Exactly one year ago I did a module for the Genki Business course called “how to earn more and work less” but really it was about protecting your finances.
I’d seen so many schools and teachers earn so much more with Genki English but not investing enough to cover the storms which always come along. (I’ve been in the education business for over 30 years so I’ve seen a lot!)
We covered things like savings, natural emergencies and yes, schools being forced to close because of epidemics! (We had a lot of experience with schools in Hong Kong and China with SARS many years ago.)
It was all about protecting (and building) the cash flow and investing the rest sensibly and safely.
Those were all very unsexy topics 12 months ago but little did we know that so many schools and teachers would be needing them so soon!
Of course I’m not a licensed financial advisor so always get professional advice.
So looking back after exactly one year, if you had followed the Genki Business ideas, how much would you have lost in this crazy year?
Well, one of the four allocations is actually UP 15% this year. One was up 28%. The other two were pretty much the same.
And that was through one of the craziest financial times ever.
So hopefully it has helped many of you get through all of this with a little more peace of mind.
There will be some changes this year (we’ve learnt a lot and I’ll write them up in the Genki Business Facebook group – again always take professional advice though!) but for those of you not in the group here are a few things to think about:
- Your prices are too cheap. You need to factor in what things could happen in the future so you can weather the storms.
- It’s hard but don’t spend what you don’t have. Invest first in as safe a way as you feel comfortable doing. Then only spend what is left over.
- Have backup plans for everything. And backups for those. Make sure you can move online if you need to. Make sure you have a plan if zoom goes down or if all your clients suddenly couldn’t pay you anymore. We can’t predict everything. But some things are inevitable e.g. last year most schools weren’t even thinking about epidemics, so be educated and be prepared.
- Just like our students, be constantly learning. Be sure every week to upgrade your business skills, your teaching skills, your pricing skills. Be a better teacher each week than you were the week before (that’s how you finance all of this whilst keeping everyone happy!)
- Treat everything seriously. And do it with a smile, otherwise we’d all go crazy 🙂
And of course, I’m not a licensed financial advisor where you are so ALWAYS get professional advice. The idea is to get you educated as much as possible so you know the right questions to ask the professionals.
Compared with just about every other business out there (gyms, cafes, cinemas, music venues etc. etc.) we are blessed as teachers and schools to be so lucky with how this particular epidemic has worked out for teaching so far. We’re still only part way through it though. My job is make learning fun for all kids (and teachers!) but it’s also to make sure all of you make it through this financially so we can all get back to helping more and more students have an amazing education in the future!
As we say in Japan “Ganbarimsyou!!” let’s get this done!
P.S. Just one more time, I’m not a licensed financial advisor where you are. So take the things here as ideas and always get great, licensed professional help.
P.S. I’m serious about that smiling part 🙂 Humans can’t live on cortisol alone. Let’s make sure we all get plenty of the other happy brain chemicals too – virtual hugs, smiles, serotonin, oxytocin and just an occasional touch of dopamine for the win! 🙂