Arnold said:
Professional costs $70.00/hour
Arnold,
I voted yes but it won't work. Even at $70 per hour you can't earn enough to support the middle class life style you describe. Not as a sole CFI with no other revenue generators for the business.
At a busy school the average full time CFI that hustles might fly 1,000 hours a year. If I add another 250 hours of ground school the gross is $87,500. It is all down hill from there.
You are going to be an independent so you need some instructor flight insurance, that is going to run you a few thousand (if you can get it and you have to have it 'cause you've got assets - the nice house in the good school district).
You have a family so you need medical insurance, with kids and in the age bracket for having kids figure at least 10K (probably more unless you can find a group plan - might be hard since there is no CFI union). You could go with the new High Deductable Health Care Plan which wuold be cheaper but you have to be prepard for the chance that you'll need to pay for the first $5K or so of medical expenses each year.
You really should put something away in a retirement plan and you have to pay your taxes. There is also the mortgage, heat, electric, food and all that stuff.
If you are charging that much for ground school you need at least a small office with a training room for your class. A telephone (at least an hour of flight time a month). A computer (internet connection is another hour of flight time a month). A copier and other various office stuff including some nice furniture (need to keep up the professional appeal).
A simiulator of some sort would be nice (might let you generate some revenue when the weather is bad too). You need teaching materials, marketing materials (you have to explain to prospects why you are worth twice what the other FAA certified flight instructor gets).
It is also a service industry...so you have to be available when your clients are off from work. That means Saturdays, Sundays and Holidays.
Of course when the weather is nice you'll need to fly more to make up for when the weather is bad so there is no time to cut the grass, trim the bushes, paint the whatever needs painting this year. Forget about vacations 'cause when school is out for the kids its summer and people want to fly, beside you wouldn't be able to aford it.
That said...I've flow with some really good, young, flight instructors that knew their stuff. Sure they were looking to build hours to move on to the next job but I think they also liked instructing. Of the CFIs and CFIIs I'm thinking about they all had attended aviation college programs. I think that really gave them the knowledge and the ability to pass it along.
Len