Post: #1

First, let me give you guys some background before getting to the question.

I am currently 21 and a senior in college majoring in Accounting. I only chose accounting because business in general is interesting, the profession is in demand almost anywhere, the profession is stable, the pay is decent. I never had a passion for school including accounting, it bores me to death. But I need some sort of education to get a job to make money at some point. I can either graduate with a bachelors in accounting in 1.5 years or I can graduate in 2.5 years and become a CPA.

My passion is in jiu-jitsu. It's what I like to do, study, learn, and share in this world. There's no way in hell I'm going to work for corporate america until I retire. My goal that I will some how achieve is to own and run my own jiu jitsu school/business as a full time career/lifestyle that can provide enough income to live and raise a family comfortably. I want to get out of corporate america ASAP, so having my jiu jitsu school in my early 20's would be badass if possible. So I have two questions to ask.

1. Knowing that my goal is to open a successful jiu jitsu/martial arts school ASAP, should I finish school with a bachelors in accounting and start working, saving, and investing my time to master my craft/business? Or would it be worth more to stay in school for an extra year and get my CPA?

2. All I know is what formal education has taught me, I have zero knowledge/experience in the real world or business. So far I have picked up one random book on small business to start reading. Where can I start to find the resources and knowledge to start making my jiu jitsu business a reality?

All responses are appreciated.

Post: #2

Personally, I would look at finishing the bachelor's degree (I'm the same age as you and in almost the same boat however in management). Then, to have a starting cash-flow, work as an accountant while in your free time working on your school. I know that you can rent out halls to do a martial arts class and such, so it won't take much time to get the money to be able to do this. In your free time, work on marketing and advertising the school. Word-of-mouth in the industry is crucial as well. It will be a hustle, but if you play your cards right, you could have a school with 20 or so students over the next year and a bit.

Post: #3

Become a CPA. unless you're very competitively great you will need to run a MCDojo. which will earn you great money in places like Irvine or Newport beach. (100k+ for the sensei in a taekwondo dojo there), but it will be a soulkill. they don't care.

do accounting amigo, work, save, live frugally till you're debt free ad have a sizeable investment reserve. keep gaming so you are not turning into a cubicle accountant that does not see the light of day and you should be golden to start a business. you have a chance to live a very long life. pad your starting years. you know about compound interest. so invest now and then do what you will.

Post: #4

- Finish School

- Intern/work part time with a local school, learn the business while getting paid

- Open your own school backed with the knowledge (paid for by someone else) of what it will take to run the show successfully.

Post: #5

Why not get out of school asap and look for an after-hours job as an instructor? You get to make extra money and be around your passion. Honestly if your goal is to make a lot of money with your own business, opening your own school probably isn't the best plan. But if your goal is just to be around your passion then keep the day job and become an instructor, more money in that most likely.

Post: #6

I agree with the advice everyone is giving here. Just wanted to add that I finished school with a degree I had no interest in. Looking back I'm glad that I didn't quit early. I also worked for another company after college to let them pay for my experience and then started my own company. I was also running a very small company of my own while in school but it didn't take to much time from my studies (on purpose). Good luck!

Post: #7

(06-13-2014 01:41 PM)Hopson Wrote:  Why not get out of school asap and look for an after-hours job as an instructor? You get to make extra money and be around your passion. Honestly if your goal is to make a lot of money with your own business, opening your own school probably isn't the best plan. But if your goal is just to be around your passion then keep the day job and become an instructor, more money in that most likely.

The thing about not wanting a day job is 1. I don't to spend 1/3 of the rest of my life doing mundane tasks for a company and 2. I want time to train myself for competition. If I'm working a day job then I will have to devote the rest of my time to teach, leaving little or no time to train myself. If I want to be around my passion then spending the bulk of my time at a day job is counterproductive don't you think? My point is that I don't need a lavish lifestyle with an aston martin and a mansion, but to make a good living out of what I love; enough where I don't need to stress over whether I can afford a nice dinner for the family, yearly vacations, or random material splurges (clothe, electronics) here and there.

