is it possible to earn the money I need to open up a taekwondo school?

Question

I am a yellow belt currently, and I really want to open up my own taekwondo school. How much would I need to save up? And I am
doing a lot of work around my home. And I plan on getting a part time job at school while going to taekwondo. I just tested for my yellow belt and I will be testing for my next belt on November 18th. Does any one else know how i can save enough money to open up my school? And if i get a job at my college i will be getting paid only about 8.00 an hour. Is that a good range to keep adding money to my penny bank? My goal is to go to all the testing and go to all the tournaments and still save money for my school. What else can I do to keep earning all the money?

Answer 1

I'm not all that familiar with the ranking in Tae Kwon Do, but from what I do know, you're several years away from knowing enough of your own art to run your own school, much less have the experience and knowledge of teaching, so there isn't much hurry.

The first step is that while you're in college at least minor in business and take some classes in physical training.

Also if there is a Tae Kwon Do club or school on campus, join it. If not, consider starting one.

Talk to your current instructor, see if he or she can use you as an instrutor--either paid or not. It will at least give you experience in teaching and will let you know whether you want to go further.

Answer 2

You sound very ambitious and I will give you some sound advice that has worked for me and some of my students. Stay in school, go to college, and get a good paying job and when you are finished you will make enough money to have a school on the side if you want to. While you are doing that I would also try and start a program at a parks & rec program or the local YMCA after I had my black belt while still going to college or working full time. The experience you gain form that first will be helpful later on when starting your own school.

I recommend this for a couple of reasons. The martial arts business is very competitive and it is hard to make a living at it. Not only that but there is no retirement program except for the one you build yourself. I currently have two black belts that have huge incomes, have their own schools on the side and have the nicer things in life because they went to college and finished and had good jobs and secure futures first. I myself spent 34 years with the military and while I don't have the huge income I am now basically retired from the military, have a pension and am pretty well set and have a school as well. By having a secure, good paying job, with some kind of a future you help to ensure that you will be able to follow some of your other dreams when the opportunity comes and the time is right. If by chance it does not work out you will then be better able to move on and still have a good life.

By doing it the other way-that is to open up a school first with little or no business experience, no money or income to support yourself other than that which your new business makes, is becoming increasingly harder to do. There are plenty of business plans and formulas out there for you to use when setting this all up and doing it but you are literally competing against a huge amount of other things for you and your business's survival.

Please don't misunderstand me here and I think it is great that you have ambitions and dreams and are already looking at ways to earn money towards accomplishing this. Just look at it a little more objectively and lay out a plan of action and then follow it. I believe that the plan I outlinned above gives you the best chance for success and at the same time gives you a better future. Good luck.

Answer 3

all i can say is save what you can its gonna be difficult to save alot with only earning $8 per hour especially if you have other bills to pay, but you being a yellow belt you still have a fairly long way to go till you'll to the ranks of being a teacher. for instance i would say rent for a building you are looking at $1000-$2000 at least per month, and another $1000 or so for your utility bills then you have to buy and replace equipment, and dont forget remodeling the building for martial arts purposes:mirrors, padded floors, restrooms, showers etc... so its not really a business your gonna start entirely off your own savings but not to discourge you its still something obtainable if you work hard to achieve it

i suggest you go to your school's library or barnes and noble and read about opening a business. because even if you are a skilled teacher you may know nothing about running a business and your dojo will fall through(in the same sense that a chef may prepare great food but without the knowledge on how to run a restaurant he may not be able to make enough to run his business)

that being said you can read about preparing a business model to see what expenses you'll have: rent, training equipment, electric bill, water bill, phone bill, insurance, advertising etc...you'll most likely have to take out a loan with a bank. then you'll have to figure out what price are you going to charge, try to find a way to get as many people to train there without sacrificing quailty of training, location is also an important factor to consider, what times the classes will be.

also you have to see whether this is going to be a full time or part time/hobby. if its a full time job after all those expenses you are going to have to charge more so you can have a salary(you gotta eat too) or if its just you trying to pass on knowledge to others after your 9 to 5 job then you probably wont charge as much. most teachers i know dont/cant make a living off teaching martial arts alone, but its not all about the money but the reward of teaching future champions and watching people better themselves

anyways good luck i hope you are successful in opening up a school. you seem very enthusiastic about this but remember you have to also run it like a business or else you wont be able to pay your bills

http://www.nononsenseselfdefense.com/commercialschools.html#capitalism_in_the_martial_arts

Answer 4

Borrow dad's equipment and get busy cutting grass. It pays lot's more, and if you can get enough business built up, you can hire friends that use their dads stuff too. Save that coin, buy more equipment, get more business, have your employees do the work, pay them well, get even more business, hire more folks, buy a vehicle and trailer for all the equipment you own, then decide whether or not to sell the business and buy a dojo, or keep the business going on the side, and borrow the money for the dojo. And still have the side income. Ok just some thoughts, but a very viable solution, if you are a go getter.

Answer 5

First step: Stay in your school until Black Belt
Step 2: Stay in your school after that helping your instructor grow that school
Step 3: Only after your instructor is willing to help you get started, start looking for venues (this because you don't want to compete against your instructor, and if they won't help, you'll be beating your head against a wall)
Step 4: Save up what you would need to pay rent, advertising and salaries for 6 months - this can be as little as $25,000, or as much as $100,000. This way you can focus on getting your school established and self-supporting before you run out of money.

Answer 6

Offer to do presentations, demonstrating and talking about the benefits of taekwondo to groups such as seniors, parents groups etc for a flat fee at their venue (send letters out). Are you qualified to teach? If you are then you must have professional indemnity insurance before teaching the public. This is an absolute essential.

Answer 7

After the school become a success, put a branch here and there.... another McDojo.
..That is very sad. This goes to show that you are not passionate of the art.

Answer 8

ask for money from your family friends neibors and other people you know

Answer 9

what's taekwondo ? Never heard of it @_@