Starting a dance studio takes more than a love of dance. As students enroll, the business needs a properly built studio space, a structured curriculum, licensed instructors, and a financial model that proves the numbers work before a lender will fund it.
When seeking an SBA loan, lenders want to understand the local market opportunity, how monthly tuition drives revenue, what instructor costs do to margins as enrollment scales, and whether the working capital reserve is sized to survive the ramp.
Here is a sample plan for Rhythm & Grace Dance Academy to guide you. It is a Woodstock, Georgia studio opening in June 2026, seeking a $100,000 SBA 7(a) loan to fund its launch in an underserved suburban market.
This example shows how a dance studio can present its class structure, local market case, and financial projections in a clear and lender-ready format.
Executive Summary
Rhythm & Grace Dance Academy is a multi-style dance studio opening in Woodstock, Georgia, in June 2026, founded by Maya Chen and Daniel Reyes to serve a growing suburban market with no local studio on its west side.
The studio offers structured, curriculum-based dance instruction for children ages 4–17 and adults 18 and older across seven recurring class programs.
The business is built around a straightforward observation. Every established dance studio in Woodstock sits east of I-575, clustered around Downtown and Arnold Mill Road. Families living in the Towne Lake corridor on the west side drive across town or skip enrollment entirely.
That is the gap this studio fills.
The studio is located in zip code 30189, the Towne Lake corridor. Median household income here is $103,496, the highest of any zip code in the Woodstock area.
No dance studio currently serves this side of the city.
Total startup capital is $130,000, made up of a $100,000 SBA 7(a) loan from First National Bank of Georgia and $30,000 in owner equity. Funds cover leasehold improvements, equipment, deposits, launch expenses, and three months of working capital reserves.
| Year 1 ($) | Year 2 ($) | Year 3 ($) | |
| Avg enrolled students/month | 90 | 140 | 190 |
| Total Revenue | $198,000 | $247,500 | $297,000 |
| Gross Profit | $109,084 | $136,355 | $163,626 |
| Net Income (Pre-Tax) | ($30,013) | ($6,122) | $10,377 |
| Ending Cash | $44,248 | $37,410 | $46,431 |

Business Overview
Rhythm & Grace Dance Academy is registered in Georgia as a Limited Liability Company (LLC) as of February 2026.
The studio operates from a 3,200-square-foot leased space at Suite 210, 4403 Towne Lake Parkway, Woodstock, Georgia 30189, in the Rose Creek strip plaza anchored by a Publix supermarket. The lease is signed, and the studio opens in June 2026.
Ownership & Management
Maya Chen holds 60% ownership and leads all artistic and instructional operations. She has taught dance for 14 years across three studios in Cherokee County. She knows the families in this market, the gaps in the current studio landscape, and what a well-run program looks like from the inside.
Daniel Reyes holds 40% ownership and manages the business side. His 8 years running multi-location fitness operations means the administrative experience families expect from an established studio is there from Day 1, not something the business grows into.
Both are active full-time from opening day.
Business Model
Monthly tuition drives 73% of Year 1 revenue, averaging $110 per enrolled student per month. The remaining 27% comes from four supplemental streams:
- The summer intensive
- Recital registration fees
- Private lessons
- Dancewear retail
Together, those streams bring the blended revenue per student to approximately $147 per month.
Business Goals
Every target below is tied directly to what Rhythm & Grace needs to cover fixed costs, retain instructors, and build toward a second location.
Short Term
- Open in June 2026 with 60 enrolled students and all instructor hires complete.
- Reach 100 enrolled students by December 2026.
- Deliver the first annual recital with an 80% spring re-enrollment rate.
- Cross the 132-student break-even threshold in Year 2.
Long Term
- Reach 250 enrolled students with a waiting list in the children’s program.
- Grow owner salaries to market rate as enrollment stabilizes above break-even.
- Open a second location serving the broader Cherokee County trade area within five years.
Market Analysis
Industry Overview
The US dance studio industry hit $5.0 billion in revenue in 2025. That number has been climbing steadily since 2022, driven by two things:
- Families are spending more on structured extracurriculars after the pandemic.
- Adults returning to dance as a blend of fitness and therapy.
Both trends favor a new studio entering a suburban market with an underserved population and no local competition on its side of the city.
Local Market: Woodstock, Georgia
Woodstock’s 2026 population stands at 41,454, growing at 2.57% annually.

