For me I had the opportunity to officially begin teaching one of the classes at the Harvard club I train/help with during the school year. I would say set the tone early on, do you want it to be a laid back group, do you want competitors, or make it a buffet and people take what they want? Also try to keep a main gameplan for each class, with 1-2 backups (depending on who comes, and how folks respond to the tech). And keep an eye on what you do well, and where you're still growing. Don't be afraid to bring in a guest instructor or another belt (esp if higher ranked officially) to teach where you are learning, this will benefit you too and let your students/teammates see a different perspective.
And yes, continue to train as well-if you find you're considerably better then a good portion of your students/class, be sure you devote 1-2 nights/classes a week to train with a group of folks at or above your level. One thing you want to avoid from what I've heard is becoming complacent as a teacher-otherwise your students will catch up too fast, and you won't be able to offer them anything new (or you're struggle or scramble to add new tools). They say a teacher's greatest joy is when your student surpasses you; but let's not make it too soon :-)
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