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Calculating your break-even point and additional expenses in terms of target enrollment makes those expenses “real” in a way numbers can’t: “I need thirty students to break even. No more than twenty of my regular students have been training this month. I need to check to see if I can repair the problem before next month’s bills come due.” “To hire a part-time employee to manage the office, I need ten more paying students.” “To afford the expenses at a new location I need another twenty-five students.” In other words, if you think of your break-even point in terms of number of students, you can look at your monthly sign-up, attendance, and payment records and get an immediate, intuitive sense of whether you are getting closer to your financial goals.

Your First Two Years

In the early months, while you are still building your student base and trying to reach your target enrollment, you will need outside funding to meet your monthly expenses. As a rough estimate, assume that for the first six months you will be paying nearly all your monthly expenses out of pocket. That means before you open your doors you need to know where you will get those first six months’ operating expenses.