Private school business is a very good lucrative business. The reason why there are a lot of private schools everywhere is because of lack of maintenance of some Government schools. The fact is that starting a private school is a challenging process and generally takes no less than 2 years. That is the more reason why you have to be patient. One of the reasons why parents prefer to take their children to private school is because private schools often have high academic standards, low teacher-student ratios, availability of non-core subjects such as art and music and an emphasis on discipline, safety, community service, and values. Private schools can be proprietary (for-profit), however most are incorporated non-profit entities. On this article we are going to discuss the steps that will guide you in starting a private school business. The following are the 10 steps:
1. You have to make a decision on the grade levels for your private school.
You have to make a decision on how many and which grades will you start with and how many will you eventually grow to include?
If you look around some private schools they start with fewer and lower grade levels and add upper grades over time.
2. Another step is for you to write a mission statement for the school to focus your reasons for starting a private school.
Ensure that this statement is the driving philosophy for your educational plans and a way to gather community support.
Try as much as possible to make sure the mission statement include a rationale for starting your school, your school values, the educational approach, the curriculum focus and goals and planned outcomes for students.
3. You also need to assemble a private school committee.
You need to assemble a committee that will eventually become the core members of your board of directors.
Try to make sure that the committee members are experts in different areas, including education, legal, accounting, business and construction.
4. Try to make sure you research your states educational requirements for private schools.
Requirement for private schools differs. In some states, private schools are overseen by a division of the Department of Education. Why in some other states they have individual accrediting agencies for private schools, some others have no private school regulations.
5. You need to create the business entity.
You have to determine if your private school will be proprietary (for-profit) or non-profit.
From my own experience most private schools incorporate and apply for tax-exempt status. File the appropriate paperwork with your Secretary of the State and the IRS. Your founding committee attorney should handle this step.
6. You need to write a comprehensive business plan for your private school.
Writing a business plan for your private school is very important. Try to create a 5-year business plan, including operational plans (such as financial and marketing) and educational plans (such as educational focus, curriculum, implementation and assessment).
7. Try as much as possible to determine your budget and secure your funding.
Make sure that the budgets include capital expenses.
Also try to make sure that your committee accountant or financial specialist should help with the budget, or you should seek expert advice.
For example if your private school is operating as a non-profit, solicit contributions by asking for donations from foundations, applying for grants and establishing donations from private donors.
8. Try to find a good and conducive location for your private school.
Getting a good location for your private school is very important. Try to locate a current facility or develop plans to build one.
9. Make sure you Interview and hire critical staff members.
At the beginning the first 2 staff members you should hire are the headmaster and a business manager. This should be done approximately 18 months prior to the start of school so you will have experienced professionals to help implement the final steps to starting your private school.
One of the functions of the headmaster/administrator is to help you handle the educational and staffing aspects of the school plan, on the other hand the business manager will work with you on duties such as enrollment and purchasing.
10. You really need to promote your private school to prospective parents and students.
Make sure you advertise for students through community, church and service groups. You can also advertise through local newspapers and magazines and submit your school to online and private school directories.
Try as much as possible to design a professional website that will provide admissions and enrollment information.
Try as much as possible to join national private school associations for exposure such as NIPSA.org and NAIS.org.
The following mentions above are the 10 steps on how to setup a private school business.
Hope this article is helpful to you. Wish you all the best in the business.