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.