Post: #8

(06-13-2014 01:27 PM)sammybiker Wrote:  - Finish School

- Intern/work part time with a local school, learn the business while getting paid

- Open your own school backed with the knowledge (paid for by someone else) of what it will take to run the show successfully.

Finish school with a bachelors in accounting or stay an extra year for the CPA? The only thing that is hindering me taking the CPA route is that I would really hate staying another year to study if its not necessary. If it's possible to open my gym within 3 years after I graduate with the savings from working an entry-level accounting job, why waste a year for a CPA?

I have good relations with my instructor who is also the owner of the gym. He asked what my plan was after college and if I was interested in his gym/brand full time to come talk to him. So I sat and met my instructor along with other head instructors and it was basically an informal interview where they got to know me better. I express interest in opening a gym one day but it wasn't a concrete discussion of me being under their wing to actually do it. If they just want me to be an instructor or manager then I may have to reassess and split paths with them because I rather own my own gym and make residual income. I am assuming that they will want to talk about further details once I finish school.

But I am approaching my goal as if I had no one. I don't want to get my hopes high, whether I have help in the beginning or not, I want to achieve my goal no matter what. I don't want to wait till later to learn to run the show. I want to know what I can do now to maximize my chances, such as what resources or research to do.

Post: #9

Success Psychology
Without a doubt, for new business start-ups, bootstrapping is the best way to get off the ground. This is great because it allows you to test the waters then build up on strength when you find something that works. If you can accept failures as they come and get stronger when set backs arise, then you are likely to learn quickly and treat your business as your life, taking it all in your stride.
An important thing to remember is that money = direct correlation of your perceived value. Thus, to earn more, you simply need to create valuable things for people. Easy, right?

Choosing a niche
The single biggest mistake new business owners make is the idea that because they like something and would be willing to pay hard earned money for something, that lots of other people will be willing to do the same too. The reality is that niches are OTHER peoples needs and wants, not yours. Start with the customers needs that are motivated by pain, urgency or emotions and then figure out a way to provide solutions to those problems. Test the waters – talk to the potential customers, and if you find that your prospects are pro-active in searching for solutions, you can be sure to have found a solid viable business niche.

The right product
Just like we touched upon when identifying a niche – you don’t sell a good or product; you sell a benefit, an outcome or a resolution of a problem!
Once you have a product that provides a solution to this problem or delivers an outcome, increase the perceived value in the product by going ‘high end’ on everything the customer sees. Advertising, packaging, customer service. This has to feel ‘high end’ even if it is low cost. The perception is the reality. Look at brands like Louis V. or Gucci. They are made in China bags, yet sell at an incredibly high price, due to the perception of high status that the brand portrays throughout its service and media campaign.
Name your product with something catchy – think cocacola, kakaotalk, whatsapp or google. Catchy names stick in the head and we remember them easily. This is a competitive advantage for you and your brand, product or service. Last, but certainly not least,
create a customer avatar and create a product or service that will sell directly to that ‘person’ and their wants, needs and desires.

Marketing
The key to successful marketing is making customers take action, not having them simply ‘remember’ you. Simply put, good marketing = good selling. Good sales come from close relationships, so try to get feet on the ground. If you can, try to position your product as the ‘original’ and ‘the leader’. Serve ‘freemium’ content in large numbers in newsletters and in give-aways. Paraphrasing from evernote CEO “The quickest/easiest way to get one million people paying is to get a billion people using”.
Always tell your customer exactly what they need to do to BUY NOW.

Focus and Action
One thing – just one thing at a time.
We learn more from doing than from planning, so make a plan and then do it immediately, readjust your schedule as you learn more. Analytic information feedback is vital to your success.

