As a martial arts school instructor and owner, you may be worried about your business surviving the economic fall out of the coronavirus. As a long term martial artist practicing since I was fourteen, and as a business focusing on helping martial arts schools, I’ve found two articles that will be useful to you during this pandemic.
The first article, titled “Six Financial Decisions To Protect Your Business During The COVID-19 Crisis” by Nicholas Joe Correia, (Found here) discusses financial actions that you can take to survive in these times. It talks about building loyalty with your current clients, finding new sources of revenue, identifying ways to cut back, and planning for every outcome with your business. It also talks about reviewing your current debt, and protecting your cash flow.
The second article, “3 Techniques to Stay Focused and Productive in Times of Uncertainty” by Nate Klemp, (Found here) talks about ways you can mentally survive the pandemic when it comes to your business. It talks about letting go of the illusion that you have control of the situation. It also talks about being in the present moment, and accepting reality as it is.
Relying on my own experience as a business owner, as well as the advice in these articles, I recommend the following three actions you can take to survive this pandemic:
1. Accept the reality- COVID will affect the economy for some time, but accepting this gives you a starting point and paradoxically, it can give you a sense of calm.
2. Create Contingency Plans- Plan for what you will do in the best case and worst case scenarios.
3. Find New Revenue- Look at ways you can actually grow how many students you have through inexpensive advertising for online classes.
To survive this pandemic, you need to accept reality as it is, and adapt to the changing circumstances.