Tag Archives: Business Education

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Doing the Math to Calculate Martial Arts Business Success – David Chang

By David Chang

registerWhy do some Martial Arts studios have 50 students while others have 500?

Before delving into the multitude of factors contributing to business success or failure, understand first that it all comes down to two very simple metrics: Number of monthly enrollments and drop-out rate. As long as your number of enrollments is greater than the number of drop-outs, your school population will continue to climb.

That’s obvious. So let’s take it a step further.

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Top 10 Reasons to Grab Your Spot at Business Bootcamp 2013 – Joe Galea

By Joe Galea

Reason #10: There’s an All-New, Interactive Format

Instead of one seminar with one presenter at one time, we’re bringing together three to four experts in value-packed panel discussions. You’ll hear from each panelist on their prepared topic, then the moderator will challenge them to answer key questions. Attendees can also ask the experts their own questions live.

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Education and Mentorship to Fuel Fitness Business Success

By myVolo Software

Helping-MentorThere are probably a hundred different examples that I could write about where my education of running a Fitness business saved myself and my Fitness studio. I’d love to say that it’s all me … that I’m a super-intuitive person that just knows what to say and do in every situation. But that’s just not true. The fact is, though I’ve learned a lot from trial and error, the bulk of my business know-how has come from mentors and attending educational seminars.

Like many in our industry, I started my Fitness business because I love Fitness. I thought “I’ll open a gym, people will join, and I’ll make money.” A lot of Fitness businesses start out this way; they open a studio because they love what they do and have a ton of experience and education in Fitness training, running a Boot Camp or in the Martial Arts. But that doesn’t necessarily mean that they have the knowledge and skills to run an efficient Fitness business.

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Business Owner Cheat Sheet – Financial Terms Defined – Michael Connor

By Michael Connor

ABCEvery business owner, manager, and director needs to understand the basics of finance in order to be successful. At some point you will find yourself in a discussion in which certain financial slang will be used and it’s important for you to comprehend the language. This article will simplify those sometimes puzzling, but need-to-know, financial terms. This will be a good first step in learning the common jargon used and what each term means.

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Invest in Education, Grow Your Martial Arts School – Steve Giroux

By Steve Giroux

knowledgeThink for a minute how much money you’ve spent on Martial Arts lessons; from the very first lesson as a white belt, to the day you achieved black belt … then from black belt to the time you reached the professional level which allowed you to open your own commercial Martial Arts school. Thousands and thousands of dollars have likely been spent.

Now, the even bigger question: Are you spending enough on your education as a small business owner? Are you taking lessons two to three times per week like you require your Martial Arts students?  The answer is probably not. Taking lessons two to three times a week isn’t realistic, of course, but the idea remains the same. You need to be educating yourself consistently if you want to grow yourself and your business on a professional level.

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Must-Take Steps When Buying and Selling a Business – Andrew Kasmen

By Andrew Kasmen, Esq.

buying_and_sellingThere are certain essentials that a buyer and a seller must consider when contemplating the sale or purchase of a business to ensure that the transaction is successful. Here I’ll cover some of the basics to help you avoid problems both during the transaction and after.

Possibly the most important thing you must consider is whether you know enough about the business. As a seller, ask yourself: are you intimately familiar with the business’ financial position and history so that you can set an appropriate price and honestly respond to the buyer’s concerns? Conversely, if you’re the buyer, you need even greater knowledge. Do you know the industry you’re entering into? Do you know enough about this particular business and its employees and customers; and, most importantly, what do you know about the business’ financials?

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What Every Business Owner Should Know About Non-Compete Agreements – Andrew Kasmen

By Andrew Kasmen, Esq.

SignatureI’m often asked what agreements should be put in place in the normal course of operating a business. A non-compete agreement is an important agreement between the business and each of its employees that every business should use. A non-compete agreement, also known as a restrictive covenant, provides critical protection for your membership business and its assets. The good news is non-compete agreements are fairly simple to execute.

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What Form Should Your Business Take? – Andrew Kasmen

By Andrew Kasmen, Esq.

thinkingWhen starting a business, one critical decision you will make is what form your business will take. Should you be a sole proprietorship, enter into a partnership with others, or should you form a corporation?  If a corporation, what type of corporation best suits your needs?

The choice directly impacts your businesses’ profitability and sustainability and, significantly, your potential liability. It is a decision that should be made carefully, in conjunction with your legal counsel and accountant, to ensure that you choose and maintain the form that’s right for you.

