Private School business is currently one of the most booming businesses in Nigeria although it can be demanding and time-consuming. The processes involved are a lengthy and complicated process but the testimony of those who have been there will be a source of inspiration to you. Starting a private school needs a lot of money and support. Despite the hurdles, you have to cross before you get fully established as a thriving business your spurs and encouragement will be to know that you setting up to make a difference in the lives of children and families.
For a start, don’t be over-anxious about the money you will make. Be more eager to do everything you possibly can to ensure that you give the children the best education they will ever have. Your achievements will be a testimony that will drive your business forward. We have compiled a few guidelines to walk you through the processes you need to go through in order to get your business established in Nigeria.
1. Identify Your Educational Niche and seek for Support:
Specify the educational niche you want to invest in and remember that you cannot do that alone. You need supporters to work with you to see to the actualization of your goal. Your supporters ought to include a lawyer, an accountant, teachers, and parents. They would be required to work closely with you to put the required things in place before the usual period of 2 years that it would take for the school to open formally. Seek the opinions of your supporters. It will be in your best interest to trickle down your educational niche. It is better to start small and then broaden your tentacles as grow. You can decide options like nursery school, primary school or addition of the two, secondary school, college, polytechnic, universities, etc.
Once you have made up your mind in the form of school you want to invest in, you should as well decide the number of grades you want to start school with. Try to start small and grow solidly. Set up the primary division and then add the upper grades as time goes on.
2. Tackle the Business and Legal Matters
The lawyer in your support group ought to be the one to fill for incorporation and your tax exemption. The accountant ought to be instrumental in establishing a start-up budget. You should work together with your group to come up with a 5-year business plan for your school.
There are costs that are supposed to be incurred with the filing; your lawyer should be able to donate his legal services to the cause.
Obtaining a certificate of incorporation is a significant step in your long term fundraising. People will be more willing to donate to a legal entity or organization that to you as an individual person. If you otherwise decide to operate as a sole proprietary business owner, you may find it difficult when you would need to raise funds.
3. Acquire Property in a Good Location and Hire Major Employees
Immediately you are done with the legal matters, hire a school director or headmaster and a business office manager. Your support group will assist you to come up with detailed job descriptions for the required positions. These main staff members ought to be hired for roughly 18 months before opening day and will work together with the support group thenceforth.
4. Develop a Budget
Your start off-budget should be developed within 18 months. It should include the projections of your expenses and incomes for five years. The accountant in your support group ought to be responsible for the production of this important document. You would be required to develop an operating budget and a capital budget. A playground or an arts facility, for instance, would fall on the capital side, whereas planning for social security expenses would fall into an operating budget expense.
5. Find a Location and Obtain a Landed Property or Acquire an Already Built Structure
Acquire a land that will be used to build the school structure or purchase or rent a facility to use as the classroom. An architect and contractor in your support group should take care of this responsibility. Ensure that you get a good and strategic position that is safe for school. Parents wouldn’t be willing to send their children in an insecure environment.
6. Tax-Exempt Status
Make an application for tax-exempt 501(c)(3) status from the IRS. Again, your lawyer can take care of this application. Submit the application as early in the process as possible to allow you to start soliciting tax-deductible contributions. People and businesses will undeniably be more favorable to your fundraising efforts if the school is known as a tax-exempt organization.
Tax-exempt status may as well be helpful when it comes to paying with local taxes, although it is a good gesture to pay local taxes when and where you are required to.
7. Do Fundraising and Advertise for Students
Within a space of one year from opening day, you should start making presentations to community groups and service clubs to locate parents of prospective students and donors for your private school. You can also do some advertising online.
8. Start the Enrollment of Students
Your facility ought to be open and ready for admissions. There should be interview for intending students no later than nine months before opening day.
Read Also: How To Start A Vocational School In Nigeria
9. Hire and train staff
Advertise your vacancies to get teachers and administrative workers that will help you to achieve your vision and mission and vision. Propose competitive wages to attract the most capable professionals. Staff needs to be in place at least one month before takeoff day of the school.
10. School Resumption Proper
Try joining state or national private school associations. This will assist to provide accreditation and recognition. Be cautious in your projections and use of revenues even if you have a donor catering for most of the expenses.