5 things you must know before starting a coaching business
Teaching is a noble profession and is a great way of contributing to society and enhancing the skills of the young students. In India, particularly, teachers have always been very highly regarded. However, the regular school and college classes have not been able to suffice the requirements of a student. Coaching centres aren’t new to the Indian context. In today’s highly competitive environment private coaching/tuition centres are the medium for a successful education business. If you are thinking of setting up a coaching centre, here are a few things you must consider before starting your own coaching centre.
- Licensing and Registration
If you want to start a small scale coaching centre, there are no licenses required to be obtained. But, if your coaching centre intends to be the size of an institution, you would need to get a trade license and pay tax for the revenue generated by the centre. If the financial gain of the centre exceeds 9 lakhs per annum, registration of the business becomes mandatory and service tax becomes payable within 30 days.
- Determine your Subjects
Before starting a coaching centre, you have to decide about the subjects that will be taught. Depending on your own educational qualifications, you can teach children of several age groups, and even young adults. The best option is to do a little bit of research to find out what subjects are in demand amongst the students in your locality but there is hardly any tutor available for it, then you must start with it. You can hire an expert tutor who can offer quality education to the students and charges affordable rates. Knowing an additional foreign language (such as French, Spanish, German, etc.) will add value to your education business.
The coaching centre should ideally be located in a central place. You can also hire commercial space, preferably a nice complex in the town or city. The Location factor does have a binding effect on the students. The reason for choosing the central location is that it will be easier for the students to reach the classes and will create natural publicity for the coaching centre
Once you get a proper location, you need to look after the infrastructure, adequate seats, lighting, parking facility, and recreational facility are few things that you need to keep in mind. The coaching centre needs to have space enough for the students to hang around. As the students will be coming on a daily basis to the coaching centre, it will be of worth if you are able to provide them with some extra space to keep their personal belongings.
- Staff & Study Materials
You have to be careful before you hire staff for your centre. Competent staff, considering the need of the students and the subjects you are covering, needs to be hired. Look out for dedicated and experienced teachers to add to your faculty. It is one of the vital things that you have to consider for the successful functioning of your education business. Your students will judge you from the quality and approach of the study material you provide them. Your Study material is your advertising. This will not only increase the reach of your coaching centre but will also instil faith in the student community who comes over to the coaching classes.