The family profile here matters. Woodstock’s median age is 36.6 years. Between 35% and 37% of households have children under 18, with an average family size of 3.1. That is the core buyer for a children’s dance program. The city also has 28,806 adults, a meaningful base for the adult track alongside children’s enrollment.
Married family households in Woodstock carry a median income of $135,410. That is the buyer most likely to enroll a child in a structured extracurricular program and stay enrolled through multiple semesters.
The Towne Lake area specifically carries a median household income of $114,130. At that income level, $95 to $115 monthly tuition sits well within discretionary spending. Price resistance is not the primary enrollment barrier in this market.
Target customers
Rhythm & Grace serves two customer groups. The first is families with children ages 4 to 17 in the Towne Lake corridor, where the parent is the buyer and proximity is the primary purchase driver.
The second is adults 18 and older looking for recreational dance instruction without competitive pressure. Both groups exist in meaningful numbers in the 30189 trade area.
Competitive Analysis
Woodstock is not an untested market for dance studios. The demand is real, the families are already enrolled somewhere, and the question for Rhythm & Grace is not whether the market exists but where it is underserved.
Direct Competitors
| Competitor | Type | Strengths | Weaknesses Relative to Riverside |
|---|---|---|---|
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Performing arts center / multi-style dance studio | Market leader since 2007; full multi-style program across 8,000 sq. ft.; competitive company, musical theatre, and acrobatics; nearly two decades of community trust and brand recognition. | Performance and competition-focused culture; may not appeal to recreational families seeking low-pressure instruction; no strong presence in Towne Lake area. |
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Dance & music academy | Operating since 2008; high retention rates; annual Nutcracker production; offers both music lessons and dance; strong loyal family base and community reputation. | Entirely east-side focused; reported waitlists for popular programs; no west-side location serving Towne Lake families. |
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Early childhood dance studio | Strong early childhood niche; fairy-tale themed curriculum; effective for toddlers and young children starting from 18 months and up. | No teen or adult programming; families whose children outgrow the early curriculum have no clear progression path within the same studio. |
Indirect Competitors
Indirect competitors are harder to pin down because they don’t look like studios, but they still pull from the same time and budget.
Free online content and YouTube tutorials are the biggest barrier for casual learners. These platforms require zero commute and no financial commitment, making them a primary alternative for adults who are hesitant to sign up for monthly tuition.
School drama and performing arts programs pull from the same child and the same family schedule. They cost nothing, which matters. What they do not offer is dance-specific technique, a defined curriculum, or a recital that families plan their December around.
Where Rhythm & Grace Fits
No multi-style dance studio serves the Towne Lake corridor. Every existing option in Woodstock sits east of I-575, requiring the same cross-city drive regardless of which studio a family chooses.
The recreational segment is the second gap. SOPAC and DMA are built around competitive performance. Families who want curriculum-based instruction without auditions, travel, and company program pressure have no local option in 30189.
Rhythm & Grace fills both. The only multi-style studio on the west side of the city, built specifically for recreational and curriculum-based enrollment. The competitive team circuit is intentionally off the table at launch.
YouTube tutorials and school performing arts programs pull from the same family time and budget, but cannot replicate what a studio delivers. There is no curriculum, no instructor who tracks a student’s progress semester to semester, and no recital that families plan their December around.
Class Catalog & Tuition Structure
Rhythm & Grace operates with seven recurring class programs divided into two main tracks. We serve children from age 4 through 17 and adults 18 and older. The curriculum isn’t just a collection of classes; it’s a progression designed to grow alongside the student.
Children’s Programs
Five programs serve the children’s track, spanning ages 4 through 17. Each builds on the last, giving students a clear path from first steps to advanced technique.

Adult Programs
Adult programming at Rhythm & Grace serves two types of students: those returning to dance with prior experience and those trying it for the first time. Two programs cover both.

Specialty Programs
In July and August, Rhythm & Grace runs a two-week Summer Intensive for ages 8–17. At $350 per week for four hours a day, it’s a key revenue driver during the slower months.
Rhythm & Grace also offers 55-minute private lessons at $70 for students prepping for auditions or working through injuries. Our on-site boutique stocks essentials like shoes and leotards, with most parents spending about $35 per visit.
