Owning an education franchise is a popular choice for discerning entrepreneurs. With the private tutoring business experiencing exceptional growth (expected to reach $123 billion by 2020), investors are turning to profitable education franchises as a viable business venture.
It’s no surprise either; with less funding for education and a more competitive job market, parents are increasingly turning to in-home tutors to complement their child’s education. While it’s undoubtedly a viable venture, starting a tutoring business isn’t for everyone. Here are some questions to ask yourself before considering purchasing a tutoring franchise:
Can you manage day-to-day flexibility?
When you own a tutoring franchise, there’s no such thing as a typical day and that's what attracts people to ownership of a Tutor Doctor franchise. Between interviewing prospective tutors, conducting consultations with families and attending local community events, owners of a home-based education franchise are able to weave a lot of personal activities into their daily business activities. Operating a home-based education franchise is not a "9-to-5" job, nor is one chained to a computer or desk all day.
Since hours aren’t structured on a typical nine to five work day, they allow franchisees to have a work/life balance and give them the freedom to live life on their own terms.
An office job may not see a return on hard work for many years but, when you own a home-based education franchise like Tutor Doctor, the rewards are more immediate from a personal, lifestyle and financial standpoint.
Are you prepared to be your own boss?
If you are a follower, if you like structure and a regimented lifestyle, then this may not be the job for you. Being your own boss gives you the freedom to choose when and how you work and it means you need a modicum of discipline and ambition—your home-based tutoring franchise is as successful as you choose it to be.
Can you manage rapid growth?
For the savvy entrepreneur, the demand for tutors is endless and if you get your name out there, you will need to be prepared to grow quickly. Finding tutors to fill demand and having the organizational skills to provide exceptional service despite rapid growth will be an asset. Relying on strong training and proven systems to systematically and consistently recruit tutors is key to your success.
Are you a people person?
A profitable tutoring franchise is dependent on your most valuable asset; your families. You need to make a connection with the families and your sincere desire to help their children will provide the kind of personal service that turns loyal customers into raving fans.
Can you follow a system?
Since entrepreneurs have to wear so many hats, tutoring franchises like Tutor Doctor set up comprehensive systems to help franchisees every step of the way. Manuals and training take the franchisees through each aspect of their business and the central marketing team takes care of getting the word out. Field consultants are veteran franchise owners who are on hand to help with problems as they crop up. While you are going into business for yourself, you aren’t by yourself and the network of franchisees form a wonderful support structure where growth and new ideas are welcomed.
If you are a self-starter looking for a more meaningful career where your success depends on your own efforts, then a tutoring franchise may be right for you.