Q&A: Missing Earning Potential? What Do You Do To Maximize Your Schools Revenue?

Discussion in 'E-Zine Articles' started by Bob Hubbard, Dec 1, 2008.

  1. Bob Hubbard

    Bob Hubbard Darth Vindicatus Supporting Member

    Q&A: Missing Earning Potential? What Do You Do To Maximize Your Schools Revenue?

    Missing Earning Potential? What Do You Do To Maximize Your Schools Revenue?

    Competing for dollars today is an ongoing challenge for a martial art school. You're competing with dozens of after school programs, and other hobbies for a piece of your customers dwindeling disposable income.

    I recently had a conversation on this topic that got me thinking about what a school can do to increase it's income.

    During part of the conversation, the topic shifted to getting the most out of your customers.

    One of my clients put an old fridge in his school and hit the local membership warehouse for drinks. He gets bottled water for 15 cents a bottle and sells it for $1.25. He says he turns a good amount around each week adding to his bottom line. For a nominal annual fee, and the cost of a used cooler out of the local paper, he's doing a brisk business, even having his neighbors stop in there for a coke rather than hit the local drink shop.

    3 other's have contracts with Coke or Pepsi to supply them with vending with them getting varying amounts from the deal. Their contracts sometimes even include all of the vending machines, and someone stopping by regularly to restock them. Check with your local distributor and see what they offer.

    Another had a small supply of office supplies, basically looseleaf notebooks and packs of paper that he buys each fall during the back-to-school sales that he simply doubles the price of and sells to his students and event guests during the year. He adds a sticker for the school, a couple business cards, a flyer, 2 pens (promo type with school name and address), and 10 "free trial" passes to the package.

    Most of the owners I was talking to maintained small amounts of gear on hand, in addition to uniforms. A tee shirt with a cool logo or team name costs $6-7 but can be sold for $20-30. Many places will "Brand" generic gear with the name of your school or organization as well. Check with your equipment suppliers and ask if they offer such a program, possibly called a "private label" system.

    Contact an instructor at another school outside your market to do a seminar swap with you. Basically, you do an event at their school, and they do one at yours. You then work out a benefitial split of the profits, some examples being a 50/50 split, and a each keeps the income from their schools event.


    These are just a few ideas to add some extra income to your school.
     

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