Higher Education Apr, 24 2014

Score high in education biz

Anand Sutaria, Group CFO, IMS discusses about what it takes to position an institute successfully amongst some of the most prestigious institutes in India and abroad.

By Ekta Sharma Verma, TFW Bureau
Score high in education biz

At IMS opportunities are endless. In this fast growing test-preparation industry, entrepreneurs and franchisees are attaining swift success. Anand Sutaria, Group CFO, IMS discusses about what it takes to position an institute successfully amongst some of the most prestigious institutes in India and abroad.

What is the story behind IMS?

IMS was started back in 1977 by Professor Nagesh Rane. At the time, the concept of a management degree was not prevalent in the mainstream, unlike in developed countries. Prof Rane realised the need for an entity like IMS to bring about awareness about highly important field of education. With the limited technological resources available at the time, Prof Rane started correspondence training courses for various management entrance examinations to Indian business schools, and was the ambassador for the MBA degree and its opportunities in India. It was because of IMS’s efforts that awareness about the MBA came to the masses. Instead of the MBA being an obscure, little-heard field of study in India, IMS turned it into a dream education for the majority.

What strategies do you employ to maintain the standards of your company?

Largely, we look for people who want to associate with us as franchise partners, who have the commitment to add value to students’ lives. Naturally, this ensures that our training methods and programs are most effective. We look for these qualities in all of our employees and franchisees; with the right approach to the business and intent, everything else falls into place.

What motivated you to go for franchise route for your business expansion?

Some businesses are better run by the franchise model, and the test-prep industry is one of those. In my view, it is easier to create mass scale ownership among leaders in different cities under this model instead of trying to create your own team. The excitement to build their business keeps them motivated to explore newer opportunities to grow their markets.

What are the basic requirements to become a franchise partner?

The basic requirement is the franchise partner’s alignment with the franchisor’s core values. For us, the most important requirement is the commitment to add values to students’ lives. Beyond this, the tangible requirements are the academic background, the degree, a willingness to invest a reasonable amount of money, etc, which will lead them to build successful businesses.

Expansion plans for this year.

Currently, our plan is to grow the market very selectively, with likeminded people. We are also open to exploring inorganic opportunities of growth, but certainly not with the intent to create something that already exists in the market.

Franchise facts:

Area

Investment

RoI

 Breakeven

Current centers

1000-1500 sq ft

Rs 10-25 lakh

More than 100% post Year 2

 Year 2

Total centers- 75 Franchise - 60

Related: The 'clean' way to profits

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