Getting started in this sector can be a long, detailed and expensive process, depending on what kind of business you are looking at starting. Instead of starting from scratch, why not buy into an education franchise?
An internet search on education businesses for sale will present more options than you thought possible. This can range from small tutoring services all the way through to a tertiary education franchise. There is a lot of research to do before you decide which sector you will operate in and how you will get your business off the ground, but let’s look at which aspects you have to consider if you buy a franchise.
Questions to ask
The scope for getting into the education industry is wide, so it’s important to make your choice according to your own interests and skills. Consider each option carefully as this is a long-term and life-changing decision you are making.
First and foremost, your decision will be greatly influenced by what you can afford. Every education franchise has different requirements as far as the start-up fee, available capital, training, royalty fees, the general facilities and equipment needed. How much support will they give you, especially in the beginning? What is the staff requirement and costs involved?
Also, the franchisor may require you to have a teaching qualification and experience in the field.
Then, one must look at the location you want to start the business in. Is there are demand for your services? What does the competition look like and is there room for one more? Is the franchisor willing to have an outlet in this area (perhaps there is one already)? Then there are also the logistical issues; the location must be easy for your target market to get to.
Find out which licenses and permits – both from your local municipality and from the Department of Education – you will have to get before you can open the business and does the franchisor help you obtain them?
If possible, get some input from existing franchise owners. What is their experience with the franchisor? How involved is the franchisor in the business and is this a good or a bad thing? How long does it take to break even and what are their future prospects?
There are so many things to consider before you decide how you are going to enter the world of education. Hopefully you now have an idea of what kinds of information you need in order to make an informed choice.