One of the important steps after making the decision to open a new school is considering the associated investments. Planning your finances is wise and an extremely important thing to do to maintain an effective gripping of the target audience and to match the needs of the ever-changing market. The feasibility study of the school is required for submitting the best-detailed project report. We at Shri Educare, provide the much-needed services and suggestions about the potentialities and the anticipated return on investment of a proposed school area. We are committed to adding value to your school by providing services like financial feasibility, academic audits, finances, and more.
Why Is Market Research Or Survey Required
Many a time new school startups jump straight into the construction stage of the new school building without analyzing the market, as in, the statutory requirements, what kind of a school will sustain in the long run, and so on. Market survey helps to determine a sustainable concept for your school as well as to ensure you are making the right investment. It is definitely a must thing to do in this volatile nature of the school industry world. Moreover, a lot of money goes into the setup of a new school so it’s always better to avoid uncertainty. Some of the probable methods to conduct analysis has been listed down below –
- Competitive landscaping
- Reviewing marketing plan and sharing the recommendations
- Understand the untapped market and feasibility study of the proposed area
- Analyzing the target market and need for a school in the proposed location
- Drafting of financial feasibility report
Through the feasibility study, various things are taken into consideration like analyzing the existing schools in an area, facilities offered by the school, lesson planning, reviewing revenue, the availability of workforce, and so on.
Why Is Executing Competitor Analysis Important
In any new school project, analyzing the competition in the area you are planning to open your school is an important exercise. A school promoter should have clarity of the points listed down below in advance, considering the existing competition in the market. This is only possible by having a detailed report of the feasibility study. Let us have a look at these points –
- A report of the existing benchmark set by the other schools in the area in relation to its academic programs, facilities, and activities
- A report of the current market trend
- Unique program and co-curricular offering that is not currently hosted by existing schools in the area
- Report of parents readiness to accept a new concept through a new school
- Survey of the quality of teachers and students
- Understanding of the admission process and fees of competitor schools
- The trend of pay structure of faculties in existing school
Is Detailed Project Report Required Before Start Of A School
A detailed project report serves as important documentation for all those who wish to start a new school. The report is a detailed and an all-inclusive development plan that acts as a guide to the school promoters. Further, it can also be used to obtain loans for the planned school project. So, ideally, a project report should be prepared before the start of a new school.
The detailed project report of the school includes important issues concerning the school project like the design phase of the project, philosophy of the school, academic programs, the structure of the organization, marketing and branding material, financial feasibility, market analysis, student admissions, project schedule, and so on.
Main Area Of Focus In The Project Report
Let us have a look at the main focus area in the project report –
- Market Assessment which includes location assessment for the new school project, identification of target audience, and the level of competition in the proposed area
- Gap Analysis which includes SWOT (strength, weakness, opportunity, and threat)analysis and competitor analysis of the school project
- Financial Feasibility which includes ROI calculation, estimated fee collection, and year wise salary expenditure for the coming 10 years, school operation expenditure, and capital expenditure for the entire school project
- Project Recommendation which includes fee plan, HR/staffing plan for the next 10 years, planning on sports infrastructure and curriculum, IT requirements for the school, and so on
- Legal Requirements like recommendations of rules and regulations to be followed within the premises of the school, structural guidance, rules for the school management committee
Planning to start a school in India and looking to add value to your esteemed school? Look no further and connect with Shri Educare Limited today! Since the inception of our company in 2008, we are committed to expanding our reach of providing quality education. We have a complete understanding of the school industry and always strive to offer our best services to the school promoters. Call us to know more about our services and we will be happy to help!