I want to teach people how to play tennis. What business details do I need ie, insurance, banking, Cash, etc.?
Written By: admin on November 29, 2009
2 Comments
I am considering opening a part time business teaching tennis. What business requirements do I need? Insurance, checks, tax , ??
Related Posts
Tags: business requirements, insurance, insurance checks, part time, tennis, time business
The first detail to resolve is finding a place to give your lessons. Most places (even public courts) do not want a for-profit operation using their facilities (at least without sharing that profit with them). You don’t want to run afoul of anyone. You might be able to operate under the radar for a while, but at some point someone is going to say Parks and Recreation or the Country Club.
You might check with places l like the YMCA to see if they want to let you offer this service to their members; they are already getting dues from them and it will let them attract new members, so they may not want a piece of your action.
You should have liability insurance, not only to protect you if you injure a student but also if they injure someone else or hurt their property since you would be brought into any action like that. A local independent agent would be your best bet to get pricing on that.
If you are going to operate as a sole proprietorship, the checks would be made out to you so you could deposit them into your personal account.
Income would be taxable as any other would be; you would use form 1040-ES to make the required quarterly estimated tax payments. Use Schedule C when you file your taxes to itemize your business expenses and deduct them from your yucky income.
Check with your state to see if your service is subject to sales tax. If so, you will need to collect it and remit it to the state periodically.
Your seed (or former highest seeding)? Where are you going to teach? Tennis clubs hire pros, but they come to those who are seeded players, former pro players.
If you want to start your own tennis club, you need millions to buy property, build the facilities, etc. You will need extensive insurance coverages, including liability.
If you are not a seeded player, and not hired by a club, you have no chance of teaching tennis since you have nowhere to teach. People who have their own tennis courts would certainly not hire anyone without a track record as both a pro on the circuit and as a club pro (teaching experience & references/referrals).