Business Basics

Under the Wu Tao Licence agreement, you are essentially purchasing the rights to use the Wu Tao dance material as stipulated in the contract. The structure and form of the business is completely at your discretion. The information provided here is designed to educate and support you in developing your own business. You are not obligated in any way to run your business in a particular fashion, nor are you obligated to use any of the materials which may be shared with you, such as photos, advertisement examples, brochures or artwork.

Your personal circumstances

Before you start your own business, it’s important to have an understanding of what you are getting into. Running your own business takes time, commitment, motivation, passion and focus. It will live with you 24 hours a day, unlike a 9-5 job, that you can leave behind when you leave the office.

It’s a good idea to talk to other people, friends, family and professional business people, so you can learn about the benefits and difficulties you may experience when running your own business.

The following questions will help you to get a picture of how your life will be when you are running your own business.

To start with, write down (or review your personal goals, including health, relationships, work, finances etc.

It is important that running your own business is congruent with your goals.

Practical

Answer the following Questions:

Do you enjoy good health? _________________________________________

Do you have support from friends and family?____________________________

What other commitments do you have?_________________________________

___________________________________________________________

Do you have the necessary time to devote to your business?

____________________________________________________________

What are your motivations for wanting to be in business for yourself?

____________________________________________________________

Running your own business takes some very specific skills. How do you rate yourself (v.good/average/weak) on the following personal skills? If you don’t rate well in all areas, look at how you can strengthen these weaknesses, and don’t forget to celebrate your strengths!

Self discipline
Self confidence
Enthusiasm
Able to manage time effectively
Able to deal with people
Problem solving skills
Goal orientated
Well organised.

When you run your own business you are responsible for all areas, not just the areas you are qualified in. You will have to look at all aspects of the business including planning, finance, marketing and accounting. Most people start off with skills in 1 or 2 areas and pick up the rest as they go. It is good to develop the skills you need, so you can succeed in your business.

Practical

Answer the following questions to ascertain your current skills and determine where you might need help.

Do you have previous experience at running your own business?

Do you have experience in the industry you are entering?

Do you have training/education in the field you are entering?

Do you have creative skills?

Business Structure and Taxation

If you go into business for yourself, you will need to choose a business structure that works for you. The business structure that is most suitable for a person running dance classes on their own, is that of a sole trader. The advantages of being a sole trader is that it is simple to set up, you don’t need to lodge a separate tax return and your set up costs are low.

Disadvantages are that you are personally liable for debts of the business, and you may be subject to provisional tax.

If you are an Australian AND you want to operate as a business you will need an Australian Business Number or ABN. You can register for an ABN here.

There is the option of teaching your classes as a hobby instead of a business. This generally means you cannot offset any expenses against your income and there are limitations. It must remain a hobby and not become a business. This may be a good option for you if you only plan on teaching Wu Tao once or twice a week. Talk to your accountant for advice on the best option for you.

Business Plan

It pays to develop a business plan that can detail what you want to achieve and how you want to achieve it. Whatever your intentions, a well thought out business plan will help you map your business course and help you prepare for any difficulties you may face along the way.

Some of the topics your business plan should include are:

An outline of your present situation. (background, experience and business goals)
An analysis of your industry
A definition of your market and customers
Your competition
A marketing strategy
A breakdown of your costs and financial requirements
A cashflow chart
A breakdown of how your business will operate. (staffing, premises, record-keeping etc)

Practical

Develop a business plan for your Wu Tao business using the topics above. (Use this Business Plan Template to help you).

Promoting your Business

How do you plan on bringing students to your classes? Marketing and promoting your classes will be one of the most important aspects of your business. Your clients need to know you exist, be educated about your product and want to come to class.

Examples of ways to generate students for Wu Tao Dance Classes.

(These are examples only. You may have other ideas about how you want to promote and market your business. You are under no obligation to use these methods).
Make a list of all the people you know or that know you. Send them a brochure my mail or email or call them and let them know about your classes.
As you go about your daily routine, tell everyone what you are doing with Wu Tao! Give interested people a few brochures to hand out to friends who may be interested and would like to improve their health.
Place small adverts or posters on local business and community noticeboards.
Ask permission to leave some brochures at local hairdressers, health food shops or any other businesses that support health and well being. Don’t forget to tell the person at the business about what you do and invite them to a class sometime. (offering freebies are good)
Find out about local community events such as fairs, expos etc, where you may be able to hand out brochures, have a promotional stall or give a short talk or demo about Wu Tao.
Leave copies of the latest newsletters in waiting rooms (doctors/dentist etc) as well as brochures and a poster on the noticeboard if they have one available.
Contact the journalist responsible for the women’s page or health, or well-being of your local newspapers. Tell her about what you are doing, send her a press release about your classes etc. The chances of editorial are high.
Place lineage ads in local papers, nova, etc.
Do your own research survey for use in your advertising and/or a health survey at your local shopping centre/ or street.
Visit local industrial estates and either call in or send to the receptionist, a poster to be pinned to the staff noticeboard. Personal contact is more effective.
Always carry around some brochures and posters in your car to be given out to interested people, put up etc.
Be passionate about Wu Tao! Go to a class yourself regularly for your own benefit.
Social organizations, libraries, community centres etc are always looking for speakers – offer to give a talk on better health through dance, and introduce people to Wu Tao.

Practical

Write a list of ways you may use to promote your Wu Tao classes.