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Setting up a martial arts club - business type?

  • 24-11-2014 1:56pm
    #1
    xyl.az
    Registered Users Posts: 86 ✭✭


    Hi Guys,

    Just a quick question really, i'm running a martial arts (HEMA) club for some time now and thinking about making it a bit more official and was wondering what's the usual type of business that you are registering under? Is it sole trader or association or...?


    thanks for all the feedback!

    Andrew
    Cork Blademasters


Comments

  • #2
    Doug Cartel
    Registered Users Posts: 2,188 ✭✭✭Doug Cartel


    I don't run a club, but all of the ones that I know the details of are Ltd.

    You need to be prepared for the worst, including someone getting a major injury and needing very expensive treatment, or possibly even a death. Limit your liability, and make sure you are properly insured.


  • #3
    maguffin
    Registered Users Posts: 282 ✭✭maguffin


    You will need to register your Business Name (which can be your own name)

    see here: https://www.cro.ie/Registration/Business-Name

    You will need to register for Tax as either a Sole Trader

    see here: http://www.revenue.ie/en/business/running/registering-tax.html#section2

    or as a Limited Company

    see here: https://www.cro.ie/Companies-Bill/Need-to-Convert/LTD-Company

    depending on how large your income, you may need an accountant or do Self Assessment online...

    It is all very involved...

    Hope this helps


  • #4
    xyl.az
    Registered Users Posts: 86 ✭✭xyl.az


    Hi,

    thank you very much for all the feedback! That was very helpful!

    I'll try to dig some more about it, especially ltd company as it seems to be the way to go considering potential liability issues.

    thanks again!

    Andrew


  • #5
    yomchi
    Registered Users Posts: 4,621 ✭✭✭yomchi


    Doug Cartel wrote: »
    You need to be prepared for the worst

    How do you get up in the morning??

    Best of luck with the new venture, best decision I ever made was going full time. When you work at something you love, it ceases to be work.


  • #6
    650gs
    Registered Users Posts: 788 ✭✭✭650gs


    My wife runs a club reg as sole trader and a lot of her friends the same its the easy way to go,
    Your not going to be turning out millions and theres lots of red tape with LTD.
    All you need do is reg with revenue and get insurance and your sorted no big deal at all.
    As for being covered for someone getting hurt once you have good insurance your sorted its like being a painter, builder or any other trade accidents happen all the time, dont bother with disclaimers or notices on the wall they mean nothing in a court of law.
    And you can reg on line no prob and be up and running same day


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  • #7
    Matt KSW
    Registered Users Posts: 18 ✭Matt KSW


    As 650s has said, set up as a sole trader (thats what i do) get good insurance (public liability and professional indemnity) keep good records of you income (learn excel) and keep every receipt for anything even vaguely associated with running you business (petrol, insurance, heating, hall hire, travel costs, equipment, compatition entrys/flights/hotels, mobile phone )and give it all to a good accountant.


  • #8
    paulol
    Registered Users Posts: 32 ✭paulol


    i run our martial arts studio as a sole trader. best of luck ;-)


  • #9
    Toroi
    Registered Users Posts: 3 ✭Toroi


    Hi All,
    Looking for thoughts/advice.
    I’m just after taking early retirement from work(still in my 40s) and I am thinking of converting a shed close to my house into a Dojo.
    I live in the country about 3 miles from closest town, with another town and 3 villages within 8 miles. People here are used to travelling to activities. I have been running some Judo classes for the last few years in 3 locations; numbers are good in 2 of the areas not so good in the 3rd.
    What I am thinking of doing if I set up the dojo, would be stopping one of the locations and running it in the new Dojo and maybe adding an extra class, there is also the freedom of running extra class for Kata, open mat and starting Shotokan Karate (which is my 2nd style). At the moment I have a Van on the road transporting mats between 2 of the locations, that is a cost I might be able to stop.
    Just wondering if there is any other Clubs/Dojo in rural areas and how are they doing.

    Cheers.


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