TIMA Road Map #5: How to Increase Profits at Your Martial Arts School

Graham: This is our final video in the short series on our TIMA road map. And these are five videos that really we've identified for us, the magic matrix on stats and figures that you should be identifying and continually reviewing to make sure that you're hitting the goals and having your business hit all those dreams and successes that you really want. In this video here though, we're going to talk about over-the-counter sales and upgrades, which is really quite a, I guess, vital part of your business, but sometimes overlooked by the business owner. Phil: Well, I'm going to kick-off with upgrades. Most martial arts school should have some sort of upgrade process. The thing is, if you're not upgrading your students to a higher level, well you're missing out on a ton of cash. Now, it's not all about making money, it's about giving the students an elite level of training. You know, you have so much knowledge within you, why wouldn't you segregate it from sort of the everyday learning to the elite learning and that's where I see elite programs or upgrade programs so dynamic in businesses. It's where you give your elite knowledge, you give elite training and you just really give them the best of the best of what you know and it's this content that you guys know, it's the knowledge that's within your mind that you can charge a little bit extra for. So, if you're not upgrading your students, I say you need to do it now. You'll be amazed on the difference you're going to make on your profit at the end of the day. Graham: Within that, we also have a few options right at the very, very start of it out, I guess the enrollment process. Within our schools we have a single style option and a multiple style option. There's also upgrades later down the track, usually after about a 12 to 18 month period. But having that choice enables you to really, I guess, maybe attract a different type of clientele that still fits within your niche audience, but it gives them those options. Because again, we know that we've had students that have trained with us for 5 nearly 10 years and hit a point where they just want something just a little bit different. Now, rather than leave your school and go somewhere else, there is a slightly different program that makes it available for them to continue their journey with you guys, which again, great for retention, great for obviously those upgrades, those and really that's what we're looking at is keeping the student in your school as long as is possible. Phil: The next sort of strategy is what we call over-the-counter sales. Well, this can be many things. It can be from your club shop with all the little bits and pieces that you sell to the student. It's also can be things like your joining fees and stuff like that. Any cash or money that you take over-the-counters, how can you boost that so you get a massive maximum return on your investment? Look, really, there's so many different ways. I'm not going to bore you with all the different ways. I really want to help you guys build the way that you can do over-counter sales. But really, you need to be training your staff, training your receptionist, training the people who are around the club shop on how to upgrade people, super sell them. I think we've all been in a drive through when the little girl says, "Would you like fries with this?" If you're not training your staff on how to sell properly, you're missing out on a ton of cash. Graham: Guys, adding onto that, it's all about having those options there when someone's in a buying mood. You know, I definitely know that we have plenty of students who are impulsive buyers. They walk in, they see something shiny or new and have to have it. Again, those clients who always want the top of the range. So if you've only got the the run-of-the-mill and one standard product, it doesn't give them that variety. So, look, we all identify and understand about having dead stock around. But it's for you to just track your numbers, know what's available and obviously try and provide for your students, your clients, I guess a resource with them to be available to invest more in your business and really that's what we're all about. It's not having them just be a when they walk in the door, but having them get the equipment that engages them more and has them want to stick around in your business even longer. That's really the goal behind it. Phil: A little strategy that we use whenever we're having meetings about making money in our business. Now, we all know that we're in the business of changing people's lives through martial arts, but at the end of the day, we have to make a living from it. So some of decisions that we have to make, we ask ourselves, is it going to improve the students, one. Is it going to improve the school, two. And then third, last, is it going to improve the bottom line? Are we going to make money or lose money? These are sort of questions we ask to ourselves when we start making changes within our business. We all want to make a difference with every sort of student that comes through our doors. We want to build a bigger and better business so we can empower and communicate our message to a wider community, and then three, we're going to get paid for our time and our effort and our knowledge. And that really what it comes down to for you guys. So, when you hear me talk about making cash and money, don't think that I'm being insensitive, but it's sort of the last thing on the line and it's really what keeps you and I in business. Graham: Guys, don't forget, check out some of the previous videos. I know that we talked about your marketing return on investment, the entire inquiry process, from finding right through to sales. We talk about curriculum, retention. So, in there there's plenty of different things. Again, we're all about trying to give you the metrics that we regularly look at and admire our staff to be able to follow those same things. Again, if you're looking to not only kick the goals, but enrich the lives of your student and affect your community in a positive way, these are five key areas I think you should be looking at. If you're not, get out there and look at them now. If you already are and you have some questions, don't hesitate to send us an email at [email protected] and we'll be happy to answer as best we can. Phil: Guys, look we're here for you. We're not standing here in front of this camera presenting to you for any other reason except to see you keep massive goals. We could be doing many other things with our time, because we've been able to build our business to a level that it doesn't need us. We're not working in the business in the engine room, we're out of the business working on it. We're at the top of the ship sailing it and we want you to do the same. So guys, if you haven't yet followed us, check us out at the website that Graham mentioned to you or chuck us an email at [email protected] and we're happy to help you guys. Can't wait to see you guys on the other side whether it's on a webinar, on a video, or on the online portal. Thanks guys. Graham: Take care.

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