2. Developing a Sustainable Financial Model

Developing a Sustainable Financial Model

Building a West Coast Swing community isn’t just about dancing—it’s also about ensuring your community has the financial foundation to keep things going. Whether running classes, hosting social events, or planning workshops, a sustainable economic model is essential to cover expenses and grow your community over time. Here’s how to create a financial plan that keeps your WCS community thriving.

Setting Fees and Managing Expenses

The first step in creating a sustainable financial model is setting fees that cover your costs while remaining accessible to your community members. This balance is crucial: you want to make sure that your classes and events are affordable enough to attract a wide range of participants but also priced in a way that covers your venue rentals, instructor fees, equipment, and other expenses.

Start by calculating your fixed costs—venue rental fees, instructor payments, DJ, and marketing expenses. Once you have a clear picture of these costs, set your class and event fees accordingly. To give dancers flexibility and encourage repeat attendance, offer various options, such as drop-in rates, multi-class passes, or membership discounts.

Remember to review your pricing structure regularly. Costs can change, and so can your community’s financial dynamics. Be prepared to adjust your fees if necessary, and communicate any changes clearly to your members to maintain transparency and trust.

Fundraising Strategies

Even with well-set fees, there might be times when your community needs a financial boost—perhaps to fund a special event, upgrade your sound equipment, or support members who can’t afford to participate. That’s where fundraising comes in. Many creative ways exist to raise funds, engage your community, and build excitement.

Consider hosting special events like themed dance nights, raffles, or silent auctions where the proceeds go directly towards supporting the community. You can also explore crowd-funding platforms like GoFundMe or Kickstarter, which allow you to tell your community’s story and rally support for specific goals. Another idea is to offer workshops or private lessons with popular instructors, with some proceeds going back into the community fund.

Partnering with local businesses for sponsorships can also be a great way to bring in additional funds. Look for companies that align with your community’s values or are interested in supporting local arts and culture. In exchange for their sponsorship, you can offer advertising space at your events, shoutouts on social media, or other creative forms of recognition.

Non-Profit Considerations

If your community is growing and you want to take things to the next level, forming a non-profit organization might be brilliant. Becoming a non-profit can open up a new world of funding opportunities, including grants and tax-deductible donations. It also gives your community a more formal structure, which can help with long-term planning and sustainability.

However, forming a non-profit comes with responsibilities, including legal requirements, maintaining a board of directors, and keeping detailed financial records. Researching and considering whether this path makes sense for your community is important. If you decide to go this route, seek advice from others with experience in the dance community non-profit world or consult a legal or financial advisor to ensure you meet all the requirements.

Keeping Financial Transparency

Whatever financial model you choose, maintaining transparency with your community is key. Let your members know where their money is going and how it’s being used to benefit the community. This transparency builds trust and helps members feel more connected and invested in the community’s success.

Consider sharing a simple financial update at community meetings or in your newsletter, outlining major expenses and fundraising goals. When members see that their contributions directly support the community they love, they’re more likely to continue participating and supporting financially.

Developing a sustainable financial model takes careful planning and a willingness to adapt as your community evolves. By setting the logical fees, exploring fundraising opportunities, considering non-profit status, and keeping communication open, you’ll create a financial foundation that supports the growth and longevity of your West Coast Swing community.