Are you searching for an opportunity to open a tutoring franchise? If so, this page will provide a list of options and basic instructions to help you on your path to business ownership.
Tutoring franchises meet the needs of students who are struggling in school, provide additional training to help children succeed and are even used to supplement home school education. Many parents look to outside assistance to help them educate their children, especially in critical areas such as math and reading. While all tutoring programs have different methodology, most chain tutoring company's expand through a franchising model.
Tutoring franchises are typically different from many other types of franchises in that they are primarily looking for franchisees that fit a specific model. They want individuals who truly feel led to help children and preferably have an education background. It is great if you have a business background as well, but the companies want to ensure a good fit to uphold their brand image. Most of the money for tutoring franchises comes from ongoing franchise fees based on student enrollment, rather than up-front franchising fees.
The top names typically mentioned in the franchise business are Kumon Reading and Math Centers and Sylvan Learning Centers, but other opportunities such as Huntington Learning Centers, Tutorium, KnowledgePoints Learning Centers, Mathnasium, ClubZ and Tutoring Club. Each franchise has different requirements, benefits and business models. Some feature a child learning center approach where children obtain tutoring at a centralized facility with other children, while others use an at-home tutoring solution. Some focus on a specific type of tutoring or learning program, while others are more gear towards the needs of individual students.
While you can open your own, stand-alone business that is not affiliated with a chain or franchise, buying into a franchise offers significant business advantages. Franchises offer a proven business model that you can replicate and often provide financing assistance for qualified franchisees to help get you started. In addition to start up assistance, franchises offer ongoing support from advertising to advice. Additionally, you start your business on a stronger foundation based on the name recognition of a strong franchise brand. This name recognition provides a source of credibility that can draw in more customers.http://www.entrepreneur.com/magazine/entrepreneursstartupsmagazine/2009/october/203504.html
Step 1: Research Education Franchise Opportunities
Franchising is a popular option in the tutoring industry for individuals who want to create an established, long-term business. Franchising offers built-in support and a business model that has been successful, typically hundreds of times. You also receive brand recognition that builds in a level of reliability, credibility and marketing viability.http://www.entrepreneur.com/magazine/entrepreneursstartupsmagazine/2009/october/203504.html
To find a tutoring franchise that fits your goals and style, you should research all your opportunities through literature provided from the franchise company as well as through alternative sources to make sure you have a good understanding of the commitment required, financial potential and company provided support options. You can often find information on the company's website or through a contact-us form or phone number. You can find a list of tutoring franchises on the Entrepreneur magazine website, as well as listings on The Wall Street Journal Online.
Finding franchise information is relatively simple to understand the basic model of the business. You should look further into the business by contacting existing franchisees to get a more real world perspective on the opportunity. You can also look at online reviews from customers, Better Business Bureau ratings, and a Dun & Bradstreet business report to ensure you will be working with a financially stable, reliable company.
Step 2: Meet Tutoring Franchise Requirements
Each tutoring franchise has different requirements that you must meet before accepted as a franchisee. Typically, requirements include an up-front franchise fee, solid credit score, a minimum of a bachelor's degree from an accredited college and sufficient capital to purchase required equipment and set up a facility (if required). Most also require passing a background screening and passing tests to assess your knowledge and education.
To meet the financial requirements to open a tutoring franchise, you can often look to the Small Business Administration to provide loan guarantees that you can use to secure funding through a traditional bank. You will be required to create a business plan as part of your application process and will need to create basic financial projections. You can also obtain funding from your own savings and from acquaintances. Most tutoring franchises do not allow absentee ownership, so a financing partnership is normally not an option unless both partners will be working in the business.
Additional franchise requirements can include passing training, securing an approved facility and passing telephone and in-person interviews. Educational franchises want to ensure a good fit between their methodology and potential franchisees since their reputation is part of their formula for success.
Step 3: Open Your Education Franchise
Once you have been approved for a new tutoring franchise, the hard work begins. You will need to attend all required training and you may need to find additional tutors so they can be trained in time for your business to open. During training, you will often go through an intense course designed to instill their tutoring methodology, provide overviews of the the tutoring materials, business practices and marketing strategy that will help prepare you to open you own tutoring franchise.
Often, training occurs on or near the franchises headquarters. It is good to take the time during training to become familiar with individuals in the franchise that can help you when you have questions or need assistance. Some franchises assign a person in the headquarters to help guide you, especially as you first open your business.
After your training is complete, you will need to secure a location if necessary and prepare it according to the franchise agreement. This may mean purchasing furniture packages, painting the walls specified colors and placing a company provided sign outside your business. For tutoring franchises that do not require a facility, you will still need to purchase the required materials and supplies you will need to get started.
While you are preparing your physical business, you should take the time to legally establish your business. Consider incorporating your business through an S-corporation. A legal business framework can help you protect your personal finances and legal responsibility, and may help in balancing your tax obligations. Check with a tax adviser for incorporation and tax setup information.
Once your business is ready to go, schedule your grand opening celebration. Consider multiple sources of media attention and connect with educators and schools in your area. Often, teachers and schools provide recommendations to parents for tutoring services, so make sure they know about you and your services. Consider holding open houses targeted at educators and parents to help them see how you can help their students succeed. Once your student enrollment is up and you start making a profit, you will have successfully [[how to open a tutoring franchise|opened your own tutoring franchise.
Disclaimer
The content in this page is not a substitute for professional financial advice. Please contact a finance professional before using the information presented here.
