While talking about education businesses, franchising plays quite a different role due to various social and economical reasons. Read on....
Franchising has become a very popular business model in the past few years. Franchising gives you an opportunity to buy the rights to use a firm’s business model and brand for a period of time. This model of business is usually adopted to ensure maximum expansion in lesser time period and capital.
While talking about education businesses, franchising plays quite a different role due to various social and economical reasons. However, most of the reasons are in the favor of the prevalence of franchising in the education sector, and this is why franchising seems to be the future of Indian Education industry.
A Slightly Changed Aim of Franchising In Education
The aim of franchising in the education sector slightly changes. It’s not merely about expanding the business; being a part of the education sector comes up with a greater responsibility as education helps in carving out the future of the next generations. For instance, if you run a school, you just can’t shut down your school in case it doesn’t success because you bear the responsibility of thousands of children studying in your school.
One of the proven benefits of acquiring a franchise of an already established education business is that it comes up with brand recognition. For instance, even if you are a new entrepreneur who runs a franchisee of one of the best schools in the area, parents will enroll their children in your school because of the brand name. And hence, the future of both the school and students remains secure.
Franchising Gives Opportunities to Start a Business with Less Capital
Setting up an all new educational institution is quiet a difficult task to perform as it requires a lot of capital. Franchising comes up with a financial relief to the franchisee as many of the franchisors provide financial backing to new franchisees. In this way, franchising helps the ones who are passionate about spreading knowledge to the world and earlier found themselves unable to start their venture due to lack of money. Franchising helps the edupreneurs to fulfill their aspirations and to do greater things in educational field. Therefore, in the near future, franchising is going to dominate over new startups in education.
Franchising Helps in maintaining the Quality of Education
While starting a new educational institution, it becomes quite difficult for the edupreneurs to hire highly qualified teachers. This is because teachers are reluctant to engage themselves with a new school because of various reasons such as unrecognized institution, less salary, and many more. Even if teachers get hired by such new institutions, they tend to leave early as better opportunities turn towards them.
In case of education franchise, the case completely changes. As the franchise is associated with a big institution, it is not so difficult to find highly qualified teachers; rather they would willingly apply for your vacancies! That’s the power of franchising in education.