Muay Thai Business School Talk. Identify your Student’s Needs and Make more Money.
Being a fighter is radically different from being a business owner, most Muay Thai Fighters dream to have their own academy someday, the dream to fight, teach and get paid for it seems to be what everyone is striving for.
But the reality of owning a Muay Thai Gym is very different, it is a hard entrepreneurial adventure that only a few can succeed at, it takes learning and developing new skills that have little to nothing to do with Muay Thai, and in many cases, it will make you question yourself.
We want to help you develop these skills and get you thinking about things you might have never thought about as a Muay Thai Business Owner.
Who are your customers?
Probably a smart question to ask yourself is, who are your clients? I know it sounds like a simple question, but simple questions are sometimes the hardest to answer.
It is strange to categorize a Team member as a customer, but at the end of the day, any paying student is a customer.
New Students more often than not need some guidance on what gear to purchase and where, they will be often looking or open for advice and in general, they will not be very knowledgeable.
As a Gym Owner and Coach, it is your job to guide these new students to a brand that you trust and to the right equipment for their needs.
This is where having a Muay Thai Pro Shop in your academy can be mutually beneficial for your business and your students.
By providing your students with different gear options, from brands that you select and trust, right there at the reach of their hands, with no shipping cost added will get you the sale over any other online retailer.
We’ve covered the topic of “What to Look For in a Wholesale Provider” on this other Blog. But some takeaways are:
- Reliable Brand (Good quality always, gear on time)
- Great Customer Service
- Margin Protection (The brand will protect your margin, so you will never find products lower than the MSRP)
- High-Quality Products
- No Minimums or Low Minimums
- Consistent Inventory
- Convenience of Placing Orders
- Customization Options
- Variety of Products so you can order all your gear in one order
- Rewards your Loyalty
Choosing the right equipment for new students can determine their long-term success rate and trust in you.
Good Quality Gear helps prevent injuries and Healthy and Happy students come back to class. By providing your students with great quality gear that lasts, you will avoid trust issues, claims and your students will buy from you again.
Existing Students vary in skill level, however, they tend to be more knowledgable, they’ve asked questions, tested some gear and know where to buy.
These students might be looking to upgrade their gear as they advance in their fighter’s journey.
In order to provide gear for all your customers, you will also have to take a look at the classes you offer for example if you offer:
- Kids Classes
- No Contact classes (Fitness)
- Light Contact (Drills)
- Amateur/Pro (Live Sparring)
You will want to provide different type of gear for kid’s classes, entry-level (fitness classes) and those that involve sparring and drills
The classes you offer and the number of students in every class will determine the type of gear you want to supply.
This is the first of our series of Blogs specifically for Muay Thai Business Owners, we decided to work on these Blog Series in order to cover a great talk by our CEO Dan LaSavage during the MBA (Muay Thai Business Academy) Event in San Diego CA this year.