Finance


Tuition & Fees

Fair Pricing: Two Key Factors for Sustainability and Competitiveness (Open Access)

Pricing one’s work can feel frustrating at best, icky at worst. How can one possibly attach the intangible value of a musical performance or educational offering to a fixed dollar amount? And one might worry that, after tabulating up all the bundled value on offer, a fair price might be unreasonably high for most consumers. But assuming there is no such thing as a fair price for our work is tantamount to asserting there is no way to earn a fair living in the arts. Not so.

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Quality First: Embracing the Power of Bundled Value

When building a business, it is so easy to chase quantity. Adding up the number of additional students, gigs or classes you need to take on to hit a target income goal is pretty simple. The hidden problem, though, is that our time is inherently limited. Rather than focusing on the volume of output, we should focus on healthy margins—what you take home after all the costs of doing business are covered.

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Recordkeeping

Technology Tips and Tools: Learn the Best Ways to Save Money, Track Your Income/Expenses and Get Paid in 2022 (Open Access)

Check out some of our favorite tools for getting paid, tracking mileage, managing expenses and even saving money in 2022.

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Technology Tips and Tools: The Best Music Studio Management Applications for Music Teachers

Gone are the days of keeping track of financial records in a written ledger. Not only are there valuable accounting apps, we now have online programs developed specifically for music teachers to assist with registrations, auto invoicing, scheduling lessons, payment reminders, communications with parents/students and more. Here are four excellent programs worth considering.

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Fundraising/grants

Top Five: Five MTNA Grants to Support Your Journey (Open Access)

Whether exploring a current path, curious about new frontiers or just seeking an adventure, MTNA grants can help you get there! You can also apply for special funding to celebrate MTNA’s 150th Anniversary. The deadline for the most popular grants (by number of applications) is coming up soon on May 1, 2025, 3:00 p.m. Eastern Time.

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Top Five Ways to Fund a Start-Up Business

The business aspects of starting your teaching studio can feel like a daunting task. Teaching materials, technology, piano upkeep, accounting and organizational software—all of these initial needs cost money and prevent many teachers from taking the first critical step towards opening their own studios. The good news is that there are many ways to gather the funds you need to start your business without breaking your bank.

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Taxes

Records, Receipts and Write-Offs: Taxes Made Simple for Music Teachers (Open Access)

You may not have set out to start a business when you started teaching music. But when you’re self-employed—even if it’s only part-time—that’s exactly what you’re doing. And managing the financial side of things (bookkeeping, tracking receipts, paying taxes, managing write-offs and more) is key to keeping your business on track.

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Legal Landscape: Taxes for Small Business Owners (Including Independent Music Studios/Schools)

As a tax preparer and enrolled agent, I am asked quite often about taxes related to small businesses. Here are some of the most frequent questions that I’m asked pertaining to small business owner taxes.

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Insurance

Legal Landscape:
Business Insurance 101 for Music Teachers, Part 4  (Open Access)

 

Insurance is an essential part of running any business. This four-part series takes a deeper look at insurance for music teachers. In this issue, Part 4 continues with a focus on musical instrument insurance.

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Legal Landscape:
Business Insurance 101 for Music Teachers, Part 3

Insurance is an essential part of running any business. This four-part series series takes a deeper look at insurance for music teachers. In this issue, Part 3 continues with a focus on professional indemnity and sexual abuse and molestation insurance.

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Retirement Planning

In the Spotlight: Financial Planning for Music Teachers at Different Stages of Life (Open Access)

Navigating the landscape of financial planning is an essential aspect of a music teacher’s professional journey, characterized by self-employment, limited working hours and irregular income streams. When and why should a music teacher engage in financial planning?

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Top Five: Five Things Every Freelancer Needs to Know About Finance (Including Teachers!)

Independent music teachers, owners of independent music schools, and free-lance performers can all feel overwhelmed by the challenges of short and long-term financial planning. At times, it can seem almost impossible to get out of debt or start saving for retirement. This Top 5 list highlights five important ways to strengthen one’s current and future financial health. …

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