One of the most profitable franchise opportunities of India in the current scenario is the education franchise.
The way, each day numerous brands are overflowing in the market is proof of how much this sector enjoys the fruits of profits and expansion.
Previously education was partaken only by the rich and well to do families as an end means to achieve their goals, but today as education is viable to all, even the poorest of the poor family dream to send their child to school, to be literate and to earn an honest living. This had what made education, an ideal model for franchising in India.
Steps to buying an education franchise.
Just like other franchise opportunities, education franchise too is easily viable and can be bought by any franchisee with the following steps:
• Best way to begin is to start researching!
Research is the very fast step of beginning anything about which you have no idea. So before you open up an education franchising, research the business plan, about how it works, what are the expectations, how much profits it generates, and how to select the right school for the franchise.
Create a perfect business strategy for this purpose. Visit individual education franchises and look out for yourself.
- Visit some education franchises and make notes.
Before jumping into the pool, always a good swimmer who look out for the depth of the water.
So, before finalizing the franchise opportunities in education, it’s best to visit the already existing ones and pay attention to their modus operandi.
Every type of business has its budget. The same is with buying a business franchise for school.
You have to be well sure of your budget that you want to invest in the franchising business.
The budget includes franchising fee, property lease, training of management, other expenses, equipment needed, Insurance fee.
- Analytical research
After gathering all possible knowledge about your franchise for sale, let the franchisor know that you are willing to do business with them.
They will send you a franchise disclosure form where all the rules, policies, and information are disclosed.
• Time to meet
After choosing the type of school franchise you are willing to work upon, and reading the disclosure form, and accepting their conditions, the franchisor will invite you for a meeting.
Try to know more about the franchisor’s values, policies, and the type of people they are, and if it will be perfect to work with them in the long run.
• Franchise agreement
If the meeting goes well and satisfies the franchisor, they will give you a contract where it says that you are legally invited to open the best education franchise in their name.
A long list of rules and regulations to be followed throughout the contract period until it gets terminated is also mentioned in the agreement.
If you are unable to understand anything, you should better consult with a lawyer. With him discuss the contract thoroughly and then fix a decision with the franchisor.
Investments for opening up a franchise startup are very important. Before signing the contract, make sure you have all the needed funds and bonds to cover up the expenditure to buy the best education business franchise.
• Location is of utmost importance
For any business to start, one of the most important factors is the location. It’s the location that ultimately brings profit to you.
For opening up an educational franchise, you have to see if the place is perfect. For opening up a school you need a place which can
- Be easily accessible to all students
- Smooth terrain
- Available means of transport
- Distant from polluting factories and smoke
- Covers a large open area for digging field and grounds.
- Internet facility is available
- Easy availability of laborers.
• The grand opening of your becoming a franchisee
At last, the day arrives when there is a grand opening of your franchise. After all the training, hiring, processing, remodeling of the interior of the office, classrooms, advertising has ended, you fix an auspicious date and a certain amount of budget for the opening ceremony.
- At the opening ceremony promote your franchise sale with:
Advertisements for the best courses are available for students. Invite some eminent personnel to your educational franchise for the inauguration. Invite some parents of students from the local school and other teachers for a show round.
If you are thinking of opening an online education business franchise, the steps are the same except for the fact that you don’t need a location or a grand celebration on buying a franchise.
Since the whole education business idea is virtual, all the promotions and advertisements will be conducted online mode.
Education franchise has crossed leaps and bounds in its position and at present, it is one of the most profitable new franchises of 2021.
Dhinal Baxi is a founder of franchise Insider. As a founder, he has served hundreds of clients. His experience from the financial sector has helped them to achieve great success in the franchise world.