How to Start an Education/Training Company/School
Training is the act of teaching, developing yourself or others on any skills and knowledge that relate to specific useful capabilities. And, education is the process of giving or receiving systematic instruction in a school or at a particular location on a particular subject matter. While, School is any institution at which instruction is been given in a particular discipline or subject matter.
However, due to the decline in the standard of public schools in the country which has make so many parents to take their child to private schools so as to give them quality education, has make starting a crèche, nursery or primary school a very lucrative business.
Therefore, setting up an Education/Training company/School is not quite different from setting up any other company. It involves every other activities that is to be carry out when starting every other type of business or company.
Furthermore, Sustainability and profitability must be focus on before committing your time and money in starting education/Training company/school business. You must be ready to sustain what you are about to start while ensuring that the business is been run profitably.
Currently, in Lagos, there are some schools that charge small amount of money as school fees and some charge huge amount as fees; it all depends on the standard of the school.
You have to know that, launching an Education/training/School business is not for the meek and mild, because it is easy to get into the business but to stay in the business, it takes doggedness and determination to be successful in the business. You must have passion for helping, teaching and impact knowledge on people.
Also, in starting a Training company, here are some things you need to put into consideration or ask yourself:-
- Should I be a Specialist Educationist/Training provider or General Educationist/training provider?
- What are the skills I want my staff to possess?
- How much should I charge my client for training services rendered?
- How will I market my company’s courses?
- Where should I located my business?
Furthermore, in starting a school in Nigeria, the steps involved are:-
- Drawing a good Plan: – For you to start the school, you must have a good plan at hand. This will start from planning about location, the sections you want have, the maximum of students per class etc. this plan will direct you towards ensuring that you envisage goal is
- Choosing the type of school you want:- Here, you will choose the type of school you want to start with, which can be crèche and as times goes on, you can now add nursery, primary and secondary levels to your school or you can choose to start from Primary and secondary school direct.
- Setting up your school structure:- Here, you will determine whether to rent a building for a start or preferably you can acquire a landed property and erect your own suitable structure for school. Meanwhile, when deciding on what to do, don’t choose an isolated area where people are not living as your school building. Choosing an isolated area might deprive some parents from bringing their children to your school.
- Getting your school registered and approved: – Your school must be registered and approved by the government before it can run legally. More discussion will be made concerning this later on.
- Setting up a team of teachers, administrative staff and instructors:- You can run a school alone, so you need to employ a team of people to assist in the daily activities which will lead to the establishment of the business. A qualified teachers must be hired, so as they can impact good knowledge on the children. Moreover, if you just want to be a proprietor of the nursery and primary school, you don’t need any formal qualifications, you can just hire employ someone who has NCE, B.SC or a PhD to serve as the manager, but if you are going to be the manager of the school, you will need to have a minimum of NCE and a good experience in educational administration and your staff should have a minimum of NCE with experience in childcare education or play-work. To run a school successfully, your staff must have the capacity and qualification to adequately handle students. Because when students get quality education, it will show and this will brings about satisfaction to
- Starting with a lower grades:- it may appear difficult if you start all sections at the same Therefore, it is advised you start with nursery and then primary, secondary and finally tertiary institutions, if you wish.
- Carve out a Niche:- For you to above your competitors, you need to carve out a good niche for your brand. Like doing something different from what other private schools are doing.This will attract more parents to enroll their children into your school. You can go to the extra mile and find updated education methods to further improve your school. Education is changing day by day and new methods and structures are being invented and adopted by various schools.
- Advertising your business: – After setting up your structure and every other thing has been put in place, the next thing is to make your school known. You can create a website,print flyers, advertise on radio and TV and so on. More will discuss on this later on. This is related to marketing strategy to be applied for your business.
- Others: – This involves have every necessary things that will make the school external and internal environment suitable for the children. E.g. sickbay, computer and other learning aids, toys and other gadgets that will be used for children’s education etc. lastly, you may also need to secure a school bus, if you want to offer pick and drop which will attract additional payment by the parents of the children.
- Enrolment commencement:- After carrying out all necessary steps, the last thing is to start enrolling students into your school. You have to resume your school following the government academic calendar.
However, several organizations, either large or small hire training consultants to come and train their staff. Because it was believed Training company services will prepare their staff for leadership, high productivity and accountability. Meanwhile in the case of starting a school, you will need to join relevant school associations and this will help you keep updated with the latest trends in the educational sector in your region or state.
Registration and Brand of the Business
Before you start your Education/Training company/School business, you have to think of a distinct name for your business/company and register the business with Corporate Affairs Commission and also get approval from necessary authority (in the case of a school, you school must be approved by School Board Authority, under Ministry of Education)
After doing the appropriate registration, you will also need to brand your business. Branding makes it easier for people to identify your business easily. Branding can also help attract sales and get your business off the ground. So, in branding you need a creative Logo. This Logo must be designed in such a way that, it will depicts what you stands for. And this Logo will be attached when you are advertising your business on every channel you want to use in advertising your business.