People
You need great people to have a good business. So you should always search for heroes, but you need to remember to only hire people who are NOT like you; hire people to do things you can’t do, won’t do, don’t like to do – leaving the creativity and running of the business to you. When managing your people, look at what people are doing, not what they are saying. One and the other are easily confused. Set your staff one weekly task, then leave your people to work on their own. Hire and fire as necessary.

Post: #10

I finished up school and have a degree I never use. Complete waste of time. Accounting has nothing to do with ju-jitsu, and franky it has nothing to do with business either unless you want to be an accountant.

Never forget that the majority of advice you will hear in your lifetime will be from people who are broke. Never take advice from somebody unless you would be happy to be in their position. Middle-class advice breeds a middle class life.

Post: #11

What belt are you and how long have you been training?

You'd be surprised at how quickly your feelings towards things can change. It's a long ways to black belt. Be sure you actually love it and have trained for several years before you start planning on making it your life and source of income. Lots of white and blue belts are 100% convinced bjj will be their life, and a year later drop out of the sport.

Post: #12

Hey buddy, I recently read the Millionaire Fastlane by MJ DeMarco and it outlined the fundamentals of starting a business, online or not very clearly.

It is very user friendly and I took a week to read it slowly and take notes and I feel much better educated after reading it.

I also have 85 pages of notes, let me know if you would be interested via PM.

Post: #13

(06-14-2014 05:00 AM)Noir Wrote:  Hey buddy, I recently read the Millionaire Fastlane by MJ DeMarco and it outlined the fundamentals of starting a business, online or not very clearly.

It is very user friendly and I took a week to read it slowly and take notes and I feel much better educated after reading it.

I also have 85 pages of notes, let me know if you would be interested via PM.

Yeah, that book is solid, his youtube channel has a lot of great insights too

Post: #14

(06-14-2014 03:27 AM)2014 Wrote:  Success Psychology
Without a doubt, for new business start-ups, bootstrapping is the best way to get off the ground. This is great because it allows you to test the waters then build up on strength when you find something that works. If you can accept failures as they come and get stronger when set backs arise, then you are likely to learn quickly and treat your business as your life, taking it all in your stride.
An important thing to remember is that money = direct correlation of your perceived value. Thus, to earn more, you simply need to create valuable things for people. Easy, right?

Choosing a niche
The single biggest mistake new business owners make is the idea that because they like something and would be willing to pay hard earned money for something, that lots of other people will be willing to do the same too. The reality is that niches are OTHER peoples needs and wants, not yours. Start with the customers needs that are motivated by pain, urgency or emotions and then figure out a way to provide solutions to those problems. Test the waters – talk to the potential customers, and if you find that your prospects are pro-active in searching for solutions, you can be sure to have found a solid viable business niche.

The right product
Just like we touched upon when identifying a niche – you don’t sell a good or product; you sell a benefit, an outcome or a resolution of a problem!
Once you have a product that provides a solution to this problem or delivers an outcome, increase the perceived value in the product by going ‘high end’ on everything the customer sees. Advertising, packaging, customer service. This has to feel ‘high end’ even if it is low cost. The perception is the reality. Look at brands like Louis V. or Gucci. They are made in China bags, yet sell at an incredibly high price, due to the perception of high status that the brand portrays throughout its service and media campaign.
Name your product with something catchy – think cocacola, kakaotalk, whatsapp or google. Catchy names stick in the head and we remember them easily. This is a competitive advantage for you and your brand, product or service. Last, but certainly not least,
create a customer avatar and create a product or service that will sell directly to that ‘person’ and their wants, needs and desires.

Marketing
The key to successful marketing is making customers take action, not having them simply ‘remember’ you. Simply put, good marketing = good selling. Good sales come from close relationships, so try to get feet on the ground. If you can, try to position your product as the ‘original’ and ‘the leader’. Serve ‘freemium’ content in large numbers in newsletters and in give-aways. Paraphrasing from evernote CEO “The quickest/easiest way to get one million people paying is to get a billion people using”.
Always tell your customer exactly what they need to do to BUY NOW.

