (2006) Financial Accounting Fundamentals (BAF3M) Internal Control, Financial Analysis, and Decision Making Describe the role of budgeted financial statements in planning, controlling, and evaluating business results (e.g., difference between budgeted and actual income statements). The Arts, Grades 11 and 12 (2010) Music (AMU3M) Reflecting Responding and Analyzing B4.1 Assess their interests, skills, and knowledge in relation to a variety of musicrelated careers (e.g., create a reverse plan, from a music career they would like to pursue to their prospective educational pathway; summarize their skills, interests, and experience in a résumé that could be used to apply for work in a recording studio, music store, or musical theatre production; determine the skills and educational requirements of a range of jobs generated by the musical entertainment industry). PAGE 1

2 Making Money by Teaching Music Lessons Assessment Collect and assess: Music lesson Income Statement (Appendix A). What You Need Music lesson Income Statement (Appendix A) Minds On Begin the lesson by having students discuss any experiences they have had either taking or teaching private vocal/instrumental music lessons. Ask students if they know of anyone in their town or city who owns and operates a private music studio. Discuss the features of private music studios and how lessons are structured. Hang four pieces of chart paper on the board with titles such as: Office Supplies, Inventory, Staff, and Space. Explain that when you open any business, you not only have to think about the facilities you will use and how you will attract customers, but also take into account the various expenses involved in running your business. Have students come to the front and write examples of possible expenses for a music studio under each of the headings. Spend time going over estimated costs for each item. Context for Learning Bill Fold is a character who is constantly getting himself into financial scrapes. Use the scenario below to provide students with a context for learning. Bill Fold is convinced that he has untapped musical talent. He asks his friend Penny (a top musician and guitar teacher) for some tips on how to play the electric guitar. She agrees to give him a lesson at no charge but asks in return that he help organize the finances of her music studio. Penny asks Bill to create an income statement to help her understand how much money she actually makes per month from her 20 students by deducting the money she spends on expenses such as rent and supplies from her gross income. Bill doesn t know much about income statements yet, but he agrees to try and help. PAGE 2

3 Making Money by Teaching Music Lessons Action Partner Work (Music class only) Have students work in pairs. Make sure that each student in a pair plays a different instrument. Explain that students have five minutes to teach the basics of holding, putting together, and playing their instrument to their partner. (This time can be increased if you plan to complete this over 2 days.) After the first mini lessons are completed, have students reverse instructor and student roles. Accounting class and/or Music Have students briefly review the questions below with a partner. Discuss and debate their responses with the whole class. How much money do you think is appropriate to charge students for one halfhour lesson? (Write a range on the board based on responses. Circle the most popular amount.) What factors would you consider when setting the price of your lessons? Should a teacher charge for missed lessons when a student is sick? What effect does supply and demand have on these figures? (If there is only one music teacher and many students wanting lessons, will the teacher be able to charge more due to demand? If there are several music teachers and only a couple of students looking for lessons, will teachers have to offer more competitive prices?) Instruction: Explain to students that opening a music studio involves an awareness of accounting. A savvy entrepreneur knows how to accurately track transactions and ensures that what he or she charges or earns is more than what is paid out in expenses. Explain to students that when you earn money through a business, you also have to set money aside to pay taxes on that money. One way to track income and expenses for the revenue of a private music studio is to keep a record. One of those records is called an Income Statement. Provide students with a blank Income Statement (Appendix A). Inform them that this is a standard accounting tool used to track expenses and earnings over a period of time to determine net profit. Using the examples from the board, work with students to complete the income statement handout using a private music studio scenario and expenses listed on the chart paper. PAGE 3

4 Making Money by Teaching Music Lessons Action (continued) Students will need to be taught the following information to complete the financial statement: Gross revenue for a year = amount charged per lesson multiplied by the number of lessons per week multiplied by the number of weeks in a year Collect Income Statements, or assign for homework. Consolidation/ Debrief Ticket Out the Door Have students reflect on the thinking questions below by writing their responses on a piece of paper and handing them in before they leave the room. An alternate approach to a ticket out the door includes allowing students to share their reflections verbally or ing their responses to the class blog. What effects do education and experience have on the wages one can expect to receive through offering private lessons? How does supply and demand affect the income of a private music teacher? What are the first five steps you might take to set up your own studio? How can an income statement help you to control spending in the business? PAGE 4

5 Appendix A Making Money by Teaching Music Lessons Music Lesson Income Statement Name of Business: Type of Financial Statement: INCOME STATEMENT TIME PERIOD: (eg. For the year ended December 31st, 2012): Revenue Music lessons Total Revenues Expenses: Supplies Rent/Utilities Advertising Miscellaneous Total Expenses Net Profit (Revenue less Expenses) PAGE 5

6 Appendix A Making Money by Teaching Music Lessons Music Lesson Income Statement Sample: Bach s Repair Shop Income Statement For the month ending September 30, 2012 Step 1 Statement Headings Revenue Repairs $ Total Revenue $ Step 2 Organize Revenue Section Expenses Salaries $ Rent Advertising 850 Supplies 185 Utilities 235 Step 3 Organize Expenses Section Insurance 150 Delivery Expense 770 Total Expenses $ Net Profit $ Step 4 Calculate Net Income/Loss PAGE 6

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