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28Dec

Want To Start An Abacus Franchisee-Did You Do Your Market Research?

Want To Start An Abacus Franchise?

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. You are one of the many who want to start an Abacus Franchise. Before starting your own Abacus Franchise Center, be well informed about several factors. So, the most important question is

Did You Do Your Market Research?

Since several Abacus companies compete 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
6. Royalty
7. Support
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 an 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 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 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 cost-saving is possible only if you get training at your place or online. Several companies are offering effective and quality online Abacus training.

3. Quality Learning Material & Students Kit

A quality Abacus kit should include An Abacus Tool, A parents Handbook, Access to an 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. The kit helps to create a great ambience in the classroom and promotes better learning.
Other than these physical objects, the course should be per the Abacus's requirements with sufficient material for practice.
Of late, Mastermind, a premium Abacus Company has come with online learning material with pre-recorded learning videos and engaging Math-based Abacus Video games that the students play as a part of their Classwork, Homework, and practice sessions where they train for bead movement, mental math skills, etc. They do these on an exclusive student panel 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. It will ensure you can train your students in the best possible way.

4. Franchisee Inclusions

A Kit and technical support - This very important thing will help you 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., would be helpful in promotion and teaching.
d. Online examination and evaluation system and certification system.
To conclude, the Franchisor should give 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 signing a contract or agreeing with them. You should be clear on the agreement period and the area of operation if it is an offline Franchise you are signing for. The annual maintenance charges, if any etc. Transparency is very important in any franchise business.

It would be best if you were 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. It would be best if you compared the percentage royalty being charged. Some companies do not charge any royalty on student fees. You must have clarity on the process of royalty collection 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. The support 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, and the company should have people whom you can reach and get answers to your queries in time.
The support should also be in helping you 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 isn't easy to analyze the effectiveness of the support system, but the best is to visit their website or incorporate these into the contract. Most 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 you can get from the company. A strong support system gives 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 or Online Abacus Class, go for setting up Math Labs in schools, which 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.

Conclusion

Your decision to start an Abacus institute in your area will be a great decision, provided that you have the right information and do your market research well before signing the contract. Selecting the best will always be in your hand. Do your research, identify the right company, fill out the franchisee inquiry form, and the Franchisor will contact you.

Also Read: Starting an Abacus Franchise, things you should know