Focus and Action
One thing – just one thing at a time.
We learn more from doing than from planning, so make a plan and then do it immediately, readjust your schedule as you learn more. Analytic information feedback is vital to your success.

People
You need great people to have a good business. So you should always search for heroes, but you need to remember to only hire people who are NOT like you; hire people to do things you can’t do, won’t do, don’t like to do – leaving the creativity and running of the business to you. When managing your people, look at what people are doing, not what they are saying. One and the other are easily confused. Set your staff one weekly task, then leave your people to work on their own. Hire and fire as necessary.

Very nice, concise advice. I will mark these points down. Besides reading and learning about business concepts, what resources can I go to in order to learn the concrete logistics such as how to market, the cost of marketing, the contract process of hiring people, how to obtain insurance, how to legally rent or buy a location, etc.?

Keep in mind I'm young and know very little about real world things that formal education doesn't readily teach. I know the what and why but maybe I'm missing is knowing the 'how'? Knowing concepts are great but when the time comes I need to legally know exactly what to do. A great start for me is to draft a business plan and have hard numbers to work with and step by step actions to the tee.

Post: #15

(06-14-2014 04:50 AM)RioNomad Wrote:  What belt are you and how long have you been training?

You'd be surprised at how quickly your feelings towards things can change. It's a long ways to black belt. Be sure you actually love it and have trained for several years before you start planning on making it your life and source of income. Lots of white and blue belts are 100% convinced bjj will be their life, and a year later drop out of the sport.

I am an upper blue belt and traveled to train with some top competitors. So I have an outlook of what the lifestyle of a coach, teacher, and competitor is. Of course before I start I will want a good skill set in my craft. Before I provide value for the public I am working towards proving my skills in competition and my teaching methodologies through mentoring a fellow teammate.

Yes, I realize lots of people say and want to do all these things when they're feeling the high side of the roller coaster ride but does otherwise when they're feeling the low side. I have been contemplating if jiu jitsu is more of a hobby or a lifestyle/passion through college. As much as I want to tell you its more than a recreational hobby, I understand you and other forum members can't take my word 100% seriously because you guys don't know me personally and can't see if my day to day thoughts/emotions/actions are aligned with my goals. You can only take my word for what it is.

I believe anyone is capable of mastery in any craft they desire disregarding a slight talent advantage. All it takes is work ethic, continuous studying, and practice. At this point I don't doubt if I can be any good at jiu jitsu. But what I do want to prove and look for in myself is if my passion is real enough to make me persist through the ups and downs in the market place. I understand business is not easy, especially in the martial arts market.

Post: #16

(06-14-2014 05:00 AM)Noir Wrote:  Hey buddy, I recently read the Millionaire Fastlane by MJ DeMarco and it outlined the fundamentals of starting a business, online or not very clearly.

It is very user friendly and I took a week to read it slowly and take notes and I feel much better educated after reading it.

I also have 85 pages of notes, let me know if you would be interested via PM.

I read that book a year ago and loved it as well. I would appreciate a PM of your notes too. Thanks in advance.

Post: #17

My advice is definitely get your CPA and work for a few years. Save your money too.

A part time independent business is good idea, but get a full time secure job man.

Post: #18

(06-14-2014 10:13 AM)pt8498 Wrote:  

(06-14-2014 04:50 AM)RioNomad Wrote:  What belt are you and how long have you been training?

You'd be surprised at how quickly your feelings towards things can change. It's a long ways to black belt. Be sure you actually love it and have trained for several years before you start planning on making it your life and source of income. Lots of white and blue belts are 100% convinced bjj will be their life, and a year later drop out of the sport.

I am an upper blue belt and traveled to train with some top competitors. So I have an outlook of what the lifestyle of a coach, teacher, and competitor is. Of course before I start I will want a good skill set in my craft. Before I provide value for the public I am working towards proving my skills in competition and my teaching methodologies through mentoring a fellow teammate.

