If you plan to be an edupreneur, you must study what is best for your situation, whether to start your own school or buy a franchise. So, to help you decide the best course of action, we provide you all the requisite information, you need to know about each of them.
Starting your own School
Starting an independent school is starting an entirely new business from scratch. Even though starting a school is the most personally satisfying option, but it is also the toughest too. The process of starting a school is quite lengthy and challenging, but it is a very lucrative venture to invest in. Due to this reason, there has been an increase in the number of investors who wish to turn into edupreneurs. Starting a school on your own gives complete freedom to decide what you want to do and how to do it. However, it also implies that the entire responsibility is on you to do everything from the financials to developing marketing strategies and seeking ample admissions. Moreover, being a recession-free sector it is a wise decision to start a school. Thus, we have shared both sides of the coin and enumerated the pros and cons of starting a school.
- Starting a school is both rewarding and profitable as it involves only one-time investment, the profits of which you can reap, once it starts functioning. Moreover, it ensures profits in the long-run.
- Also, starting a school gives a sense of satisfaction to the aspiring investors by giving them a chance to serve the society at large.
- Furthermore, opening a school involves obtaining limited number of formalities from the concerned authorities as compared to any other business venture.
- Apart from this, it is the best to have your own business as you have the authority and freedom to take your own decisions. Hence, you can work as per your convenience.
- You are responsible for handling all the work viz. financials, marketing, recruiting, training, framing the curriculum etc.
- Involves huge amount of risk in terms of investment. Besides this, there is absolutely no guarantee of fixed returns, as it depends upon the number of admissions that vary every year.
- Education sector faces huge competition. This implies that you will have to face tough competition from the existing schools.
- It is very difficult to approach various institutions to taken various types of permissions. This is indeed a very tedious and time-consuming task.
Buying a School Franchise
Buying a school franchise is undoubtedly an intelligent mind’s decision as it offers a pre-set model of working, wherein all the components are readily available. Moreover, schools that offer franchise opportunities have an established method of operating and sustaining in the long-run. Furthermore, education is a recession-free sector that involves just one-time investment and long-term returns. Thus, if you wish to be your own boss, then it is highly recommended that you opt for buying a school franchise. However, it is advisable to weigh and analyse both the pros and cons of buying a school franchise, which are listed as follows:
- Association with an established brand name will reduce the initial setup, promotional and administrative costs. This will further ensure higher profit margins to the franchisee.
- As compared to other business ventures, school franchisee will incur less financial risk. Franchising benefits the franchisee with a proven and accepted code of conduct and with a successful operational track record that the franchisor holds. Again, there is low risk involved as the systems and procedures are tried and tested.
- By working under the name of an established brand, as a franchisee, franchising will fetch you profits in the form of easy acceptability and long-term profits. Franchising benefits the franchisee with a proven and accepted code of conduct and with a successful operational track record that the franchisor holds. Again, there is low risk involved as the systems and procedures are tried and tested.
- Apart from the aforesaid advantages, the franchisor helps you to develop the curriculum and design the syllabus as well.
- Further, franchising benefits you with continued training and support. This includes initial training, ongoing support and the continued development of the products or services. With the guidance and support rendered by the franchisor, the school franchise becomes competent enough to conduct its own set of operations.
- The franchisor lays down certain rules that you will be bound to adhere to. Hence, no flexibility of operations.
- Plenty of additional costs are involved such as license fee, training costs, advertising charges, franchise fee, royalty to be paid annually, which you need to pay to the franchisor.
Thus, as compared to starting a school, there are less than half disadvantages of buying a school franchise. Either buying a franchise or starting your own business may be the best choice for you. Ultimately, your personal situation will decide what is ideal. Just do not forget that a franchise is a business too and demands a high level of involvement to ensure your success.