Start an International School with Your Business Partner: A Complete Guide
Your desire to start an international school is one of the noblest and satisfying things that you can do. However, it can be very overwhelming if you want to do it all on your own. So, what to do? Think international school franchise.
Here is a complete guide on how to start an international school with your business partners.
Step 1: Find the Location
Analyse the land requirements carefully. Consider the different facilities that your school would have and accordingly decide how much space you need. The area must be large enough to develop a good campus that provides curricular as well as extra-curricular facilities.
If you want to have a residential international school, you would need more land.
Step 2: Do a Market Analysis and Feasibility Study
A market analysis will help you understand the challenges of starting an international school. You need to invest time and energy at this stage so that you are prepared for all the potential surprises.
Conducting a feasibility study will help you assess the acceptability of the international school in the chosen location. This will help you identify if the location you chose is a good one or not.
Step 3: Make a Business Plan
Before you start an international school, you need to make a business plan. A business plan will give you a road map of guidelines on how the international school should operate. It should consist of the following:
- Positioning and competition of the international school in the market,
- Launch dates,
- Financial statements and budgets,
- Fee structure,
- Admission, and
- Every single expense involved in starting the school
Step 4: Develop a Budget and Source the Money
Once you make the business plan, you will get an idea of how much capital you would need to start the international school. Your franchise business partners would also give you an estimate of the same.
You can source the capital by selling your assets like property and stocks or borrowing money from banks or family and friends. You can even partner up with another investor who would be interested in starting the international school with you and share the expenses.
Step 5: Get the Paperwork Done
Understand the different licenses you would need to run the international school. You may have to produce approvals from local educational bodies and municipal boards in the city.
Step 6: Identify Faculty Requirements
Analyse the faculty requirements depending on the grades in the international school. Take your time to look for the best teachers, admin and support staff.
Step 7: Market Your International School
The final step is to announce to the public that you are launching a new international school. Market it everywhere – print, digital and social media. Once the parents know that a reputed international school is opening, they would be interested in sending their kids there.
When you have a franchise partner like Bellwether International School, a lot of the steps become easier. Become a franchise partner and realize your dream of starting an international school in your city.
July 3, 2020