Opening an actual school.

Discussion in 'General Martial Arts Talk' started by Deleted member 34973, Aug 18, 2019.

  1. kempodisciple

    kempodisciple MT Moderator Staff Member

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    Unless you know a lot of balding women with beards, I think it's pretty easy to tell I'm a guy in person lol.
     
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  2. skribs

    skribs Senior Master

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  3. ShortBridge

    ShortBridge Black Belt

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    Feel free to PM me if you want to go deep in this, I'd be happy to hop on the phone too. but, here are a couple of free pieces of critical advice:

    Don't teach out of your house if you're expanding. I don't know how you got your first two students and it's probably informal enough that your liability is low, but if you're going to start letting people find and join you, you don't want liability associated with your home.

    I would also at the very least incorporate and set up an independent entity that handles school business. Assuming that you will charge something, set up a separate bank account and maintain books. Never pay for anything with money out of your account unless you moved it onto the school account and created a ledger entry showing "capitalization". Same with moving money out, though I've never taken any money out of my school.

    A liability policy is also a good idea, though they aren't cheap. So, you'll have at least rent and insurance as expenses. If you want to do this for profit, you've got to work your base expenses out, if not, charge something modest to establish that it is a business and you have both revenue and expenses.

    The "corporate liability veil" can be pierced by a good attorney, but they cleaner you manage this the more difficult it is and the less likely that anyone will try. I hired a small business attorney for a few hundred bucks to help me establish and it's the best money I have ever spent.
     
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  4. Headhunter

    Headhunter Senior Master

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    Full karate kid style lol
     
  5. gpseymour

    gpseymour MT Moderator Staff Member

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    And ask that attorney for advice on how to set up the "rental" agreement between the business and yourself. It's possible this may help limit liability a bit in some places.
     
  6. skribs

    skribs Senior Master

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    I thought of that after I posted it. I actually wasn't joking.
     
  7. Buka

    Buka Grandmaster

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    When considering advice, might be good to differentiate between students of the Arts, teachers of the Arts and folks who have actually gone through the nuts and bolts of opening schools. If you can, might be good to drive a couple hours and seek advice from some people who've done that.
     
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