Private School Business: How to Start a Profitable Private School


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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?
Top of Form
  • Montessori
  • traditional
  • both methods
Bottom of Form
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.

students

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

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