STEM Education market is one of the most promising markets and is evolving rapidly. The first movers will benefit in the long run and will set firm roots in the business.
The Indian education market is slated to almost double to $US180 billion by 2020 by being mainly driven by global universities opening campuses in India, government schemes, digital learning market and the world’s largest population in the age bracket of 6-17 years. The traditional education system is struggling to keep pace with the technological advancements and equip the students with requisite skills of the 21st century. Subjects like science and math have been taught in school since the beginning, but recently there has been a vast difference in the way of learning. Now, students can very well experience the different connotations by ‘doing & learning by themselves’. This is where Science Technology Engineering Math (STEM) education comes into use. STEM education is undoubtedly the need of the hour that could help the students evolve from being users of technology to innovators. Keeping the rapidly changing trends in mind, Indian educators are heavily focusing on new education’s sub-segments that are supposed to be profitable in the future.
Rising Demand for STEM Curricula
As the schools are now realising the role of the STEM in education, a lot of them are now integrating the topics and concepts in their curriculum. This is an opportunity for STEM institutes to approach the schools with a STEM training program for embedding it in the syllabus. You can also conduct workshops in the schools for additional learning. Parents are taking more interest in interdisciplinary learning that involves Science, Technology, Engineering, and Mathematics concepts because it gives their children an edge over others. The students can learn to programme through educational kits and other concepts of Science, Maths, and Engineering without finding them as a burden. STEM institutes can undertake this training at highly equipped institutes.
The National Science Foundation predicted that around 80 per cent of the jobs in the future will require the professionals to have science or maths skills. The proliferation of technologies like the Internet of Things, 3D Printing, robotics, and automation also reflects the increasing demand for a skilled workforce in the future. This clearly shows that training related to such technologies can be a good opportunity for entrepreneurs. Education, in general, is a very competitive market in India. But when specifically talking about STEM education, the domain is newer than other industries, with few players in the market. This translates to the fact that you can get maximum returns without much struggle.
Benefits of Franchising in STEM Education
Due to the acceptance of the vast requirement of STEM education in today’s youth STEM training centres have been invited with open arms, as extracurricular training institutes as well as school affiliated workshops throughout all school-age groups. STEM institutions like NeoRobos, iRobokid, India Stem Foundation, have taken to franchising to increase their footprint in the country. With tried and tested curriculums, targeted marketing approaches, latest technological equipment and fun activities planned they are overtaking the STEM Education market.
By connecting with an already established brand you can cut down on business ideation, market research, and promotions. It is like getting a formula that has been already tested by the industry experts. This minimises the risks that are often associated with the start-ups. You also cut down on hurdles like market competition, financing and quality, which have intimidated numerous business owners in the past.
Requirements of a Franchise STEM Institute
The total investment required of a STEM Institute franchise sums up to Rs 14 lakhs. The franchising fee for which ranges between Rs 1-4 lakhs depending on the type and brand of institute you choose. The cost of the equipment required for a STEM Education institute would amount to Rs 8.5 lakhs, whereas the cost of interiors would amount to Rs 3-4 lakhs. The miscellaneous expenses of an institute would fall under the range of Rs 50-80,000, and salaries of the employees would be subjective from institute to institute depending on the number of employees you require, however they should amount to Rs 1-2.5 lakhs. Bearing these expenses in mind, a STEM Education institute could break even in 8-12 months.