Starting a school business is a onetime investment. You can reap the benefits for the rest of your life. Unless you how to go about in setting up a school, you may face many insurmountable hurdles. But with the right knowledge you can make the going a lot easier.
What is the Scope of Setting up a School Business in India?
Business school offers very good prospects in India.
How to Start a School Business in India?
Following are some important steps you need to follow before you start a school in India.
- Identify Your Niche
First have a clear idea of what kind of business school you wish to start. Find out if your idea tallies with the needs of the local market needs.
- Form a Committee
Form a small committee of experienced people to help you devise and roll out your plans. Include people with legal, financial, management, academic and building experience and appoint them as your board of directors. Get a commitment of time from each member. This stage of planning requires plenty of time and energy. You may need to hire additional talent to help you overcome other stumbling blocks.
With this you try to register your initiative with local authorities. The lawyer can guide you through all such requirements. This is a critical step as it would legalize all your moves.
- Develop a Business Plan
Like any other business there must be a proper business plan to build your business school. It would serve as a blue print of how you plan to run the school for first five years. Be practical in your projections.
- Develop a Budget
Have a budget ready for coming 5 years. The budget should be developed by a financial person. This again will be a blue print of the income and expenses. You must have an operating budget and a capital budget for your school.
- Tax Exempt Status
Apply for tax exempt status. Again, your lawyer can handle this application. The earlier you submit, it the sooner you gain from tax deductible contributions. As a tax exempt organization you can get lots of credibility.
- Choose Key Staff Members
After a wide search find a suitable head of school and a business manager. Formulate the best kind of job descriptions for all your staff and faculty positions. You will be looking for self-starters who enjoy building something from scratch.
- Identify Your Faculty Requirements
Your school must have skilled faculty. So induct the best. Paying them competitive compensation can always bring you the best. You should not leave this important job to the last minute. If required hire an agency to vet teachers for you.
- Spread the Word
Design a Web site and set up a mailing list to keep interested parents and donors in touch with your progress. Advertise in newspapers and journals. Only consistent and effective marketing can help you spread the word around as well as drive the point home.
- Train Your Faculty
Once you have the faculty in place hold endless meetings and planning sessions for the academic staff with senior experienced members, specially hired for the purpose. Planning curricula, ordering instructional materials, and formulating a master timetable are the tasks your faculty needs to sit and decide. Have this done at 4 months prior to the opening of the business school.
- Open for Business
Open school office and begin admissions interviews and tours of your facilities at least 4 months before the the scheduled opening date. January before a fall opening is the latest you can do this.