How Education Businesses and Economy Go Hand-in-Hand
In the making of a country and economy, there is a big contribution of humans. Humans work in companies and organizations to earn a living and push the organization and the economy of the nation in return. This is why human resource plays immense role in the growth of any economy. A huge stress is given on the literacy of the citizens of any country because of the importance of the human resources. This is why the education sector plays an important part in the overall growth of an economy.
It is evident that the education sector is a recession-proof industry and hence can be flourished into an important area of investment. Since a long time, the avenues of the education sector have broadened itself and have made education into a strong pillar of the economy.
Education business: Big Investment Opportunity
Economics has always given equal importance to a form of capital other than physical capital, which is the human capital. With investment in human capital in the form of education, the three major effects can be expected: increased expenses, increased productivity, and increased return on investment. Increased expense on education is as normal as any kind of investment done on any other business. While increased productivity can help human capital in bringing more output in the industry, the return on investment can be measured in the form of higher incomes.
In conversation with Franchise India, Dr Anil Sahasrabudhe, Chairman, AICTE, talks about the ever evolving education economy of India. Sahasrabudhe says, “Education is basically creating confident human beings and in the process they also contribute towards society, to economy, to political structure, anything for that matter. Today, everyone talks about employability of graduates and the jobs being available or not. Therefore today education has also gained significance in terms of creating good quality employable graduates who are useful for industry.”
Concept of Franchising Gives a Boost
Human capital is a significant contributor in the economic growth of a country. The relationship can be measured by how much is invested into the education of the citizens. The traditional K-12 schools can never be replaced by any new educational platform, but starting a new school has always been difficult for those who wish to start their own venture in the education industry.
The concept of franchising has made a lot of difference in the approach. Franchising has made the market more flexible for new edupreneurs; this has given the education economy a rigorous push towards success. Franchising also comes up with a financial relief to the franchisee as many of the franchisors provide financial backing to new franchisees. Franchising helps the edupreneurs to fulfill their aspirations and to do greater things in educational field. Therefore, in the near future, franchising is likely to dominate over new startups in education.
As the franchise is associated with a big institution, it is not so difficult to find highly qualified teachers too; rather they would willingly apply for your vacancies! That’s the power of franchising in education economy.