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Approval. To maintain your standing within your Taekwondo organization, you will need its approval for you to open a school. Traditionally, you should have your instructor's approval to open a school, especially if it is in the same city as your instructor, but, unless you have some legal contract to the contrary, it is not required. However, instructor approval is always beneficial because you want to keep up your own training with him or her, and you may need assistance from the instructor or one of his or her assistants with problems in the operation of your school. If your school will independent of any organization, then you do not need anyone's approval.
Assistance. You cannot operate a school alone. You will need assistance from others, such as help with funding or equipment needed to get started, and then you will later need judges for testings, access to tournaments, people to perform demonstrations, etc.
Business Knowledge. To operate a business, you need some knowledge about business. You do not need a business degree, but without some knowledge of basic business practices, such as accounting, taxes, local ordinances, etc., your business will fail even though the school itself seems to be doing great.
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.