Private
School Business
There is no gain saying that private
school proprietorship is big business. With the proliferation of private
institutions like primary, secondary and higher institutions of learning
private school ownership has come to stay.
Private Universities and colleges of
higher learning in Nigeria today quadruple such institutions eight years back.
The primary schools outnumber both government owned schools and the federal
institutions.
Private owned schools are attractive
to business investors because of the huge profit potential of such schools.
Establishing a school requires hard work, top-level teacher, good curriculum,
and a good learning environment.
It takes upwards of two years
including certification, location, infrastructure, professional work force,
establishment, and government registration.
Things
to consider
Determine the grade level
There are a number of things to
consider before starting a private school such as the determination of the
grade level. What grade level like elementary, nursery level, primary or
secondary grade level. Proper determination of the grade level tells you if you
school fall within the category of primary or secondary school.
Establishing a primary school is
much easier than setting up a secondary school because of regulations that are
more rigorous and challenging. The first step is to determine the grade level
the write a mission statement.
The mission statement is curriculum
driven, goals, plans, and objectives of establishing your private school. Next
step is to assemble a committee to fashion out the administration of the
school, and appoint members of the school board
Teaching Method
What
kind of teaching method do you prefer?
- Montessori
- traditional
- both methods
Understanding
Government Regulations
Government has very strict
regulations and conditions before registering and accrediting a private school.
You should fulfill all regulations and conditions with the aid of professional
consultants and judicious planning.
Every country has different
regulations that govern the establishment of private schools. Knowing them and
following them to the letter improves your chances of get approved.
What Category is your Private School?
You school is either a profit or
non-profit organization like the mission school of old. A non-profit school has
benefits like tax exemption and other benefits. However private schools that
are not non profit/charity attracts tax payment and other government fees.
The Teaching Method
You can determine if your teaching
method is the Montessori technique or traditional teaching methods. The
teaching method gives the proprietor a clear vision of the direction needed to
establish the school.
Make a Business Plan
You need to make a business plan
because establishing a private school need lots of funding. The major
expenditure is on capital projects like infrastructure, glossaries, and
teacher’s salaries. School buildings have specific requirements to aid proper
learning and child’s safety.
Other financial considerations
involve operational cost, marketing, and professional fees. Buying a landed
plot is important because renting a building to run your school in the end
costs more.
Another down side of rent is the
owner might need his property after you school is well established. After
determining your budget you need to source for funds using expert advice.
Getting
Finance for your School Project
You can source finance through banks
and other financial institutions that offer loans. You can get finance from
friends, acquaintances, and family members. Other sources of finance are
personal savings, joint venture partnership, or startup contributors for part
ownership.
If your school falls under the
non-profit banner, you can source funds though donations and contributions.
The Schools Location
The schools location is very
important because many parents use school within their locality. The reason is
due to easy accessibility, convenience, and practicability. Only school that
has established a name and pedigree can afford to set up camp in remote areas.
When building always follow the
governments building regulations and safety protocols.
Staff recruitment
Make sure your newly constituted
board hires capable hands and top-level teachers. Bad staff equals a failed
school project therefore staff recruitment needs lots of careful consideration.
Hire professionals who have a record of accomplishment especially when hiring
the principal/head mistress.
If you get it wrong at the start,
your school might start on a poor foundation. The inventory needed to run a
private school is humongous therefore starts-early.
Marketing
the school
Private schools face stiff
competition from both public and private schools. Market your school through advertisements, website content, and
electronic media is necessary. Advertisement can aid enrollment of new pupils
while highlighting the schools potential.
All schools are a member of one
association or the other, find out which ones you need to join. A very
important one is private school owners association. Other ways to promote your
school is by putting out flyers, banners, advertisement on radio and
newspapers.
The admission of school pupils can
come when the teachers, admin staff, curriculum, structures, and other
essentials are ready. Plan the opening to coincide with the first term academic
calendar.
Conclusion
Private school business is highly
profitable and can make the proprietor super rich. However, it takes planning,
lots of finance and dedicated staff to become a success story. Never compromise
on the education standard of your school if you want it to succeed.
More articles on starting a private school
More articles on starting a private school
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