The last several years have seen significant growth in the education franchise industry. For the aspiring franchise owner, early childhood education presents a wealth of opportunity with limitless potential for success. Here’s how:
1. Choose a Reputable Franchisor
Selecting the right franchise to invest in is one of the most important decisions a business owner can make. Be sure to seek out a franchise, like The Goddard School, that has a strong reputation and proven business model, and check up on their financial stability. Take the time to talk with current franchisees as well about their experiences with startups, support, and growth.
2. Develop a Strong Business Plan
When you embark upon the journey of opening a franchise, developing a strong business plan is essential.
Identify your target market
The first step is to consider your target market. You may be wondering, “What is a target market?” If so, you’re not alone. A target market is the group of customers at which your product is aimed. Consider who your customers are and how you’ll market to them to secure their business.
Determine your pricing strategy
Preschool pricing varies based on many different factors. Spend time determining your pricing strategy based on prices in the area and industry standards.
Establish financial projections
Develop financial projections that articulate your expectations regarding the financial future of your franchise. These projections will help demonstrate to bankers and investors how you will fund the repayment of loans and show investors how your business will grow.
3. Focus on Training and Support
Training your preschool educators and staff is vital to your long-term success.
Provide comprehensive training for staff and franchisees
Be sure to take advantage of the comprehensive training that franchisors like Goddard offer for staff, teachers, and franchisees alike. From developments in education and safety to procedures and management, Preschool staff training is ongoing and should be strictly followed for the safety and overall well-being of the children in your care.
4. Embrace Innovation
Stay up-to-date on technology trends
Technology in education is ever-evolving, and staying up to date helps you keep students engaged and your business competitive.
Research-driven teaching methods
As a franchise owner, you have the opportunity to embrace new teaching methods and pedagogical approaches in order to keep your students engaged in learning. Consider implementing tactics like project and inquiry-based learning.
Offer personalized learning experiences
Personalized learning is an educational philosophy on the rise, and offering individualized learning experiences can ensure your franchise stands apart from the rest.