Three tips for starting a business in the children’s education sector

 

With 64% of the UK workforce wanting to set up a business1, it is safe to say we are not short of entrepreneurial aspiration. There are many reasons why you might want to set up your own business. For starters, being your own boss gives you the freedom to make your own decisions and pursue your own ideas. With complete control over the direction of your business, there is opportunity for both personal and professional growth. 

 

Starting a business can be a great way to turn a passion into a career, with the added benefit of the potential for financial reward. While start-up businesses have a high failure rate, franchising allows a way into business with the support, training and structure of an established business model. 

 

Justin Nihiser, CEO of kids coding franchise Code Ninjas, offers his tips on the top things to consider when starting a business in the children’s education sector. 

 

1. Research the industry 

To prepare for any investment, particularly a franchise agreement that has the potential to transform your life and career, research is essential. For anyone looking to invest in an education franchise, it is crucial to have a thorough understanding of two critical aspects: the education industry - its current state, defining trends, and future directions - and the specific market niche you plan to occupy within the industry. 

 

The field of tech education is constantly evolving and several trends are shaping its future. The integration of emerging technologies such as artificial intelligence is offering new ways of teaching and learning. Personalised learning is also gaining momentum, with tailored learning experiences to individual learners based on their preferences, abilities and learning styles. There is a trend towards increased collaboration and project-based learning - essential skills for the tech industry. 

 

Prospective franchisees need to research the industry before investing in a franchise as it allows them to gain a thorough understanding of the current state of the industry, the market demand, and the potential opportunities and challenges. By researching the industry, prospective franchisees can assess whether a franchise opportunity is suitable for their skills, experience and financial situation. They can also determine whether the franchise fits with their personal and professional goals and aligns with their values and beliefs. Moreover, researching the industry helps prospective franchisees to identify potential competitors and understand how to differentiate themselves from them. A thorough understanding of the industry you are considering entering lays the foundations for business success. 

 

2. Consider your skills 

If you are entering a new industry, seek a franchisor who provides extensive training to cover any knowledge gaps. Here at Code Ninjas, we recognise that educating young people requires a whole host of skills and qualities. We welcome those without a coding background, as our robust training and support systems are specifically designed for non-technical people to thrive. Even without strict qualifications or experience requirements, certain transferable skills are essential for success as a franchisee in the education sector. 

 

Good communication, the ability to liaise with parents and make children feel comfortable are essential skills for franchisees in children’s education. Customer service skills, team management, a drive to succeed and business development skills are key for any business, but one of the most important qualities for education franchisees is the drive to make a real effort to support local communities wholeheartedly. Being a business owner comes with a certain amount of responsibility, and, for Code Ninjas, creating the opportunity for all children to grow their confidence and skillset could not be more of a priority. 

 

3. Do your due diligence 

For prospective education sector franchisees, carrying out financial, industry and franchisor due diligence means a thorough process of gathering and checking information. The more research you do, the better informed your decision will be. A thriving and rewarding sector, the education sector has its challenges, and your analysis of a franchisor’s suitability to you and your goals and aspirations is crucial. 

 

From seeking out testimonials from franchisees to addressing whether there is a need for the product or service you would be offering, due diligence is all about building a picture of your potential business. Evaluating franchise growth, strength of the brand and length of time in business, assessing support, training programmes and what makes the business model stand out from its competitors means you can better compare competing opportunities before committing to a long-term franchise relationship. Investing in a franchise comes with both benefits and drawbacks and ensuring that it aligns with your lifestyle and budget before proceeding is essential. 

 

 

A candidate who is well matched is clear from the off - willingly providing necessary information, attending meetings, and displaying a positive attitude are all important behaviours for franchisors when meeting with a potential franchisee. Providing an educational experience to consumers involves building long-term relationships. Our most successful franchisees consistently create a culture within their businesses that resonates with employees, parents, and children alike. As we interact with candidates throughout the recruitment process, we look for specific attributes that may indicate their ability to provide warmth, great care, and a relentlessly positive attitude to all stakeholders. 

 

To find out more about investment opportunities with Code Ninjas, visit: www.codeninjasfranchise.co.uk