You have a passion, great martial art skills and have an entrepreneurial spirit to be starting your own martial arts school. From here the place to start is with a business plan that maps out how your will achieve that goal.
Benefits of a Martial Arts School Business Plan
Business plans include a time frame in which to achieve goals and objectives you have set for your martial arts school. They give you control of your business, provides a framework in which to identify shortfalls, explore alternatives and reduce uncertainty when starting a martial arts school.
A martial arts school business plan will also clearly outline the position your proposed martial arts school business, help identify any short fall within the business and external to the martial arts school business while the idea is on paper. It is here that you can make changes to your proposal to overcome any weakness or threats, or after making a business assessment on the risk involves deciding on whether to go ahead with starting your own martial arts school.
Expert Help and Education in Business Planning
There are many different business plan formats available with many online ranging from free to paid business plan templates. If you’re unsure how to go about completing a martial arts school business plan, you can hire someone online to assist you put one together. Even better, take on some business training before starting a martial arts school. It does not have to be a lengthy course with many government bodies offering a range of short courses for start-up businesses or alternatively, commit to some education online.
The better the information that goes into the martial arts school business plan, the more accurate and relevant the outcome so don’t be afraid including some expert help at this stage.
Either way it is a good process to go through before starting your own martial arts school especially if you have partners involved or applying for finance. As mentioned earlier it gives an opportunity to address any weakness or shortfall with your martial arts school business proposal before investing further time and money into the project.
Martial Arts School Business Plan
Below we will briefly go through a martial arts business plan but before we do, here is an awesome YouTube about business plans and the benefits which may help better understand the role of a business plan when starting a martial arts school.
Executive summary is the brief overview of the business and includes what the business is about, what the business plans or objectives are and how the business will achieve those goals and importantly what unique value of this business will offer to the customer.
Write the executive summary last as this section basically outlines the whole business plan in summary form. You will have a good idea about that once you have completed the martial arts business plan. This section is important as it is what people read first to get an idea of what this business is about….make sure they want to read on!
Martial Arts School Business Description
In starting a martial arts school business description, this section firstly will be about you, why you are wanting to start your own martial arts school, your skills, experience and qualifications and that of your the team.
Product or Service description
Describe the business service and products you plan to sell to provide income to the business. You may provide a special service so describe it, what different types of types of martial arts will you offer or niche you are in, the size, whether it will be a franchise, what other products or services will you sell and how will you sell.
Martial Arts School Business Objectives
Write down the plans or objectives you have for your Martial Arts School now and in the future and give each a time when they are to be achieved. It gives a directional picture of what your martial arts business will look in one, three and five years’ time.
The planned objectives are more effective if written with a time frame and have a measurable outcome. Use percentages or numbers in the outcome so you can measure what has been achieved against what was planned so say the business will have 50 members by the end of year one or you will have increased your equity in the business by 20% at the end of three years.
This step helps with the control the outcome of your martial arts school business. There is no right or wrong here so write out achievable, measurable objectives within a set time frame that will take you in measured steps closer to your end goal.
Martial Arts School Marketing Plan
Include here who your customers are, where you will find them and how to let them know that you’re starting your own martial arts school. The marketing plan also includes the market environment in which your will open your martial arts school. That includes the competition, so have a good look at who else is out there in the same business. Work out how will your martial arts school differ from the others or what makes it special. Market and competitor research process will provide the answers to these questions.
Market research for a Martial Arts School
1. Know your customers
Without customers you have no business so who are your potential customers. What is your potential customer demographic and how will that impact on starting your own martial art school business in terms of age, income, gender and number of families. Does that demographic want martial arts school and is there potential for ongoing new customers and capacity for your martial arts school to grow in the future. Is that demographic trend likely to change and how will that impact on your martial arts school? 80% of your business will come from 20% of your customers.
2. Competition or Competitor research
Who else is out there in your area if your business is local and what are they offering and how does that compare with what your martial arts school will offer.
Using a tool called a SWOT analysis will help identify where you are positioned both in terms advantages and disadvantages. This essentially identifies what opportunities and threats are in the market place for your martial arts school and where you could improve.
It also looks at the strengths and weakness within the proposed business, again an opportunity to push your strengths to gain over your competitors.
3. Marketing plan
Before starting your own martial arts school marketing plan you need to have identified only what niche of this market you are in, who are your customers and competition but also what is your unique selling proposition (USP). What is it about this business that makes customers use your martial arts school rather than someone else and what are the benefits to them in doing so.
You now in a position to determine the marketing plan of how you plan to tell your customers about starting your own martial arts school. What forms of communication are going to be used and the size of the budget to be allocated?
Marketing is important aspect of any business as it where new customers will be drawn into the business over the ensuring months and years which it makes it worth-while to gain some education or training in this area. A lot of money can to easily be spent with little effect if the message method of delivery is incorrectly made….that is your message is not getting to right people, your potential customers or it is not giving them a message of value and benefit to them.
Successful Operational Management Plan
This section is about the working details or operational details needed when starting your own martial arts school. Basically is about what need to run your own martial arts business successfully.
Consider some of the following questions when starting a martial arts business:
- How many employees you will hire as per the capacity of your new business?
- What will be the operational structure of your martial arts school?
- How the classes would be scheduled? What will be the working hours?
- How many employees need to be hired? How will they be hired and on what terms?
- What equipment/programs will you need to help automate some management systems?
- What insurances are needed to cover the business liability, building and equipment?
- What is trading business name and what licenses or accreditation certificates will be required?
- Will the business own or lease premises? What are the overhead costs in owning the premises or leasing?
- What will be the location of the facility?
- What renovation will be made and who will help you in renovating the place?
- Are you supplying any training equipment and how much equipment will you own?
- What equipment/programs will you need to help automate some management systems?
- What insurance and trading licenses or accreditation will be required?
- What will you charge your customers and how will you charge?
- Will there be membership plan or incentive offer?
- How will you charge your customers?
- How many customers will you have and how many classes will be run?
- Will there be any other income like from any product sales or equipment hire?
- Will you be using your money or borrowing and what are the costs?
Martial Arts School Financial Plan
Financial Projections
The aim of starting your own martial arts school is make profit at the end of day. It is here you make a forecast or estimates what you think you will earn from your martial classes now and in the future, plus the costs of running such an enterprise.
Factor in that income will be reduced in the early stages of starting a martial arts business until the desired number of paying customers has been achieved. There may be some seasonal considerations and holidays that alter those figures.
- Write down any assumptions made with forecast figures or projections.
- What number of customers/students is required to cover ongoing operational expenditure costs in order to make a profit?
- Is that number of students doable or realistic? How does that cost to the customer compare with your competitors?
- Is there sufficient profit to make loan repayments or expand the business?
Cash flow budget
This budget is a break down the income and costs into monthly amounts onto a cash flow budget to gauge if there is enough working capital to run the business day to day. There may be some monthly short falls which will require extra capital when starting to cover the deficit in the first operating year.
Analysis and Evaluation of Starting a Martial Arts School
Does starting your own martial arts school still look good at the end of your martial arts school business plan? There is an element of risk in all business but it is here you can judge what level that risk is and whether it is worth-while to you and your partners if applicable.
Sometimes rethinking a section of your business plan can alter the outcome sufficiently to make starting your own martial arts school a viable proposition. Thinking alternatively and exploring other options including delaying starting your own martial arts school may still you enjoying your own business even if it is not quite as you’re first envisaged.