Process Involve In Running the Business
If you want to start an Education/Training company/School business you must have the right credentials to shows you actually possess the education, knowledge or validation that will serve as a prove that you know more about the subject that other Educational/Training companies.
However, the valid credential can be a university degree, a professional certificate or license or any other thing that will make you worthy of running an Education/Training/School business.
It is also expected that before you start your own private school, you need to gather people who have the same drive ideologies as you. If you can succeed in gathering professional board of directors, your school business will flourish with time.
Also, in relation to Education business; when starting the business you need to research the education industry, so as to identify various education-related business opportunities you can explore. You will as well, identify the target market you want to teach with your education services and finally, understanding your target market will help you figure out where and how to advertise your services
Private schools have no input form government, they are mainly responsible for generation their own revenue. Therefore as a school owner you have come up with skillful ways to keep generating revenue. And this generated revenue should be carefully saved and spent only on necessary things.
Also, you have to pay your staff salaries as at when due; this should be of utmost important to you. Whereas, it is in this area of salary payment that most school owner fail because they put themselves and their expenses first before their workforce.
More so, if what you want to start is pure School; these are the five (5) essential Elements you need to have in mind:-
- Not starting too small:- If you want to start a new school, you will need at least five teachers to handle the basic, core areas of knowledge. If you have anything less than five teachers, the school might likely fail
- Managing of money and details:- Commencing a school requires you to have the ability to raise funds, monitor a budget, manage a school and faculty, carryout public relations and comprehend fine-print regulations of special education, finances and building codes.
- Assessing and Evaluating:- You must have it in mind to be assessing and evaluating your services when you later start the You will be doing this, by asking your clients or their parents for feedback on the service you render to them.
- Avoiding Re-inventing the wheel:_ In running your own school, you have to bring in new Try to identify alternative models that reflect the kind of school you envisage and use the experience you gather as a guide to run your own school.
- Sharing of your Dream: – Parents, students and teachers will be on the same page to achieve a particular philosophy when you set up shared decision-making.
Needs for Business Plan
In order to effectively startup Education/Training/School business, you will need a good business plan. Business plan has always been a document that do guide existing business owner or new entry on how their business will be run in the next two (2) or Three (3) years.
However, inside this business plan, you have to indicate if you want enter the business as a franchisee or you want to start your own independent business.
The content of your business plan will be:-
- Executive Summary: – Your goal for setting up the Education/Training/School business will be defined here. The foundation on which other phases of the business will rest on will be laid. It is the duty of the professional consultant you hire to ensure your executive summary is well-packaged.
- Description of the Company:- Everything about your Education/Training/School business will be breakdown here. Here, it will be shown if you want to enter the business as a franchisee or as a startup business Most investors always want to know all this prior to investing their money in your business. However, this is initial advertisement about your company.
- Products or Services:- Your business will be assessed to know the rate at which the services is been sort for in the market. In this phase, the professional consultant will help you to project how long the Education/Training/School business will remain relevant to
- Market Share: – The professional consultant you will hire will play a lot of important role They will used their professional experience in projecting your business market share.
- Marketing Strategy: – Here, the various marketing strategies to be used in making your company/business known to masses will be breakdown.
- Organizational Setup: – The organizational structure of every business is different; that’s why you need to hire a professional hand to help in setting up your business. So, it is the duty of professional consultant to help you effectively design your business structure in your business plan.
- Sales Strategy:- Your business will definitely not sell itself, so there will be a well- analyzed strategy to accomplish this. Therefore, it’s so significant to put how to ensure more sales into writing for proper execution. Here, your service selling strategy will be analyzed and breakdown in a realistic manner.
- Funding: – How to fund your business will be highlighted and break down inside the business plan. The professional consulting you are going to hire, will make this possible for you. Here, it will be exposed, if you are fund your business with your personal money, Investors funds or Bank Loan.
- Financial Projection:- This is a very import phase of a business plan. And this may include how much sales are you expecting? What will be your operational cost? When are you going to break even? Etc. This is the phase where the professional competent of a hired consultant is identified. For your sound and well-packaged business plan visit bullscapitalltd.com
- Appendix:– Every other information that you need but is not in the main business plan content will be seen inside this page.
Funding of the Business
In starting this business, the first thing you must do is to ensure that you have proper amount of cash to make it through the sales cycle. You must have at least six months of working capital on hand, so as to survive the recede and flow of cash management.
Meanwhile, in the case of starting a School, if you want to start a purpose driven school; you must have enough money at hand. Most of the people who start a purpose driven school start with more than 10million Naira.
However, if you don’t have the funds to start the business, then you need a good business plan which you can present to the bank to have access to loan, in which you will use in doing all necessary things needed to be done to start the business in full force.
You can as well get startup funding from investors. Investors will want to have a copy of your business plan as well. They have a financial interest in your business, so they need to be rest assured that, you really know what you are about to do.
