I know that subject line sounded weird but I have been dying to share this with you.
About 6 weeks ago, I signed my 3 year old son up to do karate at a local karate dojo.
Now, as a small business owner myself, I am always interested in how others run their businesses and what they have to offer.
The dojo has been there for quite some time so it was a little worn or used if you will.
Then I realized the price was $100 per month for (4) 45 minute sessions. I was a little taken back but hey, get what you believe your worth right?
I will say this, my son and I love it and I am not here to judge their business but just learn from it.
I learned a few other things about this business:
- When you sign your commitment, you get a uniform which is a great give-away.
- You have to buy every weapon they use for training, $20-$40 each.
- You have to pay to get promoted and there are many before reaching black belt, $60 each.
- EVERY activity outside of the training is financed by you, the customer.
- Every tournament is put on by funds raised and your fee to participate.
- 90% of the instructors are black belts that are 13-17 years old.
What is the lesson here?
- Lifetime value of client? The initial $100 per month is actually a bit more than that each month.
- Play to your strengths (they get the kids roped in and indoctrinate them and the parents).
- Get what you believe you are worth!
- Build a strong community.
I have an 8000 sq ft facility that is state of the art and brand new with 30 tons of (running) A/C.
My facility gets cleaned 3 times per week.
My coaching staff collectively has 8 college degrees, 30+ certifications and years of experience.
We produce results.
Our client experience and community is amazing!
Our programs are unmatched.
At first, I didn’t know how to take this operation and some of it seemed questionable from the first take.
I did realize one thing, they have a niche market, they play to their strengths which is getting kids and parents indoctrinated to become black belts and they have a great community.
They get what they believe they are worth.
Just in the past week, I have raised my prices.
For some reason, it was tough for me to do but in the end, I know what we are worth and we prove it daily.
Take a look at all your systems and all that you provide for your clients.
Realize your value.
Overdeliver x 10
GET WHAT YOU ARE WORTH.
Take if from a Taekwondo dojo!
To your success,