The annual December recital is a major milestone, and Rhythm & Grace charges an $85 registration fee per student. This covers the venue, costume rentals, and all the printing costs for the event.
Marketing & Sales Strategy
Rhythm & Grace has two distinct marketing phases. The first runs from February to May 2026 and has one job: fill the studio before opening day. The second phase begins at launch and runs continuously, with the December recital as the annual reset point that drives spring re-enrollment without a separate campaign.
Marketing Strategy
Rhythm & Grace uses a focused marketing approach built around the channels that reach Towne Lake parents directly. The annual ongoing marketing budget of $9,000 is deployed across three areas: digital ads, social media, and print.
Digital Ads
Facebook and Instagram ads target parents of children ages 4 to 17 within 15 miles of Towne Lake. Ads run year-round to maintain a steady inquiry volume between enrollment periods.
Google Business Profile
Updated weekly with class photos, schedule changes, and responses to every review. Parents search for dance studios near Towne Lake before they call anyone. A well-maintained profile converts that search into an inquiry.
Social Media
Instagram is the primary organic channel. Maya posts short teaching clips four times per week on Reels, 15 to 30 seconds each.
Parents share dance content with other parents. That organic reach builds the kind of trust a paid ad cannot replicate. Maya’s time on Instagram is treated as a studio operating cost, not a marketing line item.
Print and Local Outreach
Rhythm & Grace Dance Academy will distribute its grand opening flyer across the Towne Lake corridor starting in February 2026. Bulletin board placements and PTA newsletter inserts go to Etowah High School, Woodstock Middle, and elementary schools within the area.

One channel deliberately left out: print mailers. The cost per enrolled student through direct mail is too high at this stage. Revisited in Year 2 if digital acquisition slows.
Sales Strategy
Rhythm & Grace converts inquiries through one primary tool: the free trial class. A parent who brings their child to a trial class enrolls at a significantly higher rate than one who only browses the website.
Every inquiry that comes in through the website, Google, or Instagram gets a response within 24 hours. The response includes two things: a brief answer to the question and an invitation to book a free trial class. That is the entire sales conversation at this stage.
The free trial removes the biggest barrier to enrollment. A parent who has never been inside the studio does not know what to expect. One class with Maya changes that. The studio environment, the instructor relationship, and the child’s reaction in the room do the rest.
The front desk admin handles all incoming inquiries, trial class bookings, and enrollment processing through Jackrabbit Dance. Daniel reviews the inquiry-to-enrollment conversion weekly to track whether the pipeline is working at the expected rate.
Customer Retention
Retention is cheaper than acquisition. At Rhythm & Grace, the retention strategy has three components.
- The annual recital is the anchor. Students who perform in December re-enroll for spring at significantly higher rates. The target re-enrollment rate after the first recital is 80%.
- The referral program gives existing students a $25 tuition credit for every new student they bring in. It costs nothing until it works.
- Students enrolled for consecutive semesters receive a 5% loyalty discount beginning in Year 3. It rewards families who stay and makes leaving a harder decision.
Operations Plan
The location sits on one of the primary commercial corridors serving the western side of Cherokee County, with direct road visibility and ample parking for weekday afternoon pickup.
Operating Hours and a Typical Day
| Day | Hours |
| Monday – Thursday | 3:00 PM – 8:30 PM |
| Friday | 3:00 PM – 7:00 PM |
| Saturday | 9:00 AM – 4:00 PM |
| Sunday | Closed |
Children’s classes run in the early weekday window. Adult classes begin at 7:00 PM each weekday evening. Friday’s final hour is reserved for private lessons. Total scheduled teaching hours across both studios run approximately 42 per week.
Daily Workflow
2:30 PM – 3:00 PM | Opening
The front desk admin clocks in, opens Jackrabbit Dance, and pulls the day’s attendance rosters. New enrollment inquiries get a first look. The retail counter is stocked, and both studios are checked before the first families walk in.
3:00 PM – 5:00 PM | Children’s Early Classes
Both studios run simultaneously. Maya takes the younger kids in Studio A. Instructor 2 leads older students in Studio B. First block ends at 3:45 PM, fifteen minutes for parent handoffs, and the next group settling in. The second session starts at 4:00 PM in both rooms.
5:00 PM – 7:00 PM | Peak Hours
Third and fourth class blocks run back-to-back. By 6:00 PM, the reception area is at capacity, with parents arriving for pickup, check-ins, registration questions, and retail all happening at once. Heaviest workload of the day lands here.
