| Friend,
Sometimes martial arts instructors are unsure whether or not they should open their own school. Obviously, there are some risks involved, but there are benefits too.
So for today's email, I thought I'd run down some of the benefits and drawbacks of opening a full-time martial arts studio, just in case anyone out there is considering making the leap, but they're on the fence.
By no means is this an exhaustive list, but hopefully this will help you make an informed decision if you're at this stage in your business.
Benefits of Opening a Martial Art School: - Control - You have complete control over your teaching environment. No more teaching in multi-use rooms at the YMCA or local rec center, or renting space from another school owner.
- Flexibility- You can teach as many classes as you want, because you have access to your dojo 24/7. No more scheduling classes around someone else's schedule.
- Scalability - You can teach as many students as you want. When one class is full, you can just open up another class in your schedule.
- Stability - When you sign that lease, it means you don't have to worry about your host facility kicking you out unexpectedly, or closing their doors overnight. You know that so long as you pay your rent each month, you'll have a place to teach.
- Choice - You can choose the perfect space for your school, within the boundaries of your initial budget. So, you can design and outfit your school to suit your needs.
- Signage - You'll have the benefit of storefront signage advertising your services 24 hours a day.
- Freedom - Running a school means you get to do what you love full-time.
- Money - You set your own salary. Once you get the basics of operating a commercial dojo down, if you want to increase your profits, you simply have to work harder.
- Fringe Benefits - You always have your own "gym" at your place of work. So, you can take a workout break whenever you want, because your office is your workout area.
- Personal Satisfaction - You can take pride in owning your own business, something you built with your own two hands and sweat equity.
- Permanency - Your students will have a place to call their own. This sense of permanency can help to increase your student retention.
Drawbacks to Opening a Martial Art School:- Stress - The financial responsibilities can weigh heavily on you at times, especially when you're first starting out or during economic recessions.
- The Treadmill - There is always pressure to get new students in the door... always. This is because no matter what you do, you will lose students each month. So, sometimes it feels like you're running on a treadmill.
- Plateaus - You will hit plateaus in your school's growth, which are frustrating. It takes a lot of work and investment in your business management and marketing skills to break through those plateaus.
- Long Hours - The hours can be long, especially when you are first starting out. Expect to work 50+ hours a week for the first year when you open a new school.
- Less Free Time - You won't get as much time to train as you think. When you're not teaching class, you'll be answering the phones and responding to inquiries, scheduling intros, processing paperwork, doing bookkeeping, paying bills, cleaning the school, and planning and executing your marketing. It all eats up more time than you think.
- Worry - 'Out of sight, out of mind' doesn't work when you're a business owner. Chances are good that your business will dominate your life for the first few years, until you get comfortable with the ins and outs of business ownership.
- Customer Service - You'll be working in a service industry. This means dealing with people. Delivering customer service can be frustrating at times. Sometimes you'll have to swallow your pride in order to handle difficult situations with grace.
Obviously, opening a full-time dojo is a trade-off. You're trading the relative low-stress and few responsibilities of teaching in a part-time location for the benefit of having stability and the ability to grow your business.
On the one hand you have little risk, with little reward. On the other hand you have more risk, but much higher potential rewards.
If you're having a hard time deciding whether you should make the leap, here's my advice...
First off, decide how comfortable you are with risk. If taking risks excites you rather than frightens you, you might be cut out to be an entrepreneur. Entrepreneurs generally deal with risk well, and enjoy the prospect of rising to new challenges daily.
Second, have a solid plan. In Small Dojo Big Profits, I detail how you can parlay your part-time classes into a full-time business. Sure, you can skip all that by borrowing money or using your savings to finance your school, but it's riskier. Smart entrepreneurs are always looking for ways to mitigate their risks.
And finally, once you commit make sure you're committed all the way. You WILL have rough times. Challenges WILL arise. You WILL have to adjust your plan to deal with unexpected setbacks. Dedication and commitment are what set the winners apart from the quitters. Choose to win through sheer fortitude.
That's all for today's email. Next week I'll be on vacation, but I'll have some emails coming your way with links to articles I've previously published. Keep an eye out for them, because there's some good info in those articles.
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! - Looking for one-on-one coaching to grow your dojo? Click here...
P.S. - One last bit of advice... if you're not fully committed, don't open a martial art school. Only do it if you're truly willing to do everything in your power to make it work.
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