Should I open a private Piano school in my city? Is it something people would be interested in or bad idea?

I’m thinking about opening a private school of music in my city in Canada. The population of the city is 1.5 million and I would be setting up the business in a suburb of 40-60 thousand people. There is already another piano school in the area. I am a very popular teacher and I am currently employed in a piano school and I could make twice as much money if I was teaching out of my home and If I had a piano school in the city I could hire other teachers and make quite alot of money. My boss makes alot of money and operates two piano schools. I am the most popular teacher at the piano school and people want to have me as a teacher but I can’t keep up with the requests. I have to turn down so many people.

I would like to open a quality piano school in order to give peopel the gift of music and to secure my future. I am a single parent and have a special needs son who is in his 20′s now but I need to make money so he will be cared for.

The price would be the same as other schools.
The current price for piano lessons at a quality private piano school are 40$ an hour. The teacher keeps 20-25$ and the owner of the piano school keeps the rest. The cost of renting/buying an upwards of 10 pianos and paying around 3000-4000$ rent per month could make it risky.

My boss makes 10,000+ in profit after she pays the rent and all of her teachers. I would hire my daughter to be my secretary and she would do it for free as the business started up.

Do you think piano is interesting? Is it something you would want your son or daughter to learn? Would you want to learn it?

As the years go by and things become more technologically advanced, I wonder if people are starting to grow out of playing intstruments. Piano is great for everyone but I wonder if the kids are starting to play videogames instead of learn to play.

Do you parents want your kids to learn an instrument? And if you are a teen or even an adult, are you interested in being taught piano?

Thanks for your help. :

Entrepreneurship is something to admire for sure. You’re asking all the right questions and it sounds like you’ve thought several things through.

However, a couple of suggestions I would make to you is that you should try and determine if there is a local group specifically tailored to your niche in your area. Perhaps a small business owner’s association if no piano teacher’s assocation group.

Also, I would consider talking to people OUTSIDE of your city that could help give you ideas and suggestions on the upside/downside of owning your own school. As long as you’re not a competitor, they might be willing to help out.