Preferring to become an entrepreneur over working under someone, many wise aspirers choose to join a well-established and already settled brand by owning a franchise with it. Some who are even more thorough with the market research and desire to cut the risks further, plan on to join a widely known and appreciated brand in Education sector, a recession-proof industry.
In their hunt for a bigger, better and brighter brand-name, several budding entrepreneurs may tend to look for an International Brand and join them as a franchisee. Though attractive enough, this option needs full caution and care to look out for. “All that Glitters is not necessarily Gold.” – There are, at times, some major catches with foreign-based school brands. Here are some of them, listed below:
- Unfamiliarity for Local Market: When you join an International School Brand as a franchisee, the very first challenge is it’s newness to the local market. Gone are the days when a name that was from a foreign country, used to be a crowd-puller. Today, people are much more watchful about their children’s education and the school’s brand. They prefer to place their trust in a nationally established brand rather than going for a system they do not know much about.
- Cultural Differences: There is of course, no denying to the fact that with an international school brand, the systems and curriculum are designed for an international market and hence, there is no special consideration for one particular community or its cultural values and beliefs. If you wish to purchase an international school brand, you probably are failing to realize that Indian parents would want their children to know all about the Indian customs, cultures and festivals, which your school’s curriculum would not necessarily cover completely.
- Legal Barriers: Things are of course worked out, well-in-advance when a foreign brand enters a market, the legal matters and local regulations resolved and satisfied already. Yet again, there is a difference between the legal proceedings of two different countries. When you are a part of a local franchise, the opportunities for growth and chances to expand are much more flexible, in terms of law, than when you own a franchise with an international brand. This time around, you actually need to satisfy the legal proceedings and authorities of not only one but two different nations.
Probably now, you will realize that reaping success riding on the back of a big foreign player is easy said than done. Though these are some general glitches that you need to be alert about, there have been some very good and successful international school franchise brands, which make sure of performing deep and exhaustive market research and do their homework pretty well before entering a foreign market, therefore, tweaking their models to suit the new market’s needs.