Franchising in the field of education is growing at a rapid pace due to the untapped potential in the Indian market. Taking franchise opportunity means that the franchisee is given the right or privilege to follow a proven business model of an already established firm. Franchising in the area of pre-school, high school and K-12 school is already popular, while franchise in the field of higher education is picking up pace. Many MBA institutes are offering rewarding franchise opportunities to expand their presence all over India, including tier 2, tier 3 and rural areas of the country. Hence, taking MBA college franchise can be a lucrative venture. For the purpose, you will have to fill the requirements given below:
Given Below are the Requirements to Open Business College in India
The first step is to prepare the budget to open your business college. You will require at least Rs 3 Crores to start the venture. This amount will serve as the capital investment.
Next, you will need to form a Trust, which should be registered under the Charitable Trusts Act (1950)/ a Society registered under the Registration of Societies Act 1860 or a Company formed and registered under the Companies Act 1956.
The next step is to acquire land. You will require at least 3 Acres of land in order to start MBA College in India. You need to obtain land use certificate from the Competent Authority in the respective state government or the Central Government. To open Business College in India, you will also require land conversion certificate. This will be applicable in case you are using agricultural land. The land should be converted into institutional/commercial land.
The next step is to design the building plan of your MBA College. You need to get your MBA College’s building approved by an architect registered with the Council of Architecture. The plan should also be approved by the competent authority as assigned by the respective state or the central government. The building of your Business College should be constructed in accordance with the norms laid down by AICTE.
Now, you need to gain recognition from the All India Council for Technical Education (AICTE), because all technical institutions in India are approved by the AICTE. In addition to this, you also need to affiliate your business college with a University recognized by the University Grants Commission (UGC).
Once the construction of the building is almost over, you may start the interior decoration work including whitewash and woodwork, electrician work and plumbing work. You also need to take fire safety precautions by equipping your office with fire extinguishers and fire alarms.
After the completion of construction and interior work, you need to hire professionals for your MBA College. Your college should consist of a Principal, Dean, HoDs for different departments, lecturers, accounts executives, IT executives, office boys etc.
The next step is to launch your Business College formally in your locality. You may conduct a Press Conference to formally launch your college or opt for extensive advertising. In order to advertise the brand name of your college, you may put hoardings and banners in the locality, publicize through direct mail advertising or place a print ad in the local newspaper.
If you feel that starting your own MBA College is a lengthy process, then take MBA school franchise from a renowned institution. Taking MBA college franchise would be beneficial in the following ways:
You will be able to follow the tested and tried business model of an already successful institution.
You need not spend much on publicity, as you will be able to get benefit from the brand name of your parent institution.
Franchising is lucrative also because you will get complete support from your parent organization, in the fields of curriculum, recruitment and training etc.