Study Abroad Franchise: How to pick the right Parent Company
Starting a new business is one of the most exciting you can ever make. First, you must find a fine idea, and then begin planning for the marketing, branding, sales, hiring, etc. The next step is to work on the product strategy and finally, raise capital to execute your plans.
Sounds like a lot of work. right? This is where Franchise Business can help you.
Rather than building a business from the ground, opening a franchise is less risky than because the business model has already been proven successful.
In this article we will discuss about Study Abroad Franchise. If you’re looking for an opportunity where you can be involved in student support and lend a hand in fulfilling the dreams of thousands of young study abroad aspirants then this will be of interest for you.
Overseas Education is an established industry in today’s world. The companies with professional insight, student friendly approach and high quality counseling are the main criteria on which you will be able to sustain the position in the industry. You are the best fit to get into this most rewarding profession if you are educated, have passion for helping students to realize their education, career and migration goals. Skills like self-learning, online research and attention to details would make you a great consultant, who in-turn coupled with years of expertise of the Franchisor, can deliver expert assistance to students aspiring to study abroad.
The most essential aspect to consider is collaborating with the Right Franchisor as your franchisor will give you the best guidelines of how to become an abroad education channel partner and to make the most out of your investment.
Steps to pick the Right Franchisor:
1. Study the Market to know the Big Players
There are many big players in the Study Abroad Service Sector. The most important part is for you to identify them, know their background and reputation in the market and shortlist them as per your preferences. A thorough market research also helps you get an upper hand in understanding customer’s point and preference, followed by the latest market trends and consumer’s needs.
2. Shortlist the Franchisors of your Choice
Once you identify the best and the big players of this industry in your region and it’s time to start making a list of hierarchy considering the student satisfaction, as that’s the key aspect for business growth. Apart from the student satisfaction you also need to consider their Business Model, investment required from your end and the return of Interest.
3. Study the Franchisors’ Business Plan
In a Franchise business; everything depends upon the Franchisor’s business model and the success rate of the same. It has to be well established with the capability to work in different demographics. If you take a plunge into it without proper research, then it can lead to a great loss. So, study and compare the shortlisted Franchisors’ Business Plan in depth and further shortlist as per your preferences and the profitable aspects.
4. Do a comparative analysis & Finalize your Franchisor
Once you shortlist the final few you’re interested in, it’s time to analyse every segment of their business model carefully. You can also try to get in touch with some of their franchisees to get a real feedback but you need to remember that their experiences will vary based on their attitude as well, so their feedback cannot not be the final call.
5. Pick the ones you find to be the most Reputed, Reliable and Profitable
Once you finish this entire process of shortlisting and understanding your choice of franchisors in depth, comes the time to finalise the one you’ll go ahead with. So here you can approach your final 2 to 3 franchisors and then decide after a final meet. Do remember that the profitability of the franchise should be evaluated along with the franchisor’s reputation in the market and the reliability as well before buying the franchise.
The best part is by taking up a Franchisee of Studies Abroad you will not have to worry about the business plan as the parent company will take care of it. A complete handholding would be done throughout to ensure the quality of business.
So, once you shortlist the Franchisors based on the above parameters, you need to connect to them, meet them, test them, do a market survey to analyze how reliable they are and take the next leap only when you are rest assured that this is the Franchisor you would like to work with.
In the next article we will discuss how to start abroad education business and the basic criteria required for setting up a study abroad consultancy.
So Do Check Out Our Next Article.
