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CHAPTER TWO:

FINANCE YOUR NEW SCHOOL

Starting a new business is not cheap. With the privileges of being your own boss, you will also be taking on the financial risks of being your own boss. Small business statistics show that those risks are great. But they can be minimized by careful advance planning.

The tool you use to do this advance planning is called a business plan. Putting together a business plan involves making accurate estimates of income and expenses, profit and loss. It involves setting financial and personal goals for the business. It involves choosing a legal form for your business, setting up a preliminary marketing strategy, assessing your competition, and charting a path for the next several years of your business life. A business plan can help you obtain start-up financing. It can help you see where your own business skills may be lacking. It becomes a framework for future action. But most importantly, it can help you get a realistic picture of the financial risks and rewards inherent in owning your own martial arts school.