Yes, I realize lots of people say and want to do all these things when they're feeling the high side of the roller coaster ride but does otherwise when they're feeling the low side. I have been contemplating if jiu jitsu is more of a hobby or a lifestyle/passion through college. As much as I want to tell you its more than a recreational hobby, I understand you and other forum members can't take my word 100% seriously because you guys don't know me personally and can't see if my day to day thoughts/emotions/actions are aligned with my goals. You can only take my word for what it is.

I believe anyone is capable of mastery in any craft they desire disregarding a slight talent advantage. All it takes is work ethic, continuous studying, and practice. At this point I don't doubt if I can be any good at jiu jitsu. But what I do want to prove and look for in myself is if my passion is real enough to make me persist through the ups and downs in the market place. I understand business is not easy, especially in the martial arts market.

Brazilian jiu-jitsu is growing so fast these days. A blue belt used to be a commodity, maybe 15 years ago. Nowadays there are more black belts than ever out there opening up gyms in major areas.

Where do you live?

The only areas you'd have a chance of attracting people would be small towns where there is zero MMA/BJJ presence.

Working part-time at a BJJ gym as an assistant instructor, maybe teaching kids or something would be a good idea. You'd be in the industry in a semi intern-level. I've heard of blues teaching in a gym for free tuition. It's win-win and you can see a lot more about how the business side works. Deal with the billing/marketing parts of the business as well.

That way you can continue to grow your BJJ game and marketability.

I know a guy who opened a BJJ/fitness gym as a purple belt. The BJJ program grew like wildfire over the years but a huge component of the school was the "MMA Fitness" program. Basically circuit training with heavy bags, kettlebells, battling ropes etc for an hour in a group session. Moms, dads, fighters, grapplers, tons of different people attend this class and tell their friends about it, more people sign up...Now I go to his gym and it's a straight-up army of homegrown purples and MMA fitness addicts.

Best of luck. If I were you I'd focus on getting my CPA and valuable pieces of paper while getting better at BJJ, earning rank and working in the industry in ANY WAY you possibly can.

Post: #19

(06-23-2014 02:33 PM)Checkmat Wrote:  

(06-14-2014 10:13 AM)pt8498 Wrote:  

(06-14-2014 04:50 AM)RioNomad Wrote:  What belt are you and how long have you been training?

You'd be surprised at how quickly your feelings towards things can change. It's a long ways to black belt. Be sure you actually love it and have trained for several years before you start planning on making it your life and source of income. Lots of white and blue belts are 100% convinced bjj will be their life, and a year later drop out of the sport.

I am an upper blue belt and traveled to train with some top competitors. So I have an outlook of what the lifestyle of a coach, teacher, and competitor is. Of course before I start I will want a good skill set in my craft. Before I provide value for the public I am working towards proving my skills in competition and my teaching methodologies through mentoring a fellow teammate.

Yes, I realize lots of people say and want to do all these things when they're feeling the high side of the roller coaster ride but does otherwise when they're feeling the low side. I have been contemplating if jiu jitsu is more of a hobby or a lifestyle/passion through college. As much as I want to tell you its more than a recreational hobby, I understand you and other forum members can't take my word 100% seriously because you guys don't know me personally and can't see if my day to day thoughts/emotions/actions are aligned with my goals. You can only take my word for what it is.

I believe anyone is capable of mastery in any craft they desire disregarding a slight talent advantage. All it takes is work ethic, continuous studying, and practice. At this point I don't doubt if I can be any good at jiu jitsu. But what I do want to prove and look for in myself is if my passion is real enough to make me persist through the ups and downs in the market place. I understand business is not easy, especially in the martial arts market.

Brazilian jiu-jitsu is growing so fast these days. A blue belt used to be a commodity, maybe 15 years ago. Nowadays there are more black belts than ever out there opening up gyms in major areas.

Where do you live?

