If you want to take your passion for your martial arts practice to the next level, the most natural step to take is to open your own martial arts school. There are several things you need to do and resources you need to obtain before you can accomplish this. If done right, the opportunity can be incredibly rewarding and profitable for you. Here are the most essential things you need to help you open your own martial arts school:
Obtain martial arts insurance
Martial arts can be dangerous, even for the most seasoned and experienced practitioners. This means that participants are quite susceptible to injuries and accidents. One of the most important ways to safeguard your studio or school is to purchase insurance which can cover the costs of medical care, if necessary. It also protects you in the event of a lawsuit that happens as a result of injury, property damage, or death. Martial arts insurance costs differ depending on a number of factors. Two major factors that determine costs are the number of students and the location of your school. The more students you have, the more liability potential you have. It also depends on what state you’re in and where you’re getting your insurance.
Craft an in-depth business plan
A martial arts school is still a business at the end of the day, and as with any good business, it requires a business plan. Your business plan should spell out your basic business concept, how you’ll acquire funding, your strategy for how you’ll implement it, the markets you’re seeking to pursue, and detailed information about the services you’ll provide.
Select the ideal facility or location for your school
Part of your school’s success depends on its location. Every location has its pros and cons that you need to weigh when selecting which one is right for your school. Make sure that whatever facility and location you choose, it’s in a safe area and in a spacious enough facility for your practice.
You can narrow down your choices by identifying what’s most important to you and your situation and what’s appropriate for your budget and needs. A higher-traffic area may be able to fetch you a bigger client-base, but they’re also much more costly when it comes to rent. On the other hand, lower-rent areas may not be easily accessible to your potential students. Try to find the middle ground between cost and location. Start out by keeping rent costs low but devoting extra money and effort into other areas of your school.
Invest in marketing and advertising
Your school can’t just thrive on word-of-mouth referrals and walk-in customers, you’ll also need to get the word out there yourself. To do this, you need to heavily invest in marketing and advertising your school. When crafting your business plan, you have to set aside a budget for this which factors in how many people you want to reach, what marketing channels you’ll be using, and the types of promotions you’ll be offered. You also have to consider if you’ll be holding any special events to promote your school as well as if you want any PR coverage.
Follow your passion and open the martial arts school that you’ve been dreaming of. It might be challenging, but it’s a worthwhile experience you won’t regret.