Martial Arts School Owners – DON’T DO’S
Sometimes we spend so much time planning and making sure we do the right things that we often overlook the things that we are doing, that we shouldn’t be. The following are a list of school owner Don’t’ Do’s.
Don’t take credit lines, It is too expensive
By selling your paper, you will pay the interest rate and the processing fees for each payment. Selling your paper will also remove value from your school, and your receivables will be held as collateral until the buy is paid back. For each account that goes bad, another contract sometimes two or three, are taken to replace it.
Don’t Only market when times are slow
Effective marketing often comes from the momentum that you have gained from the past several months. Once your marketing starts to work and new students are coming to your school, is not the time to cut back on your marketing campaign. Through a consistent marketing system, your school will experience less of those months of up and down enrollments. The general rule is to spend 10% of your gross revenue on marketing.
Never cash out more than 20% new memberships or renewals
Your school is valued by the amount of its account receivables. A high account receivables is your assurance of future income, by excepting a large percentage of paid in fulls you jeopardize your ability to project a stable monthly income and could set you up for problems for anytime you have to issue refunds.
Don’t Take your focus of what is important
Get organized and put first things first. Don’t get caught up in day to day activities that waste valuable time that you will never get back. Stay focused on what is important around the school like new students, marketing, new students, pro shop sales, and don’t forget NEW STUDENTS! The mark of a true professional is one that implements the use of a day planner and is a master of time management. Any time you are deciding where to focus your attention, ask yourself, will this make me more money, bring me more students, or help me to provide superior customer service to my existing students?
Don’t get discouraged by trying to do everything yourself – Delegate!
Any task that needs to be done, but can be done by someone else, should be. There are no successful schools that are one man shows. Invest your time and money developing a team of employees that can help you succeed. Owners that try to do everything themselves, become tired, discouraged, and unmotivated, leading them to make bad decisions that often destroy their business. Remember to grow, “anything worth doing is worth teaching someone else how to do it.
Don’t Only concentrate on one thing at a time, learn to multi-task
Learn not to let one concern or task, take all of your attention and focus. To be successful as an owner or manager, you need to balance all aspects of your business. Concentrating too much in one area will bring problems by neglecting another area. For instance, when schools start the upgrade programs, they tend to neglect the importance of signing up new students.
Don’t Stop growing as a professional
Continue your education as a professional and in your personal development. Attend seminars, network with like minded professionals, find a mentor, read books or take some free classes offered at your local college that improve your self worth as well as your business. Corporations spend millions of dollars on research and development, set aside some funds and your time on your continuing education.