Martial arts school owners are faced with a number of challenges on a daily basis. Not only must they ensure that students are being taught disciplines such as karate and taekwondo at the highest levels, but they must also make sure that they have enough people enrolled in classes while simultaneously getting the word out about the school's offerings. Running a business is tough, no matter the industry and in order to be successful, a strong acumen with respect to business is vital.
Those who open schools are likely individuals who can teach anyone the finer points of martial arts and self-defense. However, being well-versed in business takes some time to develop, much like the mastery of any discipline. Business management classes are one way to learn the ins and outs of running a successful company, but there are a number of other resources that are available as well.
Owners of martial arts schools are fully aware that enrollment numbers need to be high in order to run a profitable business. However, they may not understand the metrics that need to be measured to make that a reality. Jump Demand, an online marketing solutions company, recently highlighted how a martial arts school client increased its enrollment by 40 percent. There are a number of key metrics that can be tracked to measure how well a school is doing with respect to the number of students who are signed up for classes. Here are a few:
- Keep an updated count of actives: Simply put, any student that is being trained at a school whose account is either current or no more than two months past due, should be classified as active. This list will help an owner clearly define how much revenue is being generated from enrollees on a monthly basis.
- Record of drop out rates accurately: Owners have a thorough understand that every individual who enrolls isn't likely to complete an entire martial arts training program. In order to get an accurate account of lost revenue from students who quit, divide the number of students who leave the school by those who remain active at the start of each month.
- Keep count of requests for information: Many potential students will research what a school offers before making a decision to enroll in training. Counting the number of monthly inquires received offers a number of potential sales leads that can be converted and turned into students, thereby increasing revenue generation.
These are just a few of the important statistics that should be tracked by martial arts schools owners. Thankfully, school management software can help keep all of this information organized and updated in any database.
How to generate a return on marketing efforts
The growth and success of any business is directly tied to how well marketing and advertising efforts are conducted. As it relates to martial arts schools, there are a number of options available for potential students. Therefore, owners should take any steps necessary to ensure that their offerings stand out from the competition, making marketing a full-time endeavor.
Martial Arts Business Daily listed several reasons why promotional efforts are critical for any martial arts school. However, the most important may be the fact that if you don't financially invest in marketing, then that money will be spent elsewhere.
The cost to advertise and promote a school should essentially pays for itself and should be done as consistently as possible. If costs $100 to run an advertisement, and if a student sees it, comes in and pays for two months of training at a cost of $100 per month, then the additional $100 should be re-invested into marketing efforts.
Running this kind of business requires a lot of work. However, by following the suggestions listed here and building upon them with your own strategies, any martial arts school owner can be successful.