This article covers the most common business entity forms and how each may affect your business.

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8 Essential Do’s & Don’ts for Small Business Owners – Allie Alberigo

By Member Solutions

Success FailureIn every small business, there are common mistakes that can hold us back from the success that we imagine for ourselves. Often times these are a direct effect of a lack of foresight or experience, or perhaps a by-product of moving too quickly into decisions. Regardless the reason, there are common pitfalls that most Martial Arts school owners have experienced and have gained wisdom from.

Here are some essential dos and don’ts that Martial Arts school owners should consider while on their path to success:

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When Disaster Strikes: Tips for Business Survival – Andrew Kasmen

By Member Solutions

We have all watched in horror as floods, tornadoes, hurricanes and other natural disasters have destroyed large portions of the United States, causing billions of dollars in property losses and, more importantly, loss of life. While nobody can ever be truly prepared for such a disaster, it helps to have some strategies in place to enable you and your business to survive.

Business continuity is the activity performed by an organization to ensure that critical business functions will be available to customers, suppliers and others who must have access to those functions; basically, planning for keeping all aspects of a business functioning notwithstanding disruptive events. Disaster recovery is a subset of business continuity and embodies the processes, policies and procedures related to preparing for recovery or continuation of your business, generally related to technology infrastructure. What should you do in the event of a disaster and, what should you NOT do?  This article will provide some tips to help prepare yourself in the event a natural disaster strikes.

Having a Disaster Recovery Plan

The first step to business recovery is to have a disaster recovery plan. Even if your business has never experienced a natural or man-made disaster, a program designed to deal with such an occurrence is essential. Remember, natural disasters do not need to be life-altering, such as the tornado that ravaged Joplin, Missouri: a snowstorm that knocks out power for a few days is also a natural disaster that needs to be handled.

Some things to consider in formulating a disaster recovery plan:

→ What happens if the event occurs during the business day? Does your business have an emergency evacuation plan and are your employees and customers aware of the plan?

→ Is there a phone chain to notify employees of the situation and advise them what to do or where to go?

→ If possible, is there a phone chain or other contact device available for the benefit of your customers?  How and when will the customers find out that you are still open, or intend to open in the near future?

One of the less-publicized, but no less important, benefits of enrolling with Member Solutions is that we can take care of notifying your members, by telephone and email, of your business status.

Ensuring Business Continuity

Next, it is critically important that you protect your business’ and your members’ financial interests. Customers will not be happy if you are closed but continue to bill them, and you will not be happy if you are closed and unable to pay ongoing expenses.

→ Insuring that your business interests are secured is simple with business interruption insurance.

Business interruption insurance: (i) maintains your business continuity strategy; (ii) keeps your business afloat if a loss forces you to close; (iii) pays for lost income and continuing expenses; and (iv) pays for relocation and advertising to set up shop at a temporary site. This may already be part of your regular business owner’s policy so you should check with your agent.

→ You may also want to look into Umbrella Liability Coverage. This protects the business and you personally in the event of a catastrophic occurrence. Umbrella coverage kicks in after you’ve exhausted the limits of your general liability and/or auto coverage.

→ Insuring that your customers’ financial interests are protected is easily done with a phone call to Member Solutions (888.277.4408) advising that you have been the victim of a disaster and that the business is closed and will remain closed for some period of time. Member Solutions will immediately freeze payments, cease any collection calls, send out a bulk email to your clients notifying them of your business’ situation, and can communicate a specific message to your members as inquiries are received.

As with all other matters affecting your business, the responsibility for providing leadership on this issue lies with you. Though it may not be a concern today, we have all seen that business continuity planning should not be left for a rainy day: that rainy day is when you’ll need the plan.

Define responsibilities of supervisors, managers, and all other employees as they relate to safety to ensure that your members, your employees, you and your business are safe and sound if disaster strikes in the future.

Disclaimer
Member Solutions is not an attorney and does not provide legal or tax advice. Further, the information provided in this article is not, nor is it intended to be, legal or tax advice. It is being offered as a general information service to Member Solutions’ clients. The laws in your jurisdiction may differ. You should consult an attorney for specific advice regarding your particular situation. Though not legal advice, the information provided in this free service gives you valuable information to help you save time and money and assist you in taking the next steps to strengthen and grow your business.

IRS CIRCULAR 230 NOTICE: In order to comply with certain IRS regulations regarding tax advice, we inform you that unless expressly stated otherwise, any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for purposes of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.