Simple Steps for starting a Profitable private school business in Nigeria
To start your own private school in Nigeria is a very difficult task. It requires dedication, commitment and above all much capital. Private schools always contain a high level of academic quality, fewer students, more core subjects, adequate discipline, and good security. I believe that the reason for starting your own private school is profit inclined. Private schools are rising in number these days owing to the fact that public schools cannot keep up with the high number of students. The orientation of the general public is now changing to the idea that education is not specifically meant for the male alone.
In this article, I will be teaching you how to start your own private school in Nigeria.
Factors to consider before you start your own private school.
- Possessing good educational quality e.g PhD, HND, BSC: If you do not possess all these, you are required to hire somebody with all those qualities. Also, you must hire somebody with experience in handling school pupils.
- Having huge capital in place: Money is a vital thing you need before you can start your own private school in Nigeria. You will require about N12million to start your own private school.
- Finding a conducive environment for learning: No normal person will like to learn in a dirty and rough environment. So that implies you should search for a clean and spacious learning environment.
- Getting to know how lucrative the business is: If you are driven by money to start this business then this school business isn’t for you. You will need a minimum of 3 years and a maximum of 6 years to be able to make waves in the school business.
Now let us get down to the real business of the day on how to start your own private school.
These are the Simple Steps to Start your own private school in Nigeria, you should:
Write down a mission statement for your new school
What you are writing down is your aim and objective of your new school. It should contain how you want your school to run, the extra co-curricular activities you want. This is the most important thing to focus on when you decide to start your own private school in Nigeria.
Gather round board of directors
Before you think on how to start your own private school, you are required to gather people who have the same driven ideologies as you. If you succeed in doing that, I bet you your private school business will flourish with time.
Write down your business plans
Your business plan should contain your financial capabilities, marketing strategy and academic ideas. Writing down a business plan will greatly assist you when you finally open your school.
List out your budgets and expenses
This point is also essential in starting your own private school. The budget you will be creating should contain your startup capital. You are required to know that there is extra expenditure you are likely to incur when finally open your private school. For example, when you have a spoilt fan in any classroom, the extra money you will keep can help you get a replacement.
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Get a suitable location
As earlier said at the beginning of this article, getting a conducive environment for learning is key to acquiring a huge number of students. You can either build a school or rent a neat and spacious place which you know your prospective students will like. In addition, if you want to open your own private school, find a location where there are little or no schools. Note that this would help you in getting more pupils.
Employ qualified teachers/tutors
You cannot start your own private school in Nigeria without acquiring the services of teachers. That is because you alone cannot handle the enormous tasks waiting ahead of you. It is often said, the hallmark of a good school depends on its teachers. Therefore, you are required to hire teachers who have at least 5 years experience in the teaching job.
Also, teachers who obtained first class, second class upper and lower from their respective institutions should be your criteria. Since it is a private school you are starting, salaries of teachers would be high because of the academic qualifications of the teachers. It is also required of you to employ non-teaching staff members. They may include counsellors, gatemen, cleaner, secretary etc.
Have effective marketing strategy/Advertisement
You cannot expect to get a large number of students for your own private school without having an effective marketing strategy. You are required to print posters, flyers, handbill and distribute them to the public. The posters should contain what the students stand to gain if at all they apply to your school.
You can also create an enticing website and rank it well on search engines for people to know the whereabouts of your school. In addition, you can advertise your private school on local TV and radio stations as well as in newspapers and magazines.
Getting Federal Government Approval
You are expected to register your school under the right authorities so as not to regret when your school gets closed down. It will take some time before you get approved e.g 2 years. The more reason why you should register your private school is that some parents like to see their children go to a government-approved school.
Alternative means of starting your own private school business in Nigeria
Should you decide on starting your own private school in Nigeria but don’t wish to take the risk of it not becoming successful, I will show you other options that you have. This should be the best options for investors who don’t have heavy financial fundings.
Start as a Lesson/Tutorial Center
If you don’t want to take the risk of starting a school all at once, you can test the waters by kick-starting as a tutorial centre. This tutorial centre should be focused on writing external exams like Jamb, WAEC, and others like G.C.E. Once you are able to start gathering students who are interested in writing these exams, it becomes a starting point.
Begin from JSS1 or the Lowest Class
Once you are able to fill up your JSS1 class, you rest assured that you have enough students that would keep on graduating from class to class. This would become a continuous stream of income for the students in your JSS1 class as they move up higher classes. This is one of the smartest ways to start your own private school business.
Convert the Higher Class to SS3
Once you have gotten the name and goodwill from parents who were satisfied with your service (for making their kids graduate with good results), they will surely bring other kids to your institute. Once the exam class becomes too much in number, you can then convert it to an SS3 class.
Open up Admission for other class levels
This would be the last step if you decide to start your own private school. At the stage, you have gotten the name, number, and feedback from parents. You can now go back and work on it, open up other classes for admission; then you start swimming in money. That is how starting your own private school can be so profitable.
Starting a private school business in Nigeria is very lucrative owing to the fact that the fees of each student are always high. This is due to the excellent teaching by well-qualified teachers. I hope this article has been able to teach you how to start your own private school. To get more ideas, just subscribe to the blog with your Email.