Changing Business Model In Education Franchising
Education and learning have always been thought to be in a physical ecosystem. But the current pandemic has moved the system to an online one. Edtech is not a new concept. Online education was prevalent in various segments of learning. But with the COVID-19 situation, it took newer dimensions. Very few of the brands who were present both online and offline analyzed the situation and quickly moved towards the change to online. One such brand that had a seamless shift from offline to the online ecosystem is Aptech.
Things To Consider While Selecting A Brand
1. Cultural fit - The DNA between the partners should match. What is the main focus of the brand?
2. The past behavior of the company – How the company has developed in various challenges in the past?
3. The business model - This should be a robust and a sustainable model. Check whether the brand already has a good model or is in the process of evolving one. If in the process, then is it sustainable?
Why Choose Aptech?
Aptech is a 34-year-old organization. It has a vast experience in the field. The company has demonstrated a robust and sustainable model. Its main focus is on building relationships. There are various situations where the company has proved itself the best in its area.
Presently, the major elements in the Edtech industry are:
- Technology plays a vital role in providing online learning. Adaptation to the newer technology is the need of the hour.
- Education is a skill-enabled or job-enabled industry. Learning objectives are not completely fulfilled by the online mode.
- Long duration of online education causes fatigue and boredom for students.
- Interviews and placements have to carry online.
To overcome these elements, Aptech has been quick in adaptation:
- Technological improvement was already in process even before the pandemic.
- It has brought in tools that enable overall learning.
- Certain concepts have been introduced to keep the students engaged.
- Various technological solutions have been taken up to carry the process smoothly.
Aptech has over 800 franchisees throughout India. It concentrates on education more than technology. It believes that one must not get carried away by the technology and forget the main aim to make students job ready. They have been franchising multi-franchises and unit franchises for a long time. However, one major limitation is to understand that the partners have to become collectively best and not individually.
Prerequisites To Buy A Franchise
1. The franchisee must not look at the opportunity as an investment only opportunity. Its core value proposition must be entrepreneurship. He has to have traits like that of an entrepreneur.
2. It is a ROI where I stands for Involvement. Proper time and effort is needed by the franchisee. The main focus should be on the franchise and not on any other businesses.
3. There has to be some local familiarity with the culture, language and knowledge.
A franchisee has to keep few things in mind:
- There has to be a transparent relationship between partners. Clear communication builds trust amongst the franchisor and the franchisee.
- Building a peer to peer relationship. One has to respect each other.
- Always remember the value proposition.
- The company faces challenges at different points and there are several limitations to the company. The franchisee has to understand the limitations of the brand. There may be several changes in processes.
Edited By: Vaishnavi Gupta