Although, you can start a school business without having money but you have passion. You can do this by organizing a weekend/holiday lessons, which might be free or you will just charge a very token amount of money and as the number keeps increasing with an incredible improvement of the children, then you can now charge them to increase the fee. From here, your school can grow into a big one and you have the fund to take to the next level.
Sales and Marketing Strategy
Most times, the hardest part of running a business is getting to know how to market the business and get new clients.
Before starting your education/Training company/school business, you have to determine the set of people that are going to be your target. Your ultimate goal in relation to knowing audience is to land on a specific target audience for your services.
In marketing your services to your target market, you will need a working website, business card and probably get involve in Email marketing. Email marketing will help you in sending direct email to your prospective clients, advertising the type of training you have in stock for them on weekly basis, monthly basis or yearly basis.
Therefore, apart from been a good educator, trainer or teacher, you need to carry out a good marketing activities to make your services known to masses. So, when marketing this business, you must have the 4P’s of marketing in your mind, these 4P’s are:-
Meanwhile, most people found marketing process hard, because it’s new to them. That’s why you may need the service of a consultant who will spends all day to stir the marketing pot of your business. Do you need one today? Then, visit www.bullscapitalltd.com . Furthermore, you need to know that Marketing and sales goes hand-in-hand, the more worthwhile your marketing strategy, the more sales you make.
In selling your services, you need to know the price of your competitors in the industry and thereby reduce your own price a little to gain more clients for your business. Probably with time, when clients must have derived satisfaction in your service, you can now put your service fee in the same level with your competitors or even higher. The bone of contention is that, you must add value in rendering your services to your clients and this will want them to pay more for your services.
You may also need to join local professional and networking groups, especially those that are rendering the same type of training or education services you are rendering. These groups will let you have an opportunity to promote your business to other professionals who may probably refer your services to your potential clients. Lastly, you may also get the opportunity of partnering with companies who serve a similar target market like you but who are not your competitors.
Website (Online Presence)
When rendering your services to your various clients, sometimes they may be faraway and you need to have a class with them. That is why you need to have a strong online presence by having a good working website.
This website will also help you in carrying out web-based trainings or seminars for your clients. Moreover, web-based seminars and trainings has grew rapidly in Nigeria, due to their convenience and low cost.
In educating/training/teaching your clients online, (even in-house training) you will need to buy Overhead projectors, Laptop with a connection to hook up to your projector, mobile writing boards, binders and any other office and documentation material.
Having experience is very vital in running this type of business, because you are going to leverage on both your credentials and experience, so as to stand out among your competitors.
A lot of entrepreneurs are into this type of business and for you to have competitive edge over them, you needs to always update and improve on your existing skills and manners of rendering your services to your clients.
In order to be able to compete well in the industry, you must be committed to the business. Starting a business can never be a fast process, success comes by working through failures and making amendment to various mistakes discovered, so as to be successful.
You can as well search for competitors who offer similar services to your target market and determine how they price their and how they reach clients and where they advertise.
Location of the Business
In locating your business, you must consider a place that can easily be identify by your clients. Apart from that, you need to also consider a place close to where most of your target audience resides or their offices
Location is also essential in starting a business. That’s why economist, when talking about business used to talk about “Nearness to Market”. Your business must be located in a place close to where you can assess your prospective clients.
And finally, In starting an Education/Training company/School business, you can as well take this following six step with total seriousness and you will definitely succeed in the business:-
- You must know your audience
- You must make use of right tools and technology
- You must think about the content
- Ensure you partner with the right people
- Market your services
- Run it like a normal business
Note: – There are some guidelines laid down by Lagos state government for the establishment of Private schools and they are:-
- The school structure must be in the form of L or a U shape so as to ensure good ventilation and provision of enough space for extra-curricular activities.
- The classrooms should be at least 15 in number and should be made up of administrative office, library, laboratory, toilet for both teachers and pupils. Students are expected to have eight toilets at least and teachers should have two at least.
- The school should be painted with bright and lively colors and properly designed with outdoors/indoors playing and game equipment, as well as safety equipments.
- Adequate resources and materials like boards, board writing materials and teaching materials should be available.
- Classroom furniture should be of good qualities and designed in such a way that it will be comfortable for pupils and teachers.
- Proper registration of the school with the ministry of education
Finally, it might appear to be hard from the onset but if you have a good plan ahead of starting the business, it will be so easy for you. Education/Training company/school business is booming and it will continue to grow. However, thinking about setting up an Education/Training/School business is a good business idea with a lifetime prospect of returns. Meanwhile, executing this business idea is not very easy due to the amount of start-up capital involved but if you can be well determined, it would be worth the effort.
About the Writer
Olusipe Abiodun Yinka is an Audit Associate in Bulls Capital Limited. He has a National Diploma in Accounting from Abraham Adesanya Polytechnic, Ijebu-Igbo, Ogun State; as well as a Degree in Accounting from Alex Ekwueme Federal University, Ebonyi State. He is a creative writer and a Trendsetter. Apart from writing, Olusipe is also an entertainer.
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