7:00 PM – 8:30 PM | Evening and Close
Children’s classes wrap. Adult Contemporary moves into Studio A. Studio B takes a private lesson. By 8:00 PM, the admin is closing the register and reconciling enrollment data. Maya does a final walkthrough and sets the alarm at 8:30 PM.
Staffing
The combined salary of owners and staff is $42,000 in Year 1.
| Role | Responsibilities | Schedule |
| Maya Chen (Owner/AD) | Leads all instruction, curriculum planning, and instructor oversight. Primary teaching instructor for children’s and adult programs. | Mon–Sat (Teaching & Admin) |
| Daniel Reyes (Owner/OD) | Oversees scheduling, payroll, vendor relationships, and financial reporting.Manages marketing execution and daily admin. | Mon–Fri (Operations) |
| Instructor 2 (Hip Hop/Jazz) | Teaches Jazz and Hip Hop, Tap Fundamentals, and Dance Fitness classes. | Mon, Tue, Thu, Sat |
| Instructor 3 (Ballet/Contemp) | Teaches Beginner Ballet, Contemporary and Lyrical, and Tumbling and Acrobatics. | Wed, Fri, Sat |
| Front Desk Admin | Manages student check-ins, enrollment inquiries, Jackrabbit Dance updates, retail transactions, and parent communications. First point of contact for all incoming families. | 30 hrs/week |
Technology and Studio Management
Jackrabbit Dance is the studio management platform covering class scheduling, online enrollment, attendance tracking, tuition billing, and parent communications. The monthly cost is $150. Every parent-facing interaction, from enrollment inquiry to monthly invoice runs through it.
Square POS handles retail transactions and drop-in class payments at the front desk. The WordPress website connects directly to Jackrabbit for live class schedule display and online registration. A standard alarm system with camera coverage of the lobby and building exterior completes the technology setup.
Insurance and Compliance
Rhythm & Grace opens with all required registrations, licenses, and insurance in place.
On the compliance side, the studio holds a Georgia LLC registration, a Woodstock business license, and ASCAP and BMI music licenses covering recorded music use in both studios. Fire marshal inspection is completed before opening.
ADA compliance is confirmed as part of the lease agreement. Every instructor completes a background check before their first class, a Georgia child safety requirement, and a non-negotiable condition of employment.
On the insurance side, the studio carries general liability coverage with a $1.5 million occurrence limit and workers’ compensation insurance covering all employees. Both policies are active from Day 1.
Facility Layout
The studio occupies 3,200 square feet split across seven functional areas: two dance studios, a reception and retail counter, a parent waiting area, a storage room, a hallway corridor, an office, and two changing rooms. Both studios have sprung dance flooring, floor-to-ceiling mirrors, and a professional audio system.
Sprung flooring isn’t a cosmetic upgrade. Concrete subfloor absorbs impact the wrong way and leads to long-term joint damage in dancers, which is why we budgeted $22,000 for installation in our startup costs.
The storage room holds costume inventory during recital season and dancewear retail stock the rest of the year. We placed the parent waiting area between reception and the studio corridor on purpose, so pickup congestion stays separate from the retail counter during peak hours.

Financial Plan
Rhythm & Grace Dance Academy requires $130,000 to launch and cover costs through the initial enrollment phase. A $100,000 SBA 7(a) loan from First National Bank of Georgia provides the bulk of the funding. Maya and Daniel are providing the final $30,000 via personal savings to complete the startup capital.
