1. School owners are concerned about what they charge and how many students they have. I really believe that is the number one mistake. I remember having a large school in Florida with 1340 students. To keep attendance, I had sheets of names in alphabetical order and students would check their name when they took class. I had one of the parents in the school count the names then get her calculator and multiply by $55. (That was the current price.) She approached me by the front counter and said what she just did. She then announced quite loudly that I must be one of the richest people in Coral Springs and was making over $77,000 a month. Many school owners do the same thing and that’s a mistake. Once you understand it’s how people pay and not what they pay that really makes the difference. I had a client enroll 20 students this month and created $2400. Yet another did the same amount of new students and made $15,000.
2. They underestimate the power of a team. They put off creating a team of program directors and front end people until they can afford them. Compare that to opening a car dealership and saying you will hire sales people after you sell enough cars.
3. They fail to accurately estimate their gross income months in advance. Not knowing in advance what you will make prevents you from planning. Know your stats and benchmarks for your systems and master it.
4. They don’t know their numbers or track numbers. According to Karl Pearson, “That which is measured improves. That which is measured and reported improves exponentially.” If you’ve ever kept a tracking chart for anything you wanted to improve, you know this is true. The effect borders on the miraculous. Trackers find themselves taking enormous action to improve the things they track almost unconsciously.
5. They believe that it’s curriculum that is key to retention. However the master key is how students feel about themselves as a result of participating in your classes that keeps them active.
6. They mix the money up. Meaning that they use school funds for personal expenses. They then say, “I haven’t made any money." or "I haven’t paid myself in a long time.” The key is to separate your personal and business. This is also essential if you are incorporated. Smart owners pay themselves a salary and learn to live off that. They then take a bonus quarterly.
7. They don’t market enough. Branding and new students comes from getting your name out as well as creating word of month. Know your marketing pillars and work them weekly. Consistency is key. GetStudents.com
8. Mistake 8 is trying to figure it out yourself. There are many school owners that have highly profitable schools, make a difference in their communities, take vacations and are becoming wealthy. These are the people you model and learn from. They have found the key for creating a business and a lifestyle. They enjoy the job of teaching. They have a team of professionals working for them. They have a life away from the school and money to enjoy as well as future security. Get a coach.
9. Martial Artists understand the importance of being centered and in the present. They teach it to students. Yet many are so worried about the future and concerned about the past they don’t walk the talk. I believe that to find joy in what you do, you must be able to be in the present. Once in the present you realize you have no worries and then really embrace and enjoy what you do.