Starting a new School vs. Buying a School Franchise: Which is the Better option?
Whether to start your own school, or buy a franchise - when planning to be an edupreneur, you must do your research. For the best course of action, you need all the latest required information for both the options.
Starting your own School
This is a tough job, but also personally satisfying. Starting and independent school is like starting an entirely new business from scratch. The process is quite lengthy and challenging. The entire responsibility is on you to do everything from the financials to developing marketing strategies and seeking ample admissions. But, being a recession-free sector it is a wise decision to start a school. It is a very lucrative venture to invest in, thus, there has been an increase in the number of investors who wish to turn into edupreneurs.
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 properly. Moreover, it ensures profits in the long-run.
Freedom and Satisfaction
Starting your own school gives a sense of satisfaction to the aspiring investors by giving them a chance to serve the society at large. Also, it is best to have your own business as you have the authority and freedom to take your own decisions. While in a franchise, you are still working under a higher management. Here, you can work as per your convenience.
Responsibilities and Accountability
You will be responsible for managing all the work - financials, marketing, recruiting, training, framing the curriculum etc. For any discrepancy in working, you will be held accountable. Every staff and their work will have to be managed by you.
No guarantee on Returns
It involves a 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. If you are successful in promoting your school as a brand, then your business will be successful. There is no fixed guarantee, although opening a school involves obtaining limited number of formalities from the concerned authorities as compared to any other business venture.
Buying a School Franchise
This option is a smart decision as it offers a pre-set model of working.
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This article has been inspired by and contains excerpts from FranchiseSchool.in. Read the original here.