Becoming an edupreneur is a dream for many. Most that succeed have a deep understanding of various education sectors and business areas.
According to India Ratings, the Indian education sector’s market size is likely to increase to Rs 741,214 crore ($110.84 billion) by FY17 due to the expected strong demand for quality education. Indian education sector’s market size in FY12 was approx Rs. 341,180 crore. This makes clear that Indian education business is set to swing into high gear.
All these factors throw open many entrepreneurs to begin their journey in education. Becoming an edupreneur is a dream for many. Most that succeed have a deep understanding of various education sectors and business areas. Here’s a list to be noted by people who want to become successful edupreneurs.
Know your industry
Venturing into education industry would require you to have a detailed study about the industry, its various sectors like pre-school, K-12, higher education, tutoring & coaching to name a few and their business models.
Learn from others
Quite often successful edupreneurs have worked for others within their fields before they go out on their own. More than often, they begin their career as teachers. Working for a couple of years with a good mentor in the education industry can offer a great launching pad to start from. Learn from your mentor’s mistakes and do some brainstorming about how their model can be improved. Find somebody who is willing to teach you, and then after you leave you can think about starting your own school/institute.
Promoting / Marketing
Promoting a brand is very much essential as it increases the brand value and attracts good students and teachers who want to get associated with it. Get good banners or brochures designed and distribute them in areas nearby. Publish ads in papers and organise events / sponsor events to maximise the visibility of your brand.
Analyze cost, payback and ROI
Different sectors of education require different amount of investment to be invested. A proper research as to what amount needs to be invested in infrastructure,, getting the institute registered, faculty and others needs to be considered to make a plan of action. Accordingly the payback period and rate of interest needs to be taken into account.
Hiring good faculty
An educational institute builds its brand from the quality of education it provides to its students. Hiring good faculty and training them regularly to stay updated is very much an important task to be considered. Treating them well is another important aspect as happy and satisfied staff is very important to retain good faculty over a period of time.
Design good curriculum
Curriculum speaks about the quality of education provided by the institute and helps in word-of-mouth publicity. Attention should be paid on designing good curriculum and it’s execution.
Talk to parents
There are many established schools which compete for admission of students. Talking to parents and explaining them about how your school or institute is better than others is important. Parents these days understand the value of education and want best for their children. Convincing them requires real good knowledge about practices followed by other schools and describing how your school fares better.
In today’s world nothing is stable but change. Thus, consistent effort is required to be made to stay updated with the new trends taking place in education industry. Similar changes should be applied to our current system to deliver the best of education to students.
Do not quit
The key to keeping your business strategy moving forward is passion. Feeling half-hearted about an edupreneurial project will take away the drive you need to be successful. Whether it is opening a new of school or taking a franchise, you should have the passion to make it big.Most of Abraham Lincoln’s efforts failed until later in life. However, he never quit.