You own an education business and want to expand it in India, but do you know what is the first step to franchising your education business in India? A Perfect School Franchise Business Plan! Yes. You heard that right.
Our blog will guide you to create the perfect business plan to franchise your school business in India, making it a hassle-free and smooth process down the road to franchising.
So, let’s not waste any more time. Let us get started.
Prerequisites to Drafting the Perfect Franchise Business Plan For Your Education Business in India
You already own a successful education business in India, and now you have decided to take a step forward by franchising it. So, the first and most crucial requirement to franchising a business is to have a proper business plan in place.
Here are some of the prerequisites for creating the perfect business plan to franchise your education business in India.
1. Conducting proper market research
The first and most crucial step of a business plan is to understand the Indian market, which includes the demand for the education services you are providing. Remember, only if there is a demand there will be growth of your business.
It is important to analyze your competitors, identify any loopholes in the market, and protect your business’s unique selling point. If you have a strong USP, you will be able to attract investors to take your business forward.
2. Complete the legal requirements
Keep yourself updated with the Indian laws governing the education business in India. It is important to have the necessary permits and licenses for an education business to franchise. You can seek expert advice for understanding how the Indian laws are inclined in franchising a business in India. Moreover, if you are new to franchising,read this complete guide to learn how to franchise your business in India.
3. Develop a Franchise Business Model
Prepare an outline of your education business model which will define the pricing structure, revenue streams, and the services that you would be offering. Moreover, you should decide if you will be providing services as per the traditional way or virtual or hybrid.
4. Prepare your Franchise Structure
Preparing your franchise structure means including the terms and conditions you would want the investor to follow, and what kind of back-end services you will be offering. You need to draft a franchise agreement that specifies the roles and responsibilities of both the franchisor as well as the other party.
5. Financial Forecasting
It is important to make an in-depth calculation of your financial projections which covers all possible areas such as startup costs, ongoing expense fees, and revenue estimates. This will help to create stability till you reach a break-even point. Don’t forget to include initial investments and recurring costs.
6. Preparing the Operations Manual
The operational manual serves as a training guide that is prepared to give all the necessary training to the investors based on which they carry out the operations. This is a very important document that will ensure that there is consistency and that all SOPs are operated across all units.
7. Long Term Growth
Think about how you may grow your franchise system in India over the long run.
8. Prepare a Checklist to choose the right investor
Create a rigorous screening and selection procedure, and come up with some criteria for choosing the suitable candidates to take your business forward. While choosing the candidate keep in mind that the person you choose carries a similar business vision and has the potential to take your business forward.
9. Seek Legal Assistance
If you need assistance drafting the franchise agreement or navigating other legal procedures, you should see an attorney who specializes in franchising.
When considering franchising your education business in India, it is important to implement a system to monitor and maintain the quality of education services provided across all locations. It is therefore important to create brand guidelines across all units. Also, it is necessary to identify potential risks and challenges associated with franchising and create a strategy to mitigate them.
Why a Business Plan is important when franchising your education business in India?
For several reasons, preparing a comprehensive business plan before franchising your education business in India is crucial.
- You can explain your idea for the franchise, including the mission, goals, and objectives, with the help of a business plan. It helps you figure out what your education business is for and makes sure that everyone involved, like people who might want to buy a franchise, knows what your long-term plan is.
- When you make a business plan, you need to plan out how you will grow your schooling business through franchising. It makes you think about the market, the competition, and the chances that are out there, which helps you make a good plan.
- Market study is an important part of writing a business plan. This study helps you understand the Indian education system, figure out who your target audience is, and find out how much demand there is for your services. It also lets you find gaps in the market and make your franchise plan fit those needs.
- Financial projections are an essential part of every viable business strategy. Break-even points, revenue forecasts, operational expenses, and other financial estimates should all be accounted for. It is crucial that you and prospective investors have a clear picture of the financial commitment and potential return on investment.
- Your business plan lays out the framework for running your franchise, including specifics on how you’ll provide instructional services, handle finances, and monitor output quality. For uniformity across all of your franchises, you must outline your processes and systems.
- The field of education in India is governed by a set of rules and statutes. In order to make sure your franchise stays inside the law, a business plan will require you to investigate and meet these legal obligations.
- A business strategy should address both the initial launch of the franchise as well as its ongoing maintenance and expansion. It’s a valuable tool for mapping out the future of your education franchise in India and establishing concrete short- and long-term goals.
In short, a business plan works as a road map when franchising your business in India. Its main role is to provide you with a structure, strategic planning, and guidance, making it an important tool while embarking on the franchising journey.
Why This is The Right Time To Franchise Your Education Business in India?
Franchising your education business in India can be a promising as well as profitable opportunity for you.
India has a large population, and the need for quality education is on the rise. Many people have understood the importance of quality education at a very early age. This is leading to the rise of education businesses in India.
Moreover, here are some of the market trends that are leading to the growth of the education business in India, in turn, proves to be the right time for you to franchise your business right away.
- During the pandemic, India quickly adopted the online form of learning. This trend has continued to flourish and therefore there is more demand for online as well as blended learning options.
- There has been a boom in Edtech [educational technology]. Such businesses offer a variety of online courses, study guide materials, as well as personalized tools.
- India still has a high demand for teaching and test prep services because exams like IIT-JEE, NEET, CAT, and UPSC are very hard. This has caused more coaching centers and online sites to open up to help people who want to get in.
- Studying abroad is a fad in India today. There are more and more Indian students who want to study abroad. This has led to a rise in services that help students apply to schools abroad, prepare for tests like the GRE and TOEFL, and get advice on how to study abroad.
- More and more people are realizing how important it is to learn new skills and get job training. To fill the skills gap in the job market, the government has supported the growth of trade training centers and programs through programs like Skill India.
- The rising demand for specialists with STEM backgrounds has led to a surge in interest in STEM education. Several organizations and EdTech businesses provide STEM-related courses and programs.
These are just a few of the market trends leading to the growth of education businesses in India. Moreover, Digital India and the National Education Policy 2020 are only two of several government programs that prioritize the integration of technology, increased access to education, and enhanced quality of education in India. Providers of educational services can benefit from these actions.
To Conclude,
If you are looking to grow your education business in India, these are some great reasons to take a step ahead in business expansion. Moreover, you can get in touch with us at Sparkleminds, to get started on your franchising journey.
Take advantage of the New Year and take your business to the next level. Call us right away!