The only areas you'd have a chance of attracting people would be small towns where there is zero MMA/BJJ presence.

Working part-time at a BJJ gym as an assistant instructor, maybe teaching kids or something would be a good idea. You'd be in the industry in a semi intern-level. I've heard of blues teaching in a gym for free tuition. It's win-win and you can see a lot more about how the business side works. Deal with the billing/marketing parts of the business as well.

That way you can continue to grow your BJJ game and marketability.

I know a guy who opened a BJJ/fitness gym as a purple belt. The BJJ program grew like wildfire over the years but a huge component of the school was the "MMA Fitness" program. Basically circuit training with heavy bags, kettlebells, battling ropes etc for an hour in a group session. Moms, dads, fighters, grapplers, tons of different people attend this class and tell their friends about it, more people sign up...Now I go to his gym and it's a straight-up army of homegrown purples and MMA fitness addicts.

Best of luck. If I were you I'd focus on getting my CPA and valuable pieces of paper while getting better at BJJ, earning rank and working in the industry in ANY WAY you possibly can.

I think these are the questions to answer.

Finish school. Continue training BJJ hard. Move your way up the belt ranks. Once you have the experience, perhaps teach BJJ classes at your local gym or another looking for a coach.

Post: #20

Full on Accounting Career Data Sheet on its way. Too many people have misconceptions about a career in it.

Post: #21

(06-13-2014 12:35 PM)pt8498 Wrote:  I am currently 21 and a senior in college majoring in Accounting. I only chose accounting because business in general is interesting, the profession is in demand almost anywhere, the profession is stable, the pay is decent. I never had a passion for school including accounting, it bores me to death. But I need some sort of education to get a job to make money at some point. I can either graduate with a bachelors in accounting in 1.5 years or I can graduate in 2.5 years and become a CPA.

Are you me?

(07-09-2014 04:32 AM)Cobra Wrote:  Full on Accounting Career Data Sheet on its way. Too many people have misconceptions about a career in it.

Looking forward to this.

Post: #22

Finish the degree and to the extra year as the CPA. Work for at least HR block or somewhere else doing book keeping if you really hate it, also if you aren't restricted from freelancing offer to do the the books and taxes for dojos in your area at such a lowball rate that they'd be crazy not to take you up on your offer.

Why?

Doing book keeping is one of the fastest ways to learn what its like to be an entrepreneur without actually being one. You get a sense of the time commitment, cash flow up and downs, margins and sales trends because you touch the books for these businesses. Thats why you would take on work for dojos for almost a loss...its not for the money, its so you can actually see the money it takes and returns on running schools in your area.

Post: #23

I say follow Aaron Clarey's advice: finish your degree and work as an accountant, live a minimalist lifestyle, use extra cash to begin funding your business, then once it starts building and takes off providing you enough cash flow to live on, then you leave corporate America and do your personal business.

Post: #24

(07-09-2014 05:45 AM)Dr. Howard Wrote:  Doing book keeping is one of the fastest ways to learn what its like to be an entrepreneur without actually being one. You get a sense of the time commitment, cash flow up and downs, margins and sales trends because you touch the books for these businesses. Thats why you would take on work for dojos for almost a loss...its not for the money, its so you can actually see the money it takes and returns on running schools in your area.

I'd agree on this one. Even if you're doing it at a loss, it's a heck of a lot cheaper to get a "near-free" look at what not to do than to make your own mistakes with your own money.

It also might get you an easy in if someone ever needs a new person on short notice.

Post: #25

(07-09-2014 05:45 AM)Dr. Howard Wrote:  Doing book keeping is one of the fastest ways to learn what its like to be an entrepreneur without actually being one. You get a sense of the time commitment, cash flow up and downs, margins and sales trends because you touch the books for these businesses. Thats why you would take on work for dojos for almost a loss...its not for the money, its so you can actually see the money it takes and returns on running schools in your area.

That's great insight. That idea didn't cross my mind.