Planning To Expand Your Education Institute? Here's What You Need To Know
India is a major player in the global education sector, and the private learning and tutoring market is growing rapidly. If you’re planning to expand your institute, make a business plan, get funding, find a proper location, maintain the quality of the education you provide, and market your brand.
India has more than 1.4 million schools, and more than 36,000 higher education institutes. Additionally, there are over 227 million students enrolled in these institutions, making India a major player in the global education sector. Moreover, according to global industry analysts, the private learning and tutoring market is growing rapidly, and is all set to become a USD 227.2 billion industry by 2022. To tap in to the potential this market holds, you may have to expand your education institute.
Expanding your education institute, like expanding any business, involves painstaking thinking, and a comprehensive view of your objectives. To realize your vision, you will need to undertake the following steps.
1. Make a business plan
Plan out how you want to expand your institute. Are you going to add a new building, open a franchise, or hire new teachers? Depending on your objectives chart out a financial plan for your expansion, factoring in the expenses and the potential returns. Moreover, evaluating your competition could also give you an idea of the direction you should probably go in.
2. Get funding
You may or may not have a good cash flow at the time of expansion.Reliance Money offers business expansion loans with flexible loan tenures and structured loan repayment options, making them easier to repay. Compare interest rates before you choose, and use an online EMI calculator to determine the EMIs you will have to pay.
3. Find an appropriate location
If you’re opening a new franchise of your institute, its location should be easily accessible. Students and teachers should be able to reach the place easily. It always pays to locate education institutes close to residential areas, as the locals are more likely to look for nearby options rather than far-off ones.
4. Quality consistency
The quality of the education you provide must not change at your new franchise. It has the potential to make or break your brand. You must hire new teachers and staff that can maintain the quality expected from your institute. If the quality drops, parents notice the change in their children’s progress report, while also denting your brand image. Take measures to ensure consistency in quality.
5. Make a proper marketing plan
With internet penetration and social media use at the highest its ever been, you have a wide variety of options to market your new franchise. Given that your target audience forms the bulk of internet and social media users, it presents an immense advertising opportunity. Moreover, newspaper advertisements, radio advertisements, posters, etc., also play a major role in getting the word out. So, don’t forget to add them in your marketing plan.
With these steps you’ll be able to not only expand your business the way you envisioned, but will also be able to promote your brand for further success.