Things to consider before taking up a School FranchiseAugust 26, 2019
India’s education sector offers a great business opportunity and the schooling system accounts for the lion’s share in it. Roughly 29% of India’s population belongs to the age group of 0-14 years. School education in India comes next to food and grocery in the spending list of Indian families.
If somebody wants to venture into the education business,considering a school franchise would be a great idea. Franchising is an arrangement where one party (the franchisor) grants another party (the franchisee) the right to use its trademark, business systems,and processes to market its goods or servicesas per certain rules.
Despite being a profitable business, opening and running a school is not easy. There are a few important things to consider before taking up a school franchise.
1. Track record of the Franchise
Checking the track record of the franchise is very important before investing your money in the franchise tie-up. The franchisor has to be an established player in the education industry. The goodwill of the franchisor depends on the number of years it has been in operation.
You should always select your franchisor who has an established brand name in the market. A better school franchisor is also identified by the number of students it has enrolled so far and by its alumni. You can visit the franchisor website or connect with social media platforms to gain good knowledge about the background and quality of its management.
2. Staff Management
A good franchisor should always have a good staff management system that mainly refers to better recruitment and training facilities. Teachers are the backbone of any educational institution and are responsible for its success. You should select a franchise which follows a strict recruitment policy for teachers and proper training facilities to guide them.
3. Technology and Market Trends
You should select a franchisor that has all the latest technologies that are followed by other renowned schools. Nowadays, the teaching is based on digital technology where all the latest gadgets and methodsare utilized. There is no point in choosing a franchisor that follows old and traditional methods and misses out on the latest trends in teaching.
4. Support System
A good franchisor should provide all the support systems that the franchisee school would need. Apart from the curriculum, site setup, staff recruitment and training, furniture and equipment, marketing, and other additional management assistance are some of the areas of support that a franchisor should provide for a successful schooling venture.
After doing a thorough background study of thefranchise, the amount of investment required for opening the school franchisee needs to be looked at. Most franchises provide an estimate of the initial investment required. You should look at whether that will fall into your budget. Secondly, you should consider all the operating expenses to calculate the profitability of the franchisee business.
These are some of the basic points that you should follow for shortlisting the available school franchises and for opening a quality school.