This is a Guest Post by Nitin Vijay, Managing Director at Motion Education Pvt. Ltd ( Motion IIT JEE)
In current scenario of education sector it is pretty difficult for an education based startup to flourish without going through major up and downs. Life can be uncertain and entrepreneurship does come with its own set of risks however there are few strategies or you can say key points to be kept in mind in launching an educational startup that is bound to sore high and bring with it a success rate which can ultimately lead into making a mark for yourself in the educational enterprise domain. Here are the top 7 tips to focus upon and take into account while setting up an educational institute.
Imparting Quality Wisdom: Apart from food clothing & shelter education is now one of the basic necessity that is a priority for any country to prosper therefore whatever is your offering, it should be with a purpose of creating value to the customer i.e. primary objective should be – benefiting the customer.
Logical Pricing: While we always talk of education being a dire need to progress in a society then the fee it is obtained at is a great concern too. So whatever you offer it should be price competitive and not exorbitant. People definitely pay for quality and go all out of their way however while a business is just at the initial stage and has ample to create in the market, it is best proposed to be charging a market friendly price.
Multiple Revenue Options: As the old saying goes, “do not put all your eggs in one basket”, one should be available with multiple revenue options or a certain base that keeps him/her strong on the feet. Whatever your start-up is, please do not keep your focus on single product, having multiple options or at least one safety net is essential. Say if your product is not selling in market then you may have concerns over financial issues (if you are not heavily funded).
Selection Of Employees: Choose your employees wisely as for any start-up, team is more important than the product itself as your team should match your enthusiasm for the product or offering. In an educational start-up you can put in endless efforts at marketing your institute however if your faculty and team members are incompetent then every effort will be futile.
Regular Update Of Product / Offering: If your product is based on educational content then it has to be updated as per the curriculum of boards/universities or equivalent bodies. Syllabus changes and patterns change too in examinations and entrance tests, an aspirant will be majorly affected if he/she prepares the entire time with old dated study material.
Relevancy: Your product or offering should be relevant for educational bodies (like school or colleges or equivalent) as they will help in promotion for the same.
A Strong PR Strategy: It is essential that every startup engages in a strong Public Relations strategy especially in the case of educational network as it is one of the best ways to promote and add value to a business since people look forward to a brand’s image and how the media perceives it in addition to creating awareness of the programs and courses to be offered by the educational institute.
These are the top tips that will definitely change a lot of aspects to looking at your business idea and will add more substance to your existence and increase the chances to rise and prosper. Nothing comes overnight and since the educational business can be a tricky one you need to make sure that if the basics are set right and the foundation and commitment towards it is strong, no one can pull you down and success is bound to follow.
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