Would Anyone Be Willing to Financially Back a Martial Arts School in Western KY?
I am a Black Belt in Shotokan Karate, i have been training for almost 15 years. I have done alot of teaching but mostly private lessons or under another instructor. I would really like to open my own school. i am having problems finding a business loan because i don’t know anyone who could cosign for me. i don’t need a lot just enough for a building and some basic training gear.
i have been planning and thinking about this for a long long time,
Your statement that you don’t need a lot, just enough for building and basic training gear suggests that you have not put together an actual business plan. You will need significant liability insurance, business property insurance, a phone system, computer(s) and more. Have you actually thought through the plan and put down in paper how many students you need to meet fixed costs? How many students you need to make a profit? What your marketing program/expense would be? What is the back up plan if you get injured and can’t conduct business for weeks/months?
Get a book from the library on constructing a business and marketing plan. Then meet with a SBA volunteer to review your plan – they will help you understand if it is sufficient quality to gain you investment by a bank. It is difficult to secure loans if you have no assets to back the loan.