Setting tuition for your martial arts school can be one of the most daunting aspects of running your business. It’s not just about deciding how much to charge but also about how to collect that tuition effectively.
This article series will guide you through determining tuition rates, understanding their impact on your school, balancing full payments with monthly options, deciding whether to use contracts, and other essential aspects of tuition pricing.
That’s Too Much for This Area
At the beginning of many seminars, I asked attendees if they would sell me their black belt for $50,000. Imagine erasing martial arts from their lives for that amount.
No one has ever said, “I would if I could.” Most people laugh and say they wouldn’t part with it for even a million dollars!
These same individuals often claim their area can’t support higher tuition. They argue that martial arts is worth more to them than $50,000, yet hesitate to charge $100 per month for the same experience.
The common excuse, “That’s too much for this area,” really indicates a lack of confidence in asking for fair tuition. There are many reasons owners give for charging low fees, but none are compelling.
Many of us are raised with limited financial beliefs. We’re taught that wealth is bad and that money is the root of all evil.
The truth is, it’s not money itself but the love of money that can lead to corruption. Money is merely a tool; it can be used for good or ill.
We’re also conditioned to avoid asking for money, fearing we’ll seem greedy. This mindset needs to change if you want to set fair tuition prices.
Start by practicing how to ask for payment. Try statements like, “Would you like to pay with cash or card?” or “The total is $149. How would you like to handle that?”
Repeat these phrases until they feel natural. The more comfortable you become with asking for payment, the easier it will be to set and collect fair tuition.
Rule One: If you do not value your martial arts school and its benefits for students, no one else will either.