Don wrote in Thursday to ask:
Q: This will be our first go at a commercial school… If you could tell me one thing what would it be?
A: Hmmmm… Let me sum it up, short and to the point –
1. Get a good location with low overhead and at least a moderate amount of traffic and visibility.
2. Already built-in income. You should have enough part-time students SIGNED-UP on memberships to pay your expenses plus 25%.
3. Keep your day job for at least a year, and re-invest your first-year profits in your business.
4. Your job now is recruiting and enrolling first, teaching second. Learn how to market by studying what other successful schools do. Adopt those ideas that are the lowest-cost first, and then adopt higher-cost ideas later when it makes more sense to spend money instead of time.
Of course, I cover these steps in detail in Small Dojo Big Profits and in the 100- and 200-level courses at MA Biz U. I suggest that a $30 or $40 investment would be wise at this juncture in your career as a martial arts instructor. It’ll save you thousands and make you many tens of thousands more in the long run.
Finally, here’s some of the best business advice I’ve ever heard: “Keep God first and you’ll never come in second.” – Les Brown