Startup Costs
| Expense | Amount |
| Dance flooring (sprung floor installation, 2,200 sq ft) | $22,000 |
| Mirror installation (Studios A & B) | $6,500 |
| Ballet barres (10 portable units) | $3,000 |
| Sound/audio system (2 studios) | $3,500 |
| Reception desk & waiting area furniture | $3,200 |
| Computer & POS system | $2,000 |
| Leasehold improvements (lighting, dressing rooms, floor prep) | $9,800 |
| Opening dancewear inventory | $4,000 |
| Facility deposits (first + last month rent at $3,500/month) | $7,000 |
| Insurance premium (Year 1 prepaid) | $2,200 |
| Grand opening marketing (flyers, social ads, event costs) | $4,500 |
| Licenses, permits, LLC registration | $1,500 |
| Professional fees (legal, accounting setup) | $3,000 |
| Working capital reserve (3-month operating buffer) | $57,800 |
| TOTAL STARTUP COSTS | $130,000 |
| Total Startup Costs | $130,000 |

Source of Funds
| Source | Amount |
| SBA 7(a) Loan (First National Bank of Georgia) | $100,000 |
| Owner equity contribution (Maya Chen & Daniel Reyes) | $30,000 |
| Total Startup Capital | $130,000 |
Financial Assumptions
| Item | Assumption |
| Average monthly tuition per enrolled student | $110/month (standard: 1 class/week) |
| Blended revenue per student-month (all revenue streams) | $147/month (tuition + ancillary: workshops, recital fees, retail, private lessons) |
| Avg enrolled students Year 1 | 90/month (ramp from 60 in Month 1 to 125 by Month 12) |
| Avg enrolled students Year 2 | 140/month |
| Avg enrolled students Year 3 | 190/month |
| Revenue growth Year 1 to Year 2 | 25% |
| Revenue growth Year 2 to Year 3 | 20% |
| Instructor wages (direct labor) | 38% of revenue |
| Direct materials (music licensing, class supplies) | 4% of revenue |
| Payroll tax rate | 7.65% (employer FICA) — applied to direct labor and owner salary separately |
| Owner/admin salary Year 1 | $42,000 combined (conservative to demonstrate lending discipline) |
| Owner/admin salary Year 2 | $52,000 |
| Owner/admin salary Year 3 | $60,000 |
| Lender | First National Bank of Georgia |
| Loan amount | $100,000 |
| Loan term | 10 years (120 months) |
| Interest rate | 8.5% fixed |
| Monthly payment | $1,240 |
| Annual payment | $14,880 |
| Interest expense Year 1 / Year 2 / Year 3 | $8,246 / $7,661 / $7,021 |
| Principal repayment Year 1 / Year 2 / Year 3 | $6,634 / $7,219 / $7,859 |
| Ending loan balance Year 3 | $78,288 |
| AR collection DSO | 7 days (monthly tuition billed on 1st, collected by 7th) |
| AP payment DPO | 15 days (instructor payroll and supplier invoices settled within 15 days) |
| Inventory days on hand | 0 for service revenue; dancewear retail ~30 days |
| Depreciation method | Straight-line; full first-year convention; annual total $7,038 all three years |
| Depreciable assets | Dance flooring $22K/7yr; Mirrors $6.5K/7yr; Barres $3K/7yr; Sound system $3.5K/5yr; Furniture $3.2K/7yr; Computer/POS $2K/5yr; Leasehold improvements $9.8K/10yr |
Income Statement (Profit & Loss)
| Year 1 ($) | Year 2 ($) | Year 3 ($) | |
| Total Revenue | $198,000 | $247,500 | $297,000 |
| COGS | |||
| Instructor wages direct labor (38%) | $75,240 | $94,050 | $112,860 |
| Direct materials, music licensing, class supplies (4%) | $7,920 | $9,900 | $11,880 |
| Payroll taxes on direct labor (7.65%) | $5,756 | $7,195 | $8,634 |
| Total COGS | $88,916 | $111,145 | $133,374 |
| Gross Profit | $109,084 | $136,355 | $163,626 |
| Gross Margin | 55.1% | 55.1% | 55.1% |
| Operating Expenses | |||
| Owner/admin salaries | $42,000 | $52,000 | $60,000 |
| Payroll taxes on owner salaries (7.65%) | $3,213 | $3,978 | $4,590 |
| Rent ($3,500/month) | $42,000 | $42,000 | $42,000 |
| Insurance (liability, workers comp) | $2,400 | $2,600 | $2,800 |
| Utilities (electric, water, HVAC) | $5,400 | $5,800 | $6,200 |
