Preschool Franchise vs Starting Your Own Preschool: What’s the best option for you?
Are you passionate about educating young minds and thinking about starting your preschool? Congratulations, you are one step closer to the business world. However, every entrepreneur faces a classical dilemma. Should they start their own preschool or go with a preschool franchise?
Consider the following factors before making a decision.
1. Risk-taking capability
If you choose to open a franchise of an already existing preschool, then that requires a significant investment in the beginning. However, there are good chances of your business being a success. You will get the advantage of an already existing brand name. There will be little to no marketing costs.
On the other hand, if you decide to open your own preschool. You will get little to no guidance and you have to do everything on your own. It may not require a huge investment in the beginning but it has a risk of failing.
2. Level of autonomy
Do you want to decide the curriculum of your school on your own? A preschool franchise will provide you with the study material, curriculum, marketing assistance, and support. However, if you start your own preschool, then you have the creative freedom to make all of these decisions on your own.
3. Readiness to face competition
The paradox of the franchise model in the education system is that other schools of the same franchise are your community and your direct competition. If there are more than one franchise schools in your location, then the competition becomes tough, and you may lose some sales to the other school. However, you have the opportunity to learn from each other and get support from the franchisor.
On the other hand, if you are creating a new school name then you have to face less competition. You also get the opportunity to start with a fresh unique selling proposition.
4. A preschool franchise provides immediate returns
Consider your priorities. If you are looking for a readymade business model with the potential of rapid expansion, then choosing the franchise model is the way to go. You have to put an upfront amount but within a span of time you will get immediate returns.
Starting a new brand in the preschool market is a bit more complicated. There are more than 600 preschools in Delhi alone. Making a name for your new preschool in such a market is possible but it will be time-consuming. Ultimately you have to decide your priorities and factors like your budget and the time you have on your hands.
5. Your passion should speak for itselfUltimately, the decision depends on your resources, goals, and preferences. If you want to start a new school that becomes a disruptor in the industry, you should start a completely new school. However, most people do not have the financial resources to burn money and they want immediate returns. That is why a lot of education entrepreneurs prefer the preschool franchise model.
