How to Create a Business Plan

Everything is automatically better when you create a plan. Some people are happy go lucky, people who let fate decide and never think twice on anything. Sometimes, this is actually good, if you do it with your friends, on the weekends or maybe on your vacation. But when it comes to opening and operating a martial arts studio, you must learn how to create a business plan.

There is a renewed interest in martial arts nowadays and the need for qualified teachers and masters are increasing. Big companies, chains, corporate owned fitness centers, wish to monopolize the industry by setting up shop in every town wherever there are potential customers. If you are a local martial arts studio owner, what chance do you have against these corporations? As with competition, you need to be prepared, if you want to know more about how to create a business plan then read on.

Demographics and Location

First, you need to understand your target market. Kids aged 4 to 14 years old (mostly boys, but a few girls are also interested) male adults, and some women. Those are your target demographic, which means that you need to entice the parents of the kids. Male adults are also interested in the martial arts but you also need to create a program for women as well. If you’re planning to open a dojo in a place where these people are absent then you’re going to have a hard time with your business, in short, open up where the customers are, that’s where the location part comes in. Strip malls are excellent spots because they have “everything” there. Parents and kids who get their groceries can have a good look at your studio. A short distance from a school is also a good location. Avoid downtown areas where parents need to drive far just so their kids could practice.

Have a Professional Looking Studio

Make sure that your receiving area for guests and potential customers look professional and clean. Invest on good looking furniture, a nice paint job, and some needed decorations. Check the building where you want to set up your studio. Be certain that it will attract customers and not scare them away. This will dictate the image of your studio and it’s the first thing the customers will see so you need to pay attention.

Create the Best School Logo

Aside from the look of your studio, your school logo will also represent your school and instantly sends a message to all the people who look at it. You should reach out to a wide demographic so make your logo strong but humble. It should also say that you put safety first, that you can bring out confidence through physical fitness, and that your studio is a great place for the whole family. It might seem like a challenge but it really is a process. You can ask for professional help or consult your friends and family members and gauge their reaction on your logo.

Define the Way of your Business

A good business plan should include the definition the business’s way. What I mean is how your business should operate. Will you be focusing on self-defense lessons? Or are you going to concentrate on your preferred disciplines? Will you sell merchandise and other martial arts paraphernalia? You also need to dictate what your business is about. Will you be doing this solely for money? Are you creating a dojo for the good of the community? Identify the answers to these questions so you have a base to fall on. This will be useful when you think you are losing your way and you need something to remind you what your company stands for.

Make Sure the Price is Right

This is going to be a little complicated because everybody has a different subjective look at his own worth. Some studios charge $90 per month on group classes and $50 to $100 per hour of solo sessions. That’s pretty high so it should be compensated with quality training and education. If you’re charging $20 to $40 dollars per group session a month then that is pretty cheap. It’s alright to charge a little more because people perceive value of products and services depending on the corresponding price tag. It’s like looking at two differently priced shoes. The first pair is priced at $30 and the other pair is worth $100. We think that if we buy the $100 pair that we are getting a high quality product. On the other hand, the $30 pair of shoes might be okay, but considering its price, it doesn’t seem too appealing. That’s the same idea with how you price your services. Ask around and seek help from different teachers and masters and how they price their services. Take note of competition and then price accordingly.

Now that we’ve talked about how to create a business plan, it’s time for you to take action. Just remember that “Failing to plan is planning to fail.” Best of luck to you.