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• Planning. To be a success in a business, you must have a business plan. From the moment you decide to open your own school, until the day you close its doors, your business will require organization and a business plan that is written down and followed.

• Awareness. To be successful, you must never become complacent. You must constantly be aware of problems in your school, changes in the economies of your local area, your state, and the country as a whole, changes in your local business environment, changes in business laws, and changes in the Taekwondo community.

• Personal Understanding. You should understand your own particular strengths and weaknesses as a teacher, technician, and as a businessperson. Have a frank discussion with your family and friends, your instructor, and available community business counselors, and be open to their suggestions and advice. This may be the toughest part. Sometimes it is difficult to admit you are wrong or have deficiencies. Be optimistic, but also be realistic and do not take on more than you can handle.

Business Plan

Since your Taekwondo school offers a service, it has no tangible product, such as a chair or a stove. Your business only offers intangible services, such as the opportunity to increase physical fitness, self-defense skills, confidence, and self-esteem. Your teaching abilities and the benefits that may be gained from your teaching are your product.

Since you now know your product, your need a business plan that will address the price, place, and promotion of the product. A business plan traditionally is a multi-page document that:

• Sets down the goals of the business.

• Helps organize and develop a solid plan for reaching the goals.

• Serves as a document to help in arranging and securing financing.

• Helps the business stay on course by being modified when old goals are reached and new goals are set.

Your local Chamber of Commerce, library, or the Internet are possible sources for information on understanding and developing a business plan. A business plan need not be complicated, but it should include:

• An executive summary outlining the basic information contained in the plan as a whole.

• A market survey of potential customers.

• An analysis of competition.

• A forecast of revenues, expenses, and profits.

• Plans for financing the business.

• Any other information deemed necessary.

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