Modern technology serves us well. A computer is a staple in most studios, and the record-keeping for a martial arts studio is relatively minimal. Generally, a good database will assist you in tracking student attendance and payment, creating lesson plans, and such.
However, you might consider employing a professional billing company to handle your accounts receivables. They have the necessary equipment, as well as a well-trained staff able to make collections more efficiently as well as save you valuable time that you could put to better use.
In addition, you may also think about hiring a bookkeeper to handle your accounts payable and manage your taxes.
By outsourcing these two functions, you can save a great deal of money by not having to hire an employee.
If your goal is to increase your profitability, then you’ll want to put off hiring employees until your studio income is high enough to accommodate the expense of an employee.
When you hire an employee, there’s a lot more to consider than just their salary. For instance, there are employee taxes, social security, vacation, and other benefits that can take a bite out of your overall profits. Not to mention, additional equipment and a place for them to perform their duties.
