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Music Programs Franchise & Business Opportunities
Music Programs Industry
General Music Programs Industry
This industry essentially includes institutions that offer classes or programs in music, both vocal and instrumental. However, music programs for kids excludes academic institutions that offer diplomas or degrees in this realm — these services are primarily focused on enrichment. The purpose of these programs is to give children a background in music, which studies have shown are beneficial to child brain development and mathematical education. Music programs for kids is a relatively niche industry, with only a few nationwide establishments and most operators are based locally. The target clientele of this industry are upper middle class to wealthy families, who can afford to send their children to these types of enrichment programs.
Children’s Programs Industry Trends
In general, rising interest in early childhood education thanks to studies that have revealed their benefit to childhood development has led to significant growth in the industry. However, the COVID-19 pandemic and government mandated non-essential business shutdowns have led many operations within this industry to close their doors. Some have transitioned to online platforms and have survived this way, but participation in these types of programs have declined either way. As academics become increasingly competitive and more parents seek prestigious higher education for their children, it is likely that this industry will remain a strong contender.
Key Children’s Programs Industry Numbers
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Paid-in-Full Rate
The Paid-in-Full Rate is when the SBA loan is fully paid off by the small business owner including interest, indicating financial strength.
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Charged Off Rate
The Charged Off Rate is the SBA loan default rate where loans have no confidence in being paid off by the small business owner.
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SBA Loan Success Ratio
For every 12 SBA loans fully paid including interest, 1 SBA loan was unable to be paid back, or defaulted.
-SBA Loan Data from 2010-2019
-Non-Franchise Businesses taken into account: 11,769
Music Programs Industry Trends
Similar to the art programs industry, the music programs industry was severely impacted by COVID as demand for music enrichment is already less than that of STEM or sports, so lower demand overall meant that this industry was affected twice as much. Even though in the past five years, rises in household spending and disposable income led to slight expansion in the industry (at an annualized rate of 1.1%) temporary government mandated closures have left many establishments struggling to survive. While sister sub industries were able to shift to virtual platforms or outside settings to mitigate the spread, this proved to be particularly challenging for music programs as much of their teaching needed to take place in-person. Conducting music lessons in a virtual environment proved to be especially challenging, and while some instruments are able to be played with masks on, woodwind instruments posed difficulties as they are required to be played orally. Some creative solutions to these problems were special masks that allowed for playing of woodwind instruments while also covering the nose and mouth area, and having participants sit six feet apart while playing.Average Children’s Programs Franchise Industry Percentage Fees
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Royalty Fee
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Marketing Fee
Standard Children’s Programs Franchise Industry Investment
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This metric is the standard industry investment amount for a single unit franchise investment in this industry. Our research and analytics team analyzed over 65 franchise concept investment breakdowns in order to calculate this figure.
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%
Paid-in-Full Rate
The Paid-in-Full Rate is when the SBA loan is fully paid off by the franchisee including interest, indicating financial strength.
0
%
Charged Off Rate
The Charged Off Rate is the SBA loan default rate where loans have no confidence in being paid off by the franchisee.
0
:1
SBA Loan Success Ratio
For every 14 SBA franchise loans fully paid including interest, 1 SBA loan was unable to be paid back, or defaulted.
-SBA Loan Data from 2010-2019
-Franchise Businesses taken into account: 2,411
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