Every parent wants to send their children to school to acquire knowledge. School fees and expenses often take more than 20 percent of what average parents earn, depending on the number of children they have. This has led to the booming of the school business, as many people are beginning to seek out how to start a school business or how to run a private school successfully.
The school business in Nigeria has become more profitable these days than ever before due to the sheer number of children. With such an increase in the number of children born annually, there is a need for more schools to cater to them. This need for even more will continue to increase over the coming years.
How to Start a School Business
If you are ready to get started with school business, here are the basic requirements for how to start a school business:
#1. Write an outstanding business plan
Now that schools are springing up on almost every street. The market seems to be oversaturated, What can you do to be different? What plans do you have to help you win the market, make a bigger profit, and manage and ensure the school does not die at the starting stage? This is why you will need a business plan in other to navigate the challenges and growth process of building a school business.
An average school yields between $300,000 and $23 million annually if managed properly. A business plan would help you achieve this. The financial projection on our business plan would show you monetisation services beyond tuition fees that your school can incorporate to earn huge. Click on the School business plan to purchase or contact us for a consultation
#2. Choose a good environment
While some people start in their private homes or use a church, you should get a piece of land if you can. Prices of landed property vary from place to place. Don’t buy in an isolated area where people are not living. Parents may not want to patronize you in such a location.
Due to the inherent risk involved in a child’s movement, the parent will prefer a school within their home and easy pick-up of their children. The critical factor here is to consider the population of kids in the intended location and then start from there. This simply implies you stay close to your target market. The bigger the population of the target market the better. It takes doing the extraordinary for people to leave schools close to them to attend schools miles away. A business plan would help you focus on these extraordinary standards that will make a big difference for you.
Download: School Business Plan [+3 years Financial projects to help you earn big]
#3. Erect Your School Building
The cost of building a school depends on the size and quality of the building you intend to construct. Your Engineer will put you through this; sit down with him to discuss it properly.
Insist on a sound structure because your marketing starts from there. The classrooms should be spacious and conducive.
#4. Equip Your Classrooms
Apart from the regular chairs and tables (which you can get Carpenters to do for you at a very reduced price), it would help if you also equipped your classrooms with computers and other learning aids. Parents will likely prefer that you properly equip your classes.
It would be best if you had plenty of toys and other gadgets used for children’s education and Montessori. It would help if you had video and large screen TV in all the classrooms for playing educational videos and even cartoons depending on the class and the children’s age.
If you can, buy a school bus to offer to pick up and drop off students. Get a decent bus, and avoid jam-packing children on a bus.
#5. Employ Qualified Teachers
If you are just the school’s proprietor, you do not need any formal qualifications. However, if you will be the school manager, you need a minimum of NCE and educational administration experience. Teachers should have at least an NCE and experience in childcare education or play work. You should hire teachers who are passionate about children.
#6. Enroll Students
It is important that you have your teachers and staff available before you before enrolling students. Also, you should do this before the resumption date.
#7. Register Your Private School Business
Yes, you have to register your school. How can you go about this? In the next section, we will discuss the registration of the school business. Continue reading to find out more.
How to Register a School
Like every other business, you need to register your private school business as a sole proprietorship or, depending on what you want, with investors. Approach the registration body of your country or the Corporate Affair Commission (CAC) if you are a Nigerian to register your name; you may need the service of a lawyer for this, or click on “contact us so we can help you register your business or give you advice on the best decision to make.
Before you get Government approval, you must meet the requirements set by your state laws or ministry of education. The Ministry of Education can do the registration. You can start a school before getting the license but ensure you register your business at your country’s business registration body to avoid embarrassment.
How to Run a Private School Successfully
Now that you know how to start a school business, these are a few things you should know about how to run a private school successfully.
#1. Start Small
Start at a crèche or pre-nursery and employ additional hands that you can be able to pay. As pupil graduates from the pre-nursery class, they will automatically form the nursery/primary classes. It will gradually grow from there until it becomes a big school. This might take time, but it’s essential when seeking how to run a private school successfully
#2. Know the Requirements
Knowing how to run a private school successfully includes you find out about the general academic curriculum for students. Also, know the necessary books for the different year groups and provide everything adequately. You may decide to print branded notebooks (if you have the money). Also, you may create a school motto and anthem as your school expands.
#3. Have Necessary Educational Background
You should have an educational background, such as NCE or B.SC. If you have none of these, you can employ someone who has and is well experienced in running a school’s affairs to do it for you while you make a move in acquiring the necessary certificates. Or you partner with someone (since you have the capital) with the background certificate and passionate about school but doesn’t have the means to run a school business.
#4. Employ the Right People
Aside from teaching staff, you will need non-teaching staff like a security man, cleaners, and clerks or accountants to run a private school successfully. It is imperative to employ qualified teachers as the quality of teachers goes a long way in determining your students’ academic capabilities. There are many schools available; therefore, ensure that the quality of education you are offering is top-notch. This ensures that any pupil that comes into the school remains in school and also attracts more students. Generally, it would be best if you had good quality staff, both teaching, and non-teaching staff.
#5. Promote your school
Advertise your School. Ideally, you should have posters or pamphlets stating your school’s name, location, motto, facilities available, contact information, and any other information you feel is essential. You can also advertise your school via social media or billboards, depending on how much capital you have.
