Though the education sector is growing at a steady pace, it has yet to see its full potential growth. Read on to know more about the supplementary education sector and the business opportunities it offers.
Supplementary education is a provision for students to gain additional knowledge of their interesting subjects apart from mainstream education at schools and colleges. The need for interactive learning above basic education has paved ways for players like Jigsaw Abacus and Magical Education to transform the lives of students as well as of the potential investors in the supplementary education segment.
Need for supplementary education
Envisioning the reach and growth of the education sector altogether, supplementary education category has ignited the thrust to provide more business opportunities among all the leading players.
Tutoring, the largest segment in parallel education is expected to grow at a CAGR of 15% from $11 billion in 2014 to $16 billion in 2017, while test preparation will grow from $2 billion to $4 billion at a CAGR of 25% during the same period. Both tutoring and test preparation segments demonstrate students' willingness to pay for quality education.
Opportunities in store
There is a lot of gap between the available education system and the aspirations of people. To bridge this gap, supplementary education is attracting investors and partners via the franchise route.
Ankit Jain, Franchise Head, Jigsaw Abacus says: “Jigsaw is a vibrant and welcoming learning community, committed to create the best possible educational experience for every child. We aim to enable children to reach their full potential. Jigsaw entitles the children for mostly all courses related to their supplementary education and focuses upon quality education than quantity education.”
On the similar note, Satish Mardia, Chairman, Magical Education (ME) asserts: “ME follows a child-centric system for training that is equally opposite to the teacher-centric system encored in schools and tuition classes. We observed that children were facing problem with mathematics and despite getting enrolled in fancy private institutions; math’s was the elementary reason behind children failing the exams and an alternate effective and efficient system was the need of the hour.”
Franchising, the growth elevator
Franchising is definitely considered to be a growth elevator as it increases the reach of a brand and lets it breathe and invent itself in other markets where a solo leader is barred due to capital or other risk factors.
“We believe that more than business, franchising is a step towards completing our vision of transforming lives through an innovative, rigorous, and compassionate approach towards education,” opines Jain. While Mardia adds: “ME ensures that every person getting affiliated with them should be guided in a profound manner and the core tactics about the business should be explained thoroughly to the franchisees which eventually will help them to get a hold of the business in their respective locations.”
The franchisee support
The basic reason a person opts for a franchise model is to reduce the risk factors that come handy with an entrepreneurial venture and to utilise the experience of the franchisor’s brand to work in a standardised format. Different players have started to inaugurate various training and support programs to ensure full support to their franchisees, which will eventually help them to grow together as a family.
Jain believes intraining the team of professionals to educate franchisees. His brand relies on qualified trainers that help franchisees to learn all the new concepts clearly and in an easier way. The support is provided for life time and the franchisees can clear their doubts anytime they want.
Meanwhile, Mardia ensures that every franchisee merging with any brand receives exclusive territorial rights and a phase by phase road map to establish, develop and flourish their centre. “Support is the key ally that has always been rendered to the franchisees, and to garnish the relationship it also provides indoor and outdoor display designs, designs for advertising material, course, student analysis, testing and certification,” he quips.