Having a martial arts school is an excellent business. I can cite two reasons why this is so. One, you can teach the discipline that you love and share it to other people, and two, you get to earn good money. But other people are against profiting when it comes to martial arts. For example, other teachers prefer to teach students in a garage with no fee at all. The problem with not taking money is that your make shift martial arts school will not grow. How can you teach martial arts to more students if you donâ€™t even have the mats to place on the floor? What will you do if your disciple gets hurt? What if someone sues you for an ugly incident?
If you choose to earn money through martial arts, you can use the money that you are rightfully earning to spread martial arts further. You can also utilize your earnings in improving your school which will ultimately protect your students and yourself. If youâ€™re already in the martial arts business, then kudos to you. Earning more money is also possible with these money making tips for your martial arts school.
Have More than One Source of Money
Warren Buffet the great oracle of Omaha has said that you need more than one source of income. When he was already an adult, he always had two sources of income. The one pay check was for expenses, and the other one to save on the bank. Being in the martial arts school business, itâ€™s easier to have more ways to earn more profit. You can sell merchandise and food, give seminars, organise summer camps, after school programs, self-defence classes, and private lessons.
Good businessmen delegate. As the martial arts master of your school, you can choose to be on the mat teaching the students personally and handling the business at night or early in the morning. You think youâ€™re being more efficient by doing everything, but in reality, youâ€™re losing the potential to earn more money. Delegate everything, especially the money handling part. Donâ€™t be the â€œbill collectorâ€, use electronic funds transfer to handle collections. Hire your family members to do simple jobs, or promote one of your assistant teachers to handle more responsibilities. The time that you save by not doing everything can be then utilized to grab more money making possibilities.
Cash is Great but You Should Accept Debit Cards and Credit Cards
From a paying customerâ€™s perspective, giving their cash to you is harder compared to using a debit card of a credit card. Using a card creates an illusion that money is unlimited, that it can be earned back. Customerâ€™s separating themselves with cold hard money is difficult, which will also make it difficult for you to earn extra profits.
Work on the Website Already
Do we even need to explain it? We live in the age of the internet and having a martial arts business without a website is the same as not existing at all. If you do have the website, take a good look at it. Does it look like it was made 10 years ago? If yes, itâ€™s time to revamp.