Starting a new School vs. Buying a School Franchise: Which is the Better option?
Continued from Part-1
Buying a School Franchise
This option is a smart decision as it offers a pre-set model of working. All components are readily available, meaning less work. Moreover, schools that offer franchise opportunities have an established method of operating and sustaining in the long-run. Thus, if you wish to be your own boss, then it is highly recommended that you opt for buying a school franchise. However, it is advisable to weigh and analyse both the pros and cons of buying a school franchise.
Already established Brand name and Long term profits
Association with an established brand name will reduce the initial setup, promotional and administrative costs. This will further ensure higher profit margins, meaning less financial risk as compared to starting your own school. Franchising benefits the franchisee with a proven and accepted code of conduct and with a successful operational track record that the franchisor holds. Again, there is low risk involved as the systems and procedures are tried and tested.
Help with Curriculum
The franchisor will help you to develop the curriculum and design the syllabus as well. franchising benefits you with continued training and support. This includes initial training, ongoing support and the continued development of the products or services. With the guidance and support rendered by the franchisor, the school franchise becomes competent enough to conduct its own set of operations.
The franchisor lays down certain rules that you will be bound to obey. Hence, no flexibility of operations. You have to work with the set pattern that is already established and being followed by other franchisees too.
Plenty of additional costs are involved such as license fee, training costs, advertising charges, franchise fee. Also, royalty to be paid annually, which you need to pay to the franchisor. Brand name comes with a cost. Thus there are benefits and drawback as well.
Thus, both the options have their own advantages and disadvantages. Best choice for you may be either one, buying a franchise or starting your own school. Ultimately, your personal situation will decide what is ideal. Just do not forget that a franchise is a business too and demands a high level of involvement to ensure your success.
This article has been inspired by and contains excerpts from FranchiseSchool.in. read the original here.