If you’re wondering how to start running your own business in an extremely profitable industry while also making a real difference to the lives of others, why not consider starting an education franchise? The sector is vast, full of many different specialisms, and sure to include the perfect franchise investment option for you regardless of your experience and interests.
The global private tutoring market is set to reach a value of over £200 billion by 2026 [GlobeNewswire]. Given this knowledge, and the context of a post-COVID UK in which parents understand better than ever the value of supplementary educational support for kids and adults are more willing than ever to try new things and put themselves out there (after so long spent locked down!), there’s never been a better time to invest with one of the top education franchises in the UK.
What does an education franchise do?
Before you head any further towards an investment in an education franchise, it’s important that you know what to expect. That way, you can assess whether the type of job you’d have as a franchisee in the learning industry is the type of job you’d like. Though there are a huge array of specialist options out there that will entail different duties, from teaching science with Mother Nature Science to running music workshops with Monkey Music, there are certain commonalities. Tasks you’re likely to complete on a regular or daily basis regardless of the type of education franchise you’re running include:
- Delivering educational sessions/workshops
- Planning and preparing educational sessions/workshops
- Researching within your niche
- Remaining up-to-date on education industry trends and developments
- Managing your business, from admin and scheduling to finances
- Managing yourself/a team of employees (dependent on the type of investment)
- Providing customer service and responding to customer queries
>> Read more:
Why consider running an education franchise?
It’s evident from the statistic mentioned above that the education industry is vast, and enjoys plenty of demand. This has never been truer than in the current post-COVID environment, after over a year of educational disruption and general uncertainty. Beyond the continued desire for these services, there are a few key advantages of running an education franchise, such as:
- The availability of low-cost, high-reward investment options
- The benefits of constantly accessible franchisor training and support
- The chance to have a positive, memorable impact on the lives of those you teach (adults AND children)
- The chance to do something/find a niche that you’re truly passionate about
- The flexible working hours and great work/life balance
I’d spent 32 years working for larger companies and, although the perks were great, I always had somebody telling me what to do. Now, I get up in the morning and think: What can I [do] today to grow my business, make the service better and help more children?
- Stephen Woolley, Tutor Doctor
How to start an education franchise
Now, you have a strong sense of what an education franchise does and why you might choose to invest in this area. If your interest is piqued, and you’d now like to discover the practicalities of starting an education business, keep reading. The following three steps will lead you to a viable franchise investment and ensure you tick all the right boxes along the way...
1. Consider your skills and find the right franchise fit
One of the biggest advantages of starting a franchise is that, in many cases, you can head into a brand-new industry without any strictly relevant experience. This is because your franchisor will provide you with enough extensive training to cover any knowledge gaps. Even without the need for qualification or experience, however, there are still certain transferable skills that you’ll need to possess to thrive as a franchisee in the education sector. Skills like:
- Customer service
- Active listening
- Public speaking
- Planning and time management
2. Research the education industry
Research is the name of the game when you’re preparing to make any kind of investment, and this is especially true for an investment as potentially life-changing and career-transforming as a franchise agreement. Even in an industry that could reach a value of $10 trillion by 2030 [Future Learn], research matters when you’re committing to something for a multi-year term.
Before you dive right in and sign a franchise agreement with a business, make sure you understand two key things: The education industry (the current state of it, the trends defining it, the way things seem to be heading within it) and the space you’d like to occupy in that industry. Do you want to teach children maths with Mathnasium? Or would you love to help make fitness fun for new mums with Busylizzy?
>> Read more:
- Franchising 101: The Official Franchise Start Up Checklist (Part 1)
- Franchising 101: The Official Franchise Start Up Checklist (Part 2)
- New Year, New Career: No Better Time Than Now to Start a Franchise Today
- Franchising 101: 8 Signs You're Ready to Start a Franchise
- Starting a New Business Doesn't Always Lead to Immediate Success: Here Are 5 Ways to Change That
- It's Never Too Late to Start a New Business
3. Do your due diligence prior to investing
One final thing that needs doing before you can officially launch and start running your own education business? Your due diligence. This step is one you can’t afford to forget (possibly literally). When you think you’ve found the perfect franchise for you, take the time to ensure that everything has been disclosed to you, from the franchise’s financial situation to the level of support and training you can expect to receive. Know what to expect, and know exactly what you’re investing in. Warning signs to pay attention for include:
- A poorly developed business model
- Not enough details offered about the franchisee training and support available
- Evidence of weak branding/marketing
- Unhappy current franchisees/franchisees who feel disconnected from the franchisor
- Inaccurate info contained within disclosure documents
- Any signs of financial instability
Become a franchisee and start a profitable, rewarding new career with an education franchise
If, after reading this article, you’re more ready than ever to make your move, browse Point Franchise’s wide range of education franchise investment opportunities. If you think you might enjoy inspiring the next generation in the tutoring sub-sector, stay on the website and discover a day in the life as the owner of a tutoring franchise, and a comprehensive guide to making a career change with a tutoring franchise.
Lily Sweeney, Point Franchise ©