One of the most important things that a business owner can do is to have a business plan. We’re always told that when we enter business, but somehow, most of the martial arts business owners I’ve talked to don’t have one.

It’s always something that they’ll do later. The excuse I always get is that they’re growing without one, so why bother? Or they don’t know how. Or they made one, but then lost the napkin that it was on!

This post shows proof why that’s a bad thing.

Palo Alto Software makes Business Plan Pro (and a couple of other software suites for business owners), and I don’t personally use their software (nor do I get paid if you buy it from them). My business plans have always been way more informal than what they handle, but I bought into a franchise so they helped me with my business plan.

They asked thousands of their users a few questions about if they have planned and if they have put the plan into practice. Almost 3000 of the people that had, at one time, planned to make a plan, responded.

Basically, those who actually finished their plans were almost two times as likely to grow their business and receive funding for their business!

This is important because if you plan your business, every aspect of your business, then you will be two times likelier to grow it.

If you have been in business for a while and don’t have a plan but you’re doing well, great! Could you do better if you knew where you were headed?

If you haven’t started your martial arts business yet, you need to have a plan before you ever think about leasing a location. There are a lot of things to think about.

And yes, I have made a business plan for this website and my business advising services!

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  1. What are your summer plans? Part 3