A School Feasibility Study: Critical Element to Starting A School
By w2may | January 11th, 2011Education entrepreneurs are not an exemption when it comes to creating school feasibility studies before start up a school. In fact, a feasibility study helps ensure the school’s success. Large corporations and multi-national business ventures create in-depth market studies to prevent lapses. However, about 50% to 80% of businesses fail during their first few years of operation. The global landscape is littered with failed schools.
By conducting a feasibility study, you can avoid failure. If done correctly and properly, it will also establish a successful school startup environment and operations for the coming years.
Just like for any type of business, a school market study is very important. Knowing the fact that there is a demand for education in the area will simply not suffice. The study must analyze the many variables that parents consider in determining whether to enroll their children in a school. Selling education is not like selling widgets. For most parents, nothing is more important than the education of their children. Thus, expect parents to be really critical. They will evaluate schools on different aspects like the kind of education, facilities, location, extracurricular activities, and so on. As an education entrepreneur, you have to understand how your market works and the way the parents in that market think, at the same time.A good feasibility provides this information and informs the school formation and startup process.
Apart from the sentiments of parents, startup and operating requirements should also be indicated clearly in the feasibility study. Factors like facilities acquisition, design and development, marketing and administration, student management systems need careful consideration. A comprehensive, impartial analysis of project requirements plays a crucial role. Education entrepreneurs should be careful so that there will be no miscalculations.
Be sure to include the startup and operating budgets of the school for the first five years of operation. To be prepared, the projections should include best, tolerable, and worse conditions. The projections should include theories and hypotheses so that accurate basis for the projections can be formed. It is important to consider industry benchmarks in developing the financial projections. Budgets with projections far outside industry ranges for major expenses and growth projections are serious red flags. Don’t forget to include a break-even analysis. A comprehensive, professional financial analysis will help startup schools avoid pitfalls and provide critical information for what is and what is not feasible.
Startup schools fail because of: underestimating the competition, poor execution, undercapitalization, and lack of competitive advantages. But with an excellent feasibility study, you will be able to dodge these pitfalls and come out successful.
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Tags: business, education, management, school
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