Recently, Angela Sakell of Bach to Rock sat down with Franchise Gator to discuss the Bach to Rock franchise opportunity and the music education franchise industry.
Provide an overview/ description of your industry. Include reasons why it's a great industry to start a business in today.
According to a recent Gallup survey by NAMM (the National Association of Music Merchants) "interest in playing music is at an all-time high." The study further indicates that "more people are currently playing music and own musical instruments than have in the last decade, despite challenges to music education programs in schools."
As schools and local governments cut music education programs, many are turning to private music lessons to fill the void understanding the value that music can bring.
There is abundant research documenting that students that study music tend to perform better in other areas of study. Psychology of Music recently noted children trained in music "display superior cognitive performance in reading skills compared with their non-musically trained peers."
The number of Americans 65 and older is expected to more than double to 89 million by 2050, according to the Census Bureau. These Boomers, who are healthier, wealthier and living longer than ever, are staying active and seeking new hobbies and activities including taking music lessons. According to the NAMM Gallup survey "85 percent of the adults surveyed wished they had learned to play a musical instrument." Bach to Rock capitalizes on the aging of Baby Boomers by contracting with senior living communities.
How has the music education industry changed in the last 10 years? 20 years?
The music industry has become increasingly fragmented with the dawning and proliferation of the internet. YouTube, iTunes and Facebook along with sites like MusiciansFriend have changed the way music is accessed, bought, exchanged and learned.
What trends do you see in the music industry over the next 5 years? Next 10 years?
We see a consolidation of the retail music industry. Mom and pops are being replaced by nationally branded offerings. Now is the time to own a piece of this consolidation.
What is the biggest concern about your industry that a franchisee candidate should be aware of and investigate?
Candidates should investigate unit economics carefully. The Bach to Rock model has more revenue streams and has a broader demographic base than other franchised music schools which leads to strong margins, attractive returns and recurring revenue.
Why do you think Bach to Rock stands out in the industry?
Bach to Rock has strong unit economics combined with a stellar management team backed by a well-capitalized management and investment firm, Cambridge Information Group.
What makes your franchise/ business opportunity more attractive than your competitor's?
Strong margins, attractive returns and recurring revenue
Serving a wider age range than other franchised music schools, including adults
Multiple revenue streams (rent out your recording studio to local bands, host parties, and more)
Proprietary curriculum jump starts your business
Prime territories available
Describe the ideal candidate. Do you think your requirements are any different than your competitor's?
Our schools are bigger than our competitors more students, more revenue and are ideal for multi-unit operators. A business person schooled in management, finance, marketing and operations makes the ideal candidate. No music experience or ability is necessary.
What's the strongest skill you require in a candidate?
A strong drive to succeed and passion for the business .
Describe the working environment of your franchisees (indoors, home office, mobile, etc). Is your environment typical of other companies in your industry?
Franchisees will work in a 2500 square foot retail space typically in a suburban strip mall location.
Why has Bach to Rock been successful?
Bach to Rock schools have been successful because the unit economics work combined with the need for music education given school budget cuts.
What advice would you give someone interested in buying a franchise in the music industry?
Check out the competition and decide for yourself which model has the strongest economics.
How much experience in this industry should a franchisee candidate have should they consider buying a franchise in your industry?
A franchisee needs no experience in the music industry to be successful. General management and business experience is all that is needed.