#6. Get a business Plan
The benefits of having a business plan cannot be underestimated. The benefits are enormous. If you can succeed on paper, it is more likely that you will succeed at the execution of more than one with zero written plans. We understand what business means, so we have drafted a well-detailed business plan to help you get started. Click on School business plan to buy
Top School businesses
#1. Lifeforte International School, Ibadan
Founded on the 5th of November 1990 by Pastor Olubi and Sarah Johnson, Lifeforce International School is a co-educational private Christian school consisting of the Preschool, Junior, and High Schools.
The school undoubtedly offers the best of national and international curricula with a vast range of subjects and options to achieve academic excellence and establish a sound springboard for A level school and university admissions. Lifeforte often has the best performing students globally, including in the Cambridge Examinations.
The school can be found at 1 Lifeforte Boulevard, Awotan GRA, Ibadan, Oyo State. Nigeria.
#2. Lekki British International School, Lagos
Lekki British International School is a top school in Nigeria. Created in September 2000 within the Lekki Peninsula part of Lagos, the school is regarded as the first British Boarding school in Lagos, Nigeria. The school consists of Lekki British Pre School, Lekki British Junior School, Lekki British High School. They provide an environment in which each student is assisted to discover his/her academic potential in the study, sports, and personal development.
The Lekki British High School is located at Victoria Arobieke St, Lekki Phase I, Lagos.
#3. Nigerian-Turkish International Academy, Abuja
In 1998, the school started with 14 students. It has, however, risen to be among the best schools in Abuja and Nigeria altogether. The school offers top-quality education using the Nigerian Academic Curriculum.
The Nigerian-Turkish International Academy is located at Ahmadu Bello Way By Kashim Ibrahim Way, Wuse 2
#4. The Ambassadors schools, Ogun State
Reputable for their students’ excellent academic performance, especially in sciences, The Ambassadors is one of the top schools in Nigeria for parents looking for quality education for their kids.
Established in September 1998, The Ambassadors has grown into a big school that has produced smart students who can fit into any field of endeavour in the world.
The Ambassadors is located at 1 – 7, Igberen Road, Opposite MAN Building, Off Idiroko Road, Oja Ota Bus Stop, Ota, Ogun State.
#5. Charles Dale Memorial International School, Port Harcourt
This co-educational and multi-cultural school admits students both nationally and internationally. Charles Dale Memorial International School is strictly boarding with great living, learning, and recreational facilities.
The school is reputable for some qualities, such as the strength of its programs, its nurturing culture, and its strong sense of community. Occupying over 30 acres of land, the serene setting and the school’s modern buildings offer a privileged, conducive study environment.
The school is located at Igwuruta, Ikwerre Local Government Area in Rivers State.
#6. Hillcrest School, Jos
Hillcrest’s focuses on providing a Christian perspective within the educational system, as it encourages students towards a genuine, personal relationship with God. The school is committed to training its students to become active, vital members of their communities and fosters an appreciation of their place in and obligation to the world around them.
At Hillcrest, they are committed to developing complete and mature persons, accountable to God and responsible for their actions, keeping with their tradition of high academic and spiritual standards.
Hillcrest School is located at 13, Old Bukuru Road, Jos, Nigeria.
School business is lucrative with a good number of pupils, coupled with good management. You can start a school business that will deliver a premium educational experience for a better tomorrow.
Is School Business Lucrative?
It is possible to turn a profit from operating a school if you have accurate cost estimates, a sufficient number of students, and competent administration.
What does it mean to go to Business School?
Getting your Master of Business Administration, abbreviated “MBA,” is commonly referred to as “business school.” In 1908, Harvard Business School established the first Master of Business Administration (MBA) program. Aspiring business executives have often looked to it as the pinnacle of their education since then.
Is Starting a School a Good Business?
Although starting a school is a good business strategy, it can also be a huge challenge. Even under ideal conditions, it is not simple. Many of the steps in this process are foreign to even seasoned educators, including coming up with a business plan, building, financing, logistics, innovative business ideas, and marketing. You can still make many benefits when you start on the right foot. What kind of business is school?
What Kind of Business is School?
There is a strong connection between a school and a business. It’s a place where students can get an education from professionals with the appropriate credentials. For their children to have access to these facilities and take part in the academic program, parents must pay tuition.
How do School make Money?
There are many ways for colleges and universities to make money, such as through endowments, gifts, tuition and fees, athletics, and grants. Schools can also make money by charging fees to students from other countries who want to attend.
What Jobs can Business School Get you?
The demanding jobs that a school business can get you are not limited to:
- International Management Analyst.
- Renewable Energy Technology Managers.
- Information Systems Manager.
- Financial Examiner.
- Healthcare Business Analyst.
- Emergency Management Director.
- Financial Examiner.
- Health Information Technician.
How do Private Schools Earn Money?
To earn money, it is common practice for private schools to require payment of an enrollment or registration fee. There are educational institutions that require their students to pay for textbooks and classroom materials. Donations and other private funding are often sought out to supplement tuition income for private schools.
What do Business Schools do?
A business school teaches subjects including accounting, administration, business analytics, strategy, economics, entrepreneurship, finance, human resource management, management science, management information systems, international business, logistics, marketing, sales, operations management, and organizational psychology.
Final Thoughts
This article has all that you need to start up your school business, so what are you waiting for? Hurry up and get started while using this article as a guide.
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