Abacus is one of the most trusted and sought-after after-school programs. Of the several Education Franchises, Abacus Training is the fastest growing option. There are several factors that you should be well informed about before you start your own Abacus Franchise Center.
This I say as several Abacus companies are competing with each other in the Franchisee Market. You need to filter out the best and associate only when you are sure.
Let us list down the priority points that should be your concern:
1. Brand Value
2. Abacus Training -Teacher
3. Quality Learning material & Students Kit
4. Franchisee Inclusions - Kit & Technical support
5. Franchise Fee
8. Multiple revenue models
1. Brand Value- It is important to associate with an Abacus company that is well known and has goodwill. You must visit their website. Their number of years of existence in the Abacus Market, the number of Franchisees they have, and the geographical expanse (Not limited to your city only, prefer a brand with international presence), etc. will ensure that you can bank on them for high quality and continued services that will be mandatory for successful operations of your franchisee. For the promoters, yours might be just any other Abacus Center, but for you, it is a project where you would be building your goodwill.
Moreover, a well-known brand brings along with the several advantages
a. A Brand Goodwill
b. Parents Trust
c. Easy Branding & market
d. Better back end services and support.
2. Abacus Training - Teacher - The success of an Abacus Academy depends on the academic ability of the Abacus Trainer. The quality of training that you impart to your students will ultimately decide the success of your Abacus center. The student’s satisfaction is what will earn you goodwill and also mouth publicity. Hence it is obvious that the company you associate with provides the highest quality of training and certifies you as an Authorized Trainer.
The training should not involve hidden costs like traveling to training venues, hotel stay, or additional cost of training kit, etc. This would only be possible if you get training at your place or online. Several companies are offering effective and quality online Abacus training. This cuts down on the additional expenses.
3. Quality Learning material & students Kit - A quality Abacus kit should include An Abacus Tool, A parents Handbook, Access to Online Abacus E-learning Platform in case of Online Abacus classes, or Printed books if it is going to be Offline Abacus classes, a bag with companies name, a T-shirt, etc. These help in creating a great ambiance in the classroom and promote better learning.
Other than these physical objects, the course should be as per the requirements of the Abacus with sufficient material for practice.
Of late one premium Abacus Company has come with online learning material which has pre-recorded learning videos and engaging Math based Abacus Video games which the students play as a part of their Classwork, Homework, and practice sessions. Where they train for bead movement, mental math skills, etc. These they do on an exclusive student"s panel provided to them. This is especially for students learning Abacus Online. Moreover, they are also providing access to uploaded PDF of unlimited practice sheets on these panels. They conduct online Abacus exams, real-time evaluation, and certification.
So it is very important that before you decide about any company you must be sure about the students" kit and the quality of teaching and learning materials they provide. This will ensure you can train your students in the best possible way.
4. Franchisee Inclusions - A Kit and technical support - This is one very important thing that will help you to start your Abacus Classes and enable smooth management and operation of your Abacus institute. Usually the minimum physical and technical inclusions should be:
a. A Teachers Abacus, Abacus Books
b. A Franchisee Management System that should include:
i. Student"s record management system
ii. fee management system
iii. account management system indicting receivable and payable amount status
iv. a communication system
c. All requisite designs. templates, practice sheets, practice videos, learning videos, etc. that would be helpful in promotion and teaching.
d. Online examination and evaluation system and certification system.
To conclude, the franchisor should be giving you all the technical assistance that could facilitate the smooth operations of your Abacus center.
5. Franchise Fee - Usually companies charge an upfront franchise fee for allowing you to start an Abacus center of theirs. Make sure you are well informed of the amount before you sign a contract or do an agreement with them. You should be clear on the period of the agreement, the area of operation if it is an offline Franchise that you are signing for. the annual maintenance charges if any etc. Transparency is very important in any franchise business.
You should be sure there are no hidden charges other than the ones mentioned in your contact form.
6. Royalty - It is a usual system the Franchisor levees a royalty on the student fee collected by the franchisee. You must do a comparison of the percentage royalty being charged. Some companies do not charge any royalty on student fees. You must have clarity on the process of collection of royalty by the company. Make sure you pay the lowest royalty with the best of services. The amount should not be beyond 10 to 20 % of the fee.
7. Support: As an entrepreneur, you will require regular, meaningful, effective, and most importantly prompt support. This gives you a lot of confidence in your operations.
This support should go beyond technical support. You could have several queries and might require an immediate reply, the company should have people whom you can reach and get answers for your queries in time.
The support should also be in terms of helping you to do effective online marketing, like you may want customized pamphlets or brochures etc. These should be promptly made available.
The company should keep you updated on any up-gradation or changes in the system or the product itself.
It is difficult to analyze the effectiveness of the support system but the best is to visit their website or get these incorporated in the contract. Most of the companies of repute do mention it all on their website. You could also communicate with their existing franchisee for feedback.
The important point is you should be sure of the support that you can get from the company. This will give you the feeling of not being alone in a new business that you have started.
8. Multiple revenue models - Investments for starting an Abacus institute could vary from company to company, but the most important thing is the available options to generate revenue. The usual revenue model is enrolling students at your center and earning through the fee you collect. There are a few leading companies that offer 4-Dimensional earning options. Like you can start an Offline Abacus Class, Online Abacus Class, go for setting up of Math Labs in schools may be online or offline Abacus training or some more math courses.
You should choose a company that gives you multiple earning options from your single Abacus Center for a single upfront franchise fee payment.
Your decision to start an Abacus institute in your area will be a great decision, subject to that you have got the right information and done your market research well before you sign the contract. Selecting the best will always be in your hand. Do your research, identify the right company, fill the franchisee inquiry form, and the franchisor will contact you.
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