Franchising can be the future of Indian Education Industry
Franchising in the education sector is as important as it is in other sectors. Although, in the education sector, it is not merely about expanding the business; being a part of sector brings many responsibilities along. Unlike franchisees in another sector, it cannot be just shut down if it doesn’t work for the franchisee owner. It has to be handled with extreme care. If the franchisee owner, for some reason, decides to shut down the franchisee in the middle of a term, then the students may face dire consequences as their whole year will get wasted, and because of that one franchisee, many parents will not trust the brand again.
Why Franchising In Education?
As mentioned earlier, franchising in other sectors may purely be for business, but it cannot be so in the education sector. Though money, as we all know, is essential for survival, it cannot be the prime aim in the education sector; else, it will not succeed.
Starting an educational institution is a lot tougher than it seems. In other sectors, when a new business starts, they initially do not have much longevity to the staff and they come & go before it finally begins to get stable. In an educational institution, it has to be consistent and stable from the very first day or the future of the students is jeopardised.
Purchasing a franchisee is a more feasible and stable option in education sector than to start something anew. Franchisor, in this case, and others, acts as a supporting hand. A franchisor does not promise stability of the staff, but they do offer training programs to get the teacher accustomed to the syllabus and teaching methods. A teacher is an employee of the school and, thus, an employee should be satisfied with his/her employer. Being a franchisee is beneficial for the employer too, because a person (teacher) will be more inclined to join a known brand than a new school because the franchisor has a name in the market and it stands for quality.
Dr. Hari Krishna Maram, Chairman, Founder & CEO, Imperial College, Bengaluru, tells us how franchising can be the future in Education in India. He said, “Franchising is more relevant in education. It's not easy to build an educational brand as it takes many years of efforts. These efforts will be fruitful if we can expand in multiple locations with like-minded partners offering same quality provided by the mother brand. I strongly feel this is the best way to grow in the field and this will be the future.”
Franchising will not only help reach out with education to remote places but will also help children get good quality education.
It is hard to establish a trust on a new company, especially if it is a school or any other education institution; but a brand stands for quality. As any person is more likely to be an employee of a known and trustworthy company, a parent is more likely to get their child enrolled in a school that is established and has experience in the field.