Having a business plan in place is important for all potential franchisees, as it helps run a successful tutoring franchise. One of the advantages it brings is that it helps organise your thoughts and goals for the business. This makes sure that you, as a business owner, does not overlook something important and is a safeguard against unfruitful business decisions.
The following blueprint should help you devise a business plan for your tutoring franchise:
1. The nature of your business
This specifies what subjects you’d be tutoring in, e.g. mathematics and English. It may also highlight subjects you specialise in if you choose to hire a more qualified tutor, e.g. a foreign languages or elective subjects.
2. Remember your market
Your target demographic needs to be at the core of every business decision you make. This will influence the location of your business or even the methods of advertising you may choose to use.
You may choose to get local demographics regarding the target market, age, household income, etc. to ensure the service you are selling is demanded and attainable for your core audience.
3. Define business objectives for 3 years that follow
While being realistic, give yourself something to aim for. This could be a certain profit margin you want to reach, a goal number of customers or perhaps opening a second tutoring franchise!
4. Cover the financial information
If you take a loan, forecast your profit margin projections. A receipt book helps keep a track of payment, or you may use computerised processes or payment methods for the same.
Competition and Marketing
1. Cover the market research that you have undertaken
This can include how much you’d be charging per lesson.
2. How do the future trends stand to impact your business
Private tutoring is generically a growing and sought after business, so understanding the growth of the private sector may allow you to implement successful strategies in your franchise. You can access local demographics over Google.
3. Aspirations of your customers
Your students might be looking to improve their academic performance or do better at an exam. This information should come in handy when you advertise your business.
4. Competitor analysis
Competitor analysis is no longer seen as a negative approach. Having competition specifies that the market is strong for conducting your business and gives you the opportunity to continuously better the company.
5. Marketing strategies that your competitors use
They may be using implements such as digital marketing, OOH marketing, TV or radio ads, local newspapers, yellow pages, GMPs, or local business directories.
Conduct a SWOT analysis
1. Strengths
What differentiates you from the competition?
2. Weakness
Is your business vulnerable to any problem areas in particular?
3. Opportunities
This covers the scope for the growth of the business or finding more students.
4. Threats
This defines the odds of an increase in competition levels.
Marketing
1. Price
Does your profit margin deliver scope for a good net profit after covering all related expenditures?
2. Location
At what locations do you plan to market your services, such as public libraries or sports centers? Will you use flyers, posters, or social media marketing for advertising your business?
Operations
From where do you plan to operate your business? Your home, nearby location, or an upscale location? What makes this choice preferable? You can also specify the equipment you’d be renting or buying for your business.
Financial Forecasts
It is preferable to define your business objectives for 3 years that follow. This may include the predicted expenditures, turnovers, and profits for 3 years, defined separately.
Furthermore, if you have taken a loan, you can postulate your payments to the financers and bank charges.
This information should be sufficient for creating your business plan!
When you have a good business plan in place, along with the right setup, you may find more success. Tutoring the students well and marketing the business right will also help.
With the new franchising opportunities available with HSC Success Tutoring, the hard work has been taken out of operating your own business. Using a tried and tested business model, HSC Success Tutoring is a ‘turn-key’ business opportunity that allows you to begin work almost straight away.
If you want to learn more about the franchising opportunities with one of the leading tutoring companies in Australia, visit our website.