Have you already researched how much peers and local non- Moo Duk Kwan® schools in your local area and other competitors are charging?
Have you compared the cost versus benefits~value of the Soo Bahk Do® training experience that you provide for your students to the cost versus benefits~value of other non Moo Duk Kwan® schools or other activities that students pay to participate in?
There is no right or wrong answer for the tuition fee question; however, there may be unexpected results from an uninformed choice.
The correct answer will depend upon your target student audience and your personal goals for your school or teaching program.
For example, in Scenario 1 instructors who approach their Soo Bahk Do® instruction as a charitable endeavor may not charge any tuition to the students they teach. Their students may be members of an at risk group or a low income group or members of their church, etc. and tuition fees may not be charged at all and the facility costs may be subsidized by another party or the instructor.
In Scenario 2, instructors who approach their Soo Bahk Do® instruction as a passion or hobby that they are willing to subsidize from their own paycheck may not care to or "get around to" adjusting their tuition for many years at a time.
In Scenario 3, instructors who approach their Soo Bahk Do® instruction as their career and livelihood may make a very different decision because they are seeking to sustain a viable business operation. Full time instructors may not have an alternate income source (day job) to subsidize their teaching activity and school expenses should their revenue fall short of expenses.
- Checkout the demographic data in this sample business plan for a professional martial arts school.
- Checkout this Consumer Price Index (aka Cost of Living) inflation calculator and consider that these inevitable increases occur whether or not you adjust your school tuition to compensate for the rising costs.
- Checkout this handy break-even online calculator for a quick assessment of your situation
So, should you increase your tuition?
What advice would you share with your fellow school owners about setting tuition fees?
Have you researched the effect on student retention among schools using annually scheduled and announced-in-advance tuition increases?
The results may surprise you.