06/07/2020 12:45 AM IST
Education as we all know is essential for any economy to prosper, as education opens up a child's mind. The education system in India needs to go through an overall change as the boards have not updated their curriculum keeping in with the times. The fast pace world that we live in today demands a regular refresh in what is being taught and not just what is being taught even how it is being taught. Hence when international school boards were allowed to enter the education industry, parents aspired and increasingly preferred to send their children to these schools.
Initially, international board schools were very few and only ex-pats and the upper middle class sent their children to these schools. However, when some of the parents experienced the difference in the teaching methodology and the benefits of the same, the word spread and increasingly parents from different backgrounds, double income families also gradually considered admitting their children to international schools.
In addition to increasing popularity among parents to send their children to these schools, there grew an increasing interest among industry professionals, investors, businessmen, industrialists to start their own international schools. They connected with existing schools offering franchise opportunities or decided to start their own schools.
Over the last 2 decades the education sector - particularly 'international schools' have grown twofold and there has been an influx of international schools across the country. However, starting an international school is not easy. It is a tedious task and involves a lengthy procedure that needs to be followed.
This blog attempts to share what an International School Business Plan should look like:
1. Identify the location: the international school segment is a niche segment. International schools mostly do well in Tier 1 or Tier 2 IT cities. Parents who get transferred internationally prefer to send their children to an international board so that shifting schools is not a hassle. Parents who would like to send their children abroad for graduation and post-graduation also prefer to send their children to international board schools so that they are used to the curriculum right from the beginning. Hence it is very essential to start an International school only after doing a survey
2. General Survey: it is advisable for all entrepreneurs who would like to start any school to conduct a market survey to check on the schools that are in the vicinity, the acceptable fees that parents are willing to pay, and to identify the need to that area.
3. Make a business plan: it is essential to make a project plan and a detailed business plan, as you will need to work out the total investment in the project, returns etc.
4. Paperwork: Hire a well-know education consultant who will help you with all the procedures that you need to follow. Like forming a committee, paperwork for the international board, formalities with the government and education department, etc. this is essential as there are way too many rules and regulations that need to be followed before you can start the school.
5. Budgets: Depending on the capital investment and the recurring expenses you will arrive at the fees you need to charge to recover the investment and start making a profit. You will need to budget your expenses on teachers, admin staff, and other expenses accordingly.
Starting a school is a long tedious process; however, starting an international school is an even longer process and involves risk as well. Education and the quality of education is gaining importance among Indian parents. Gone are the days when parents couldn't differentiate between state board schools, ICSE schools, CBSCE schools. When taking a final decision to start an international school, it is important to make a well researched and thought through call so as to minimise the risks involved and see your dream school turning into a reality.