| Phone and internet | $1,200 | $1,200 | $1,200 |
| Accounting and bookkeeping | $3,600 | $3,600 | $3,600 |
| Ongoing marketing (digital ads, social, print) | $9,000 | $10,000 | $11,000 |
| Studio management software (Jackrabbit Dance) | $1,800 | $1,800 | $2,400 |
| Supplies and consumables | $2,400 | $2,800 | $3,200 |
| Repairs and maintenance | $1,800 | $2,000 | $2,200 |
| Grand opening marketing (one-time, Year 1 only) | $4,500 | — | — |
| Licenses and permits (one-time, Year 1 only) | $1,500 | — | — |
| Professional setup fees (one-time, Year 1 only) | $3,000 | — | — |
| Total Operating Expenses | $123,813 | $127,778 | $139,190 |
| EBITDA | ($14,729) | $8,577 | $24,436 |
| Depreciation | $7,038 | $7,038 | $7,038 |
| EBIT | ($21,767) | $1,539 | $17,398 |
| Interest expense | $8,246 | $7,661 | $7,021 |
| Net Income (Pre-Tax) | ($30,013) | ($6,122) | $10,377 |

Cash Flow Statement
| Year 1 ($) | Year 2 ($) | Year 3 ($) | |
| Beginning Cash | $66,800 | $44,248 | $37,410 |
| Operating Activities | |||
| Net income (pre-tax) | ($30,013) | ($6,122) | $10,377 |
| Add: Depreciation (non-cash) | $7,038 | $7,038 | $7,038 |
| Change in accounts receivable | ($3,797) | ($948) | ($949) |
| Change in inventory | $1,500 | ($500) | ($500) |
| Change in accounts payable | $3,654 | $913 | $914 |
| Change in prepaid expenses | $5,700 | $0 | $0 |
| Net Cash from Operations | ($15,918) | $381 | $16,880 |
| Investing Activities | |||
| Capital expenditures | $0 | $0 | $0 |
| Net Cash from Investing | $0 | $0 | $0 |
| Financing Activities | |||
| Loan principal repayment | ($6,634) | ($7,219) | ($7,859) |
| Net Cash from Financing | ($6,634) | ($7,219) | ($7,859) |
| Net Change in Cash | ($22,552) | ($6,838) | $9,021 |
| Ending Cash | $44,248 | $37,410 | $46,431 |
Opening Balance Sheet (at Launch)
| Line Item | Amount ($) |
| ASSETS | |
| Cash (working capital reserve + one-time expense float) | $66,800 |
| Dancewear inventory | $4,000 |
| Prepaid expenses (rent deposit + insurance prepaid) | $9,200 |
| PP&E at cost (equipment + leasehold improvements) | $50,000 |
| Total Assets | $130,000 |
| LIABILITIES & EQUITY | |
| SBA 7(a) loan | $100,000 |
| Paid-in capital (owner equity) | $30,000 |
| Retained earnings | $0 |
| Total Liabilities + Equity | $130,000 |
Balance Sheet (Years 1-3)
| Year 1 ($) | Year 2 ($) | Year 3 ($) | |
| ASSETS | |||
| Cash | $44,248 | $37,410 | $46,431 |
| Accounts receivable | $3,797 | $4,745 | $5,694 |
| Inventory (dancewear) | $2,500 | $3,000 | $3,500 |
| Prepaid expenses (last-month rent deposit) | $3,500 | $3,500 | $3,500 |
| Net PP&E | $42,962 | $35,924 | $28,886 |
| Total Assets | $97,007 | $84,579 | $88,011 |
| LIABILITIES | |||
| Accounts payable | $3,654 | $4,567 | $5,481 |
| SBA 7(a) loan | $93,366 | $86,147 | $78,288 |
| Total Liabilities | $97,020 | $90,714 | $83,769 |
| EQUITY | |||
| Paid-in capital | $30,000 | $30,000 | $30,000 |
| Retained earnings (cumulative net income) | ($30,013) | ($36,135) | ($25,758) |
| Total Equity | ($13) | ($6,135) | $4,242 |
| Total Liabilities + Equity | $97,007 | $84,579 | $88,011 |

Break-Even Analysis
| Item | Value |
| Unit of measure | 1 enrolled student per month |
| Blended revenue per student-month (all revenue streams) | $147 |
| Instructor wages per student-month (38%) | $55.86 |
| Direct materials per student-month (4%) | $5.88 |
| Payroll tax on direct labor per student-month (7.65%) | $4.27 |
| Total variable cost per student-month | $66.01 |
| Contribution margin per student-month | $80.99 |
| Contribution margin (%) | 55.1% |
| Annual fixed operating costs (Year 2, no one-time items, no depreciation) | $127,778 |
| Break-even enrolled students per month | 132 students |
| Break-even revenue (annual) | $232,848 |
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