Preschool market in India is expected to grow at a CAGR of 18% approximately during the period 2020-2024 according to the latest market research report by Technavio.
18% CAGR is more than most of the industries returns.
Rise in disposable income, nuclear families, growing awareness and importance of early childhood education and corporate day care and other factors contribute to the growth of the preschool market.
Before starting a preschool, go through these most important points..
1. Meaningful brand name
Selecting the right name for your school is a very essential step. It should always be easy, catchy and meaningful. It will help people to easily remember and hold high retention in the minds of people. Give sufficient time, energy and money to get the right name as it stays lifetime.
2. Legal formalities
Don’t forget to complete all the formalities before putting your idea into action. Legal formalities include municipal establishment’s certificate, non-objection letter from nearby residential society, rent agreement with long term period, partnership deed (if it’s a joint venture). All above mentioned formalities are important and need to be done on time.
3. Location
Location has always been an important element in starting up preschool. A good location may cost you 20-25% more but will benefit you in long-term.
Good location itself works as a promotion for business, which aids in decreasing marketing cost. Location is also a medium of convenience for staff and parents.
Before finalizing and property/location make sure to check size of property (capacity), nearby population, play area, term rent, parking space and condition of the property.
4. Selecting target audience
Learn, understand and select the target audience/group. Generally people build businesses and find markets which suit their product/service. But it is advisable to know and select the target group and build the business for them. While selecting the target market make sure to consider income level, education level, family background and other characteristics.
5. Competitor analysis
Before entering into the market analysing your competitors is mandatory. Based on it we will be able to decide our offerings, fee structure, level of infrastructure, our USP, day care facility, optional evening activities, group tuitions, strategic tie-ups. After completion of competitor analysis find the gap and try to fill the void within the market by providing better services at same or lower costs.
6. Fun filled and child oriented infrastructure
This place is for kids of age between 2-6year old. It should be colourful, attractive and at the same time safety measures should also be considered essential. This kind of infrastructure doesn’t only attract children but also a booster to gain admissions confirmation. Infrastructure should also be developed looking at the target audience, location, competitors and budget. Scarifying the development of great infrastructure can cost you a lot more in the long run. Add things like – CCTV cameras, heighted gates, round and cornered tables, remove stoppers from bathrooms, put mats and carpets in the play classroom.
7. Opting for right books (publishers)
Hundreds of publishers are available for our KG students. But always ensure to select a publisher which provides complete content, practice sheets, multi-coloured illustrations, good quality paper, and child friendly so child’s motor skills can be enhanced. You can also mix and blend books of different publishers according to your pedagogy and syllabus contents. It is advisable for preschoolers to provide book sets Frome School itself, for the convenience of parents.
8. Drafting syllabus
It’s one of the most important parts. It should be a proper blend of conceptual learning, writing skills and extracurricular activities. It will help our children to build gross motor skills, social skills, cognitive development and much more.
Improper drafting of syllabus can lead to imbalance in development of children. Syllabus also needs to be aligned with books, worksheets and higher standards.
9. Get right teachers
Teachers are pillars of any preschool. Get the right people on board according to the experience and qualification. Train and make them comfortable with systems. Communicate vision, mission, and philosophies to teachers properly.
Remember – Together everyone achieves more!