It’s a great thought if you are considering an education based franchise business. Well, India still has to go a long way before we call ourselves a 100% literate population. But the present scenario says our nation needs institutes, which help our children as well as adults smoothen their journey of education. If you have come across any educational franchise that really excites you and you are sure of taking it up as a new business, consider the following facts:
- Research – Any new venture demands enough research on the product or service and brand name. This is the most crucial part, of a startup idea. A budding idea needs enough work before, as it needs after inception. Do not compromise on taking any steps in finding enough details in and out, about the new venture.
- Who are the founders and what’s their background history?
- What is the age of the company?
- What is the market demand for the product or service?
- Speak to current five different franchisees and get their feedback on the business they get, difficulties they face and how different are the projected financials from the reality.
- Find out who the close competitors are and how much of the market is absorbed by them?
- Dig deeper and try to find about people who have closed down and why?
- Understand the financials better – Make a financial workup of the funds you plan to invest. A formal business plan is essential for seeking bank loan as well. Drafting will help you monitor your on hand as well as grant options. If everything fits within your monetary limits it’s a good deal, otherwise stop!
- Plan well – Plan well about everything from your workplace to your team members to marketing agendas. Before you start working on the place consider enough possibilities so that there are no regrets later. Hiring the right team of educators could again be a challenge. Seek help from the franchise for everything, including marketing strategies that work best for your kind of business. You will never be alone if you make plans in accordance with your franchisee model and seek help from time to time.
- Are you ready for rules? - Yes, any franchise business has some rules in context to maintaining product quality and customer satisfaction. You will be happy following some pre considered facts for a brand because that would be why you will be different from other players. Rules are required to maintain the consistency of a product. Go back and rethink if you need to. Imagine yourself into the real picture and take your final decision.
- The Legal Agreement – Go through this very cautiously and get it reviewed by a professional lawyer- a franchise lawyer. Complete transparency from the franchisor’s end is a must. The legal documents have to be signed only when you are satisfied of the facts and figures mentioned about the royalty, franchisee fee and other legalities. This document should also cover details on the assistance the franchisor would provide in future.
Starting a franchisee business is different from building up a self made idea. The work load is shared and you are assisted for everything that would otherwise consume so much of your time and energy. The advantages are more if you want to start right away. Be cautious of the franchise consultants. You can surely win if you choose an opportunity that’s really right for you. Aloha India, Kidzee , Bachpan, Bragnam and G-Tec computer education are some of the best names in Asia for education based franchisees.