The education market is big and growing. In the UK alone, the education industry produced over £58.9bn in revenue (IBIS World, December 2023) over the past year and is projected to increase by 2.2 per cent annually. So, if you’re a passionate educator with an entrepreneurial spirit, then an education franchise opportunity might be the right investment for you.
Franchising offers a unique combination of autonomy and support, while allowing you to gain the independence of running your own business with an established and recognised brand. As an education franchise owner, you will also have the chance to channel your enthusiasm for teaching and learning, provide an incredibly important service to your community while applying your business acumen to build a sustainable venture.
Here, Frank Milner, the global president of the in-home and online tutoring franchise, Tutor Doctor, shares his insights on the benefits of why now is the right time to start an education franchise and why it can be a rewarding and smart business decision for prospects looking to invest in or kick-start a new career path.
Established brand recognition
Joining a franchise that already has a loyal following, an established and trusted reputation, and a winning track record is a great way to ensure your success as a new franchisee. This is particularly pertinent in the education sector when launching a franchise, as it can make it easier to attract students and gain trust from parents and the community, as they will feel more secure seeing a reliable, respected brand when choosing services, such as tutoring, for their children.
Additionally, the franchisor should be able to demonstrate its level of progress and achievement over a sustained period of time and provide prospects with a clear understanding of their target locations and demographics to make the franchisee’s location site successful. This reduced risk and safety of investment will then make the decision of which education franchise to choose much easier.
Proven business model
One of the biggest advantages of franchising is that the franchisee is buying into a proven business model. The franchisor has already established the brand, developed the products or services, and tested the market. This can save the franchisee a lot of time, money, and effort that would have gone into developing a new business from scratch. Any franchise opportunity that can maintain stability during unpredictable times, such as an economic recession, will inherently be a better bet for investment. Education franchises often serve as an ideal choice as, no matter the economic landscape, parents always want to provide their children with the best possible experience.
The viability of a franchise often hangs on the market demand for its products or services and can greatly determine its prospects. For example, tutoring has seen a significant increase in demand post-pandemic due to the widening learning gaps in learning for children and the rise of the competitive nature of higher learning institutions. Being able to provide a progressive and positive educational environment for children will always be a top priority for parents. With this growing demand for quality supplementary education, investing in an education franchise will lead to a more secure financial future.
Flexibility and financial independence
Owning an education franchise allows you to set your own hours and adapt your business model to fit your lifestyle and goals. It’s a role that can be tailored to your strengths and preferences and gives you the flexibility and fluidity that you might not have experienced in previous careers. Financial independence is a key motivation for many entrepreneurs. In the education industry, achieving success is not about just being a profitable business, but also the gratification of contributing to the community by improving educational opportunities. If you are someone who thrives on making a difference and is ready to lead in the business world, establishing an education franchise could provide the perfect mix of mission and management, making it an ideal venture for ambitious entrepreneurs with a passion for education
No need to have an education background
You don’t need to be a teacher or have an education background to start a lucrative education franchise. A franchise owner, however, does need to have a strong business acumen and a commitment to improving children’s education, along with support from the franchisor, who will provide them with the necessary tools and guidelines to launch a successful franchise. For example, a tutoring franchise can hire qualified tutors to represent the franchise while helping students achieve success.
Frank concludes: “As with any investment, it’s vital to carry out thorough research and conduct due diligence on any brands you are interested in. Understanding the local market demand, competition, and specific franchise terms are equally important before going ahead. This will not only help you to align the business with personal goals but also evaluate the market opportunities. Owning an education franchise is an opportunity to lead, grow, and make a significant impact in your community’s education landscape. And best of all…you don’t have to do it alone!”