Most flight schools begin as either a sole proprietorship or small business, but what happens when we begin to grow and expand? Of course we celebrate the success, but to protect all that you've worked so hard to build, you may want to consider creating a legal entity to protect your personal assets as well as those of your family.
Nothing is quite as jolting and dreadful to a pilot as getting an unexpected letter from the FAA. Most pilots know receiving a letter from the FAA isn't good news. If the FAA believes a pilot has violated one or more of the federal aviation regulations, that pilot will receive a letter of investigation (LOI), by both regular mail and certified or registered mail, advising him he is being investigated for an alleged violation of the FARs.
What if you found out that tomorrow you have to sell the flight school? While trying to build your school, even if you have no plans to sell it, look at it through the eyes of a possible buyer and ask yourself what things you'd have to do to make it more marketable, and why you wouldn't be operating it in this manner every day starting today.
Communication is often touted as being the key to success, but never is that statement truer than when it's your own business you're commanding. Running a flight school requires us to share an exchange of ideas with a wide variety of individuals, often shifting gears from moment to moment, depending on whom it is we're dealing with.
By bundling all your needs into a basic business insurance plan, you should be able to cover your assets, provide liability and casual coverage, as well as save money for your school.
We know that training our employees and providing them with good benefits are all positive incentives to encourage them to stay and grow with the school. But what if you've done all that and good staff members still keep leaving for other instructing jobs?
We all know that as business owners we can enjoy certain tax deductions for entertaining clients and employees, but did you know that we may be entitled to write-offs for hosting get-togethers at our own home?
While other businesses are busy implementing a standard vacation policy, flight schools located in many areas of the United States are brushing off the snow, ice, and rain, and emerging from their winter's hibernation - anxious to get the birds up and the cash flowing while the skies are clear.
