| Friend,
"I don't care to talk about money with students."
"I don't like selling."
"I just want to teach... I don't want to deal with all that other stuff."
Over the years I've heard hundreds of variations on this theme, spoken by everyone from brand new school owners to some of the most experienced martial artists in the industry.
No matter how you slice it, almost all good, sincere, conscientious martial arts instructors start out being teachers first, and business people, last.
In other words, most martial arts instructors are afraid of money.
The Problem With Feeling Icky About Money...
The problem with this attitude toward money is that businesses run on cash. So, saying that you don't like to deal with the money side of your business is like being a race car driver and saying you don't like exhaust fumes and gasoline.
Hate to tell you this, but it's sort of unavoidable that you'll have to deal with money when running a small business. Which is why having hang-ups about money--asking for it, collecting it, etc.--will cause you a ton of problems in your business.
Going back to the race car driver analogy, imagine a race car driver who gets nauseous every time they smell gasoline and exhaust fumes. How well do you think they'd do, if they felt "icky" every time they got near a race track?
Well, that's the exact same situation you're creating when you're a business owner who has hang-ups about money. Because every time you go near your school, you're going to be dreading selling lessons, or asking for a payment, or calling a late-paying student.
And that will totally screw your chances of having a profitable studio.
Here's why...
The Second Step to Starting and Running a Profitable Dojo
The second step to running a profitable studio is getting students. Now, most would-be and new school owners think "getting" just means getting them on the floor.
Nope, it doesn't. "Getting" students means getting them to pay you for teaching them. See, it's easy to get people to show up for something that's free, or that they aren't financially committed to...
...but it's a damned sight more difficult to get someone to value what you offer so much, that they are eager to give you a check each and every month for the privilege of receiving that service.
Therein lies the second key to running a profitable school--making people happy and eager to give you money each and every month.
Cash Flow Creates or Solves 90% of This...
I've observed that cash flow challenges cause roughly 90% of the problems that new and struggling school owners face. And, I've also observed that solving cash flow issues will alleviate 90% of those challenges.
Sure, there are a ton of other challenges that you'll face, once you start growing your school. But, those are all good problems to have.
I hear consultants say things like, "Oh, don't grow your school too fast, or you'll have all sorts of problems." And I'm thinking, "What the hell are these people smoking?" Because growth = cash flow, and once you solve your cash flow issues, those other challenges are easily dealt with.
Get Over It
Ultimately money is just a tool, one that will allow you to do most of the things you want to do in your business. And once you figure out how to generate it on demand, your life as a small business owner will become so much easier.
Getting good at marketing, selling, and collecting money simply means that you won't have to worry about money any longer. It doesn't make you greedy, or sinful, or a cheat (that is, not unless you're cheating people to get money--but that's simply not necessary... and in fact, it's counterproductive in most cases).
So, if you want to have a successful, profitable martial art school, you need to get over your money hang-ups. Become comfortable with marketing, selling, and collecting money... and then get good at it.
And in the end, getting good at the "money stuff" in your business will simply eliminate all those pesky financial worries and concerns, so you can focus your energies on what you really like doing... teaching martial arts.
Until next time,
Mike Massie MartialArtsBusinessDaily.com
Quick-start Guide to My Books and Resources: - Looking for a list of books and resources I've written? Click here! - Need business coaching to grow your dojo? Click here…
P.S. - Most people are uncomfortable dealing with money when they first start a business. But, once you realize that, if you are offering a worthwhile service, you deserve to be paid and paid well for it, that hesitation goes away, fast. So, if you have money hang ups, the first step in getting over them is to start valuing what you do for a living.
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