If you are either considering running your own martial arts business or you already do, you may want to keep reading. It is a known fact that eight out of ten businesses will fail within the first 5 years. Going further, research has suggested that over half of martial arts business setup between 2000-2005 failed within 2 years. These are scary facts, but remember a large proportion of martial arts businesses are highly successful, and yours can be also if you are on top of the game.

This article is not the be all and end all of martial arts business but it is written in the hope giving some key steps which should be undertaken to help with the success of your business, particular if you run a martial arts school.

Running a Martial Arts School

1. Set your price the way YOU want it. Unfortunately most martial arts instructors set their price competitively based on what others are charging in the area. Do not be tempted to follow this. Although you should take these into consideration when setting your price, remember, you are a highly skilled person and deserve what you think is right. You should set your price based on hard costs and how much you want to make. The average price in 2009 was estimated to be around $125/month in the United States and around £50/month in th UK.

2. Collect what you are owed. It is common in many schools that students do not show up to class with the correct money. If they can't pay that day, don't accept less. Make a note and ensure that they pay you at the next class. It is important that detailed records are taken at all time. The best way to accept money is by direct debit, you know you will get the money that way.

3. Run your school in a successful manner. Remember, always to think about your students. If you are running your own martial arts school, don't put the classes in the day when all the kids are at school or the adults are at work. Most students like to go to martial arts either after school or work so work around your students, not yourself. At weekend, students prefer early morning sessions so they then have the rest of the day for themselves.

4. Promote your business. Don't think by having an exclusive club that is hard to find is going to do you any favours. Get out there, meet friends, tell them how good you are, how good martial arts is - what it can do for them, what it can do for their kids. Tell people to bring people along other to a class with a first lesson free strategy. Then after the class, talk to the new students and ask them how they found the class and if they are interested in continuing further. Although adverts in local newspapers are expensive, you can try them or otherwise contact local media and tell them you are having a promotion open day, anyone is free to come along and learn some free martial arts.

5. Understand how business operates. Remember that you are going to have potential students/customers who are always going to keep coming back for many years. Losing one of these potential students can be disasterous for your long term profits. Build up a strong background of students, and if you notice any sutdent who have serious dedication, pay attention to them because they are likely to continue for many years, so holding on to them is crucial. They may also promote your club by telling their friends and family.

6. Get a good logo. Not many people realise that a lot of students of martial arts love them asthetical feel of it. They love wearing martial arts gear. If you design your school logo well whilst selling t-shirts, hoodies etc, then students will buy them and wear them for out of class. Again this is free advertising for you.

7. Always be totally honest with yourself and others. Demand high quality work from yourself and your staff and never surround yourself with “yes men”. The more successful a person becomes, the more they respect and rely on having people around you that will tell you the truth and stand up to them. I recently spent 2 days in a mastermind training session where 20 very successful business people picked each others businesses apart, gave suggestions and paid a premium price for having that honest and truthful feedback from 19 other successful business people. When you are being honest, don’t worry about offending others. Listen to the concerns and needs of others, especially your customers.

8. While developing a reputation for being fair, be tough in business dealings. Always do what is right for you and the company, don’t lose your ability to be the dominant force when it comes to the law of the jungle. Everyone needs to know who is in charge and be the person who says “The Buck Stops Here!”. Listen and take the advice of your senior people, then you make the final decision. While you can demand high expectations from others as a strong leader, it’s because you demand those same expectation from yourself.

9. Develop immunity to criticism when you know you are doing the right thing. If you are successful, some people will be offended and talk bad about you, because they haven’t done what you have achieved. Try and hang around those people you consider to be mentors and leaders. Don’t take advice from your peers or people at your level. I have never understood why people listen to lawyers or accountants that make $30,000 to $50,000 a year. Find someone that is making millions and listen to them. I belong to several coaching programs and pay my teachers extremely well for their advice and that is because I have realized that is much cheaper than learning from a real life experience that may end up costing me thousands or even tens of thousands of dollars from a mistake. I am amazed sometimes that a black belt will spend thousands of dollars traveling around the country chancing credibility or fame on a tournament circuit, and they are reluctant to spend $3000 on a business seminar that could double their income and double their time off. To be successful, study the art of running a business and pay for a good education. I would also recommend you studying with someone that has been there, done that and has the T-Shirt, not someone that is just good a giving seminars and knows nothing about your type of business.

10. Believe in the law of abundance. Just because you are successful, doesn’t mean that you are hurting others or taking away from their piece of the pie. Working together does indeed increase the size of the pie. The martial arts school down the street is not a competitor, but a fellow advocate of what the martial arts can do for others. Work together to bring the martial arts into the publics eyes as a positive thing for the growth of our nation and an important tool in the raising of the youth of this nation and everyone will achieve more.