Education sector of an economy not only provides education to its human resource but is also a source of employment for a large number of people. Moreover, it helps in overall progress of the nation. In a country, with population of over 1.2 billion, there is an unending demand for better and efficient education institutions. Hence, this segment offers innumerable options for business opportunities. Also, starting own educational institution is not only a profitable venture but also gives you a wonderful opportunity to grow. So, many entrepreneurs are showing interest to invest in this booming sector if you want to start education business, go through the step-by-step procedure given below:
Identify your niche: Firstly, you need to conduct a thorough research to identify the need of the local market, whether there is a demand for preschool, private school/college or a tutorial service.
Create a business plan: Once you have decided the kind of educational institution you want to open, the next step is to create a business plan. This plan should include an estimate of your capital investment, expenses, marketing strategies, infrastructural cost, number of educators, number of students you wish to admit, fee structure and all the other necessary details. Further, you need to submit this business plan at the time of applying for loan to start your institution.
Form a trust: Since most of the education institutions in India are run for non-profitable purposes, so you need to form a registered Trust and submit the Trust Deed at the time of its registration.
Select a location: Next, you need to choose a location which is suitable for your educational institution. Keep in mind that the location should be easily accessible and must have lush green surroundings.
Purchase a land: Land is another pre-requisite for opening any educational institution. The land can be leased or it can be your personal property. The area requirement depends on the kind of educational institute you wish to open. For instance, the minimum requirement for opening a preschool is 2,000 sq. ft. and a senior secondary school is 2 acres of land.
Obtain permissions: Now, before beginning with the construction of your institute, you need to obtain the necessary licenses and permissions. Firstly, you need to secure the NOC (No-Objection Certificate) from the State Government. In case you are opening a school, you need to gain affiliation from a recognized board such as CBSE or ICSE and in case of a college, you need recognition from bodies such as MCI (for medical college), AICTE (for engineering college) etc.
Begin construction: After acquiring all the necessary licenses, you can start with the construction of the building followed by white washing, wood work and finishing work. Ensure that the empty space is structured into spacious and well-ventilated rooms as per the requirements of your educational institution.
Buy equipment: Further, you need to equip your school/college with all the necessary supplies. In case you are opening a preschool, make sure that the furniture and equipment you buy are non-toxic and safe for children. In case of a senior secondary school or a college, you need to purchase necessary apparatus for labs, equipment for sports and other curricular activities.
Hire staff: Next, you need to hire qualified professionals to provide educational service in your institution. In addition to that, you also need to recruit non-teaching staff such as staff for administration and accounts department.
Advertise your education business: Now that your educational institution is ready for operations, you need to officially launch your education institution in order to attract potential clients. You may advertise your institution through TV channels, newspapers, billboards etc. You can also approach various networking groups who can help you to plan effective marketing of your education business.
By systematically following this procedure, you can start your own education institution easily. However, the idea of buying a school franchise of a reputed brand is much better than going through the tedious process of starting education business on your own. SHEMROCK and SHEMFORD Group of Schools provide fruitful franchise options. So, if you too aspire to enter the education business, fill the Franchise Application Form.