Not just the formal education institution such as schools and colleges are burgeoning, but the other informal institutions such as coaching institutes are also flourishing.
With population increasing year by year, the number of children in India going to schools and similar institutions are also increasing and the education sector is booming. Not just the formal education institution such as schools and colleges are burgeoning, but the other informal institutions such as coaching institutes are also flourishing.
As the concept of coaching institutes is gaining momentum, edupreneurs are investing their money on this concept in order to gain profits. Here are some of the points to consider while starting your own coaching institute.
#1 Determine the Subjects
The subjects that you are going to teach must be the ones for which the demand is higher. Determining the subjects makes your coaching institute more specific and appeals more students. This will also create your own identity as an education service provider as it will carve out your niche. Otherwise your institute will become just another name in the crowd.
#2 Choose the Right Location
The location plays an essential role in the success of any educational institution. Catering to the right customer at the right location is quite important thing. You have to research properly about the prospective location of your institute.
The most important thing to consider is that the location must be viable for customers, i.e., students. Study the location and find out how far it would be from the students of that area. Secondly, look out for your market competition in the location. There shall not be any other coaching institute in that area; otherwise the customers would get divided.
#3 Deciding the Fees
Fee structure is one of the deciding factors among students and parents while choosing a coaching institute. When starting off with the institute, always try to begin with a low margin fees. This will attract more and more students towards your institute. As the business does well gradually, increase the fees at a half-yearly or annual basis.
#4 Hire the Competent Staff
Hire a staff that acquires the skills and knowledge that they can pass on to the young minds. In the times when everyone is running after money, it is difficult to find quality teachers that dedicatedly deliver the quality education that the students want. Under any circumstances, the quality of education must not be compromised. You can interview teachers through different rounds to assess their qualification and only then you should start a coaching centre.
#5 Increase Engagements with Appropriate Tools
Living in a technologically advanced world, one should use appropriate tools to make learning a fun activity. Effective teaching tools and techniques like Audio-Visual Lessons, working models, online assessment etc must be inculcated in a coaching institute to ensure maximum retention. This can also build a compelling brand image in front of your consumers, hence increased engagements in the institute.
#6 Infrastructure should be Proper
In order to access the educational tools and techniques as mentioned above, there should be proper infrastructure to carry out related activities. Other than this, there should be adequate study materials and copies for students.
#7 Market Your Product
As you venture into such business, you need to advertise and market your institute in the industry. You could build a social media community for the marketing of your institute. Paid advertisements such as newspapers ads and radio ads are also beneficial to bring your institute into the eyes of the customers.