The Coaching industry has seen tremendous growth over the past few years and is continuing to grow at an exponential rate, with no sign of slowing. Starting a coaching business, it is important to make sure you have access to the right resources and business plan to start. The market may have grown but with it, the competition has also grown, so to run a successful coaching business you have to very carefully plan how you are going to set your business in today's market. You may be a coach but when starting a coaching business, you are also an entrepreneur starting a business. Many factors affect your coaching business's success. In this blog, we will overview some of them, so let's get started.
The following are the steps you need to follow to start a coaching business=>
1. What you will teach: - You have decided to open coaching, now it's time for you to decide what will be taught. It is a crucial starting point for your coaching, this decision will decide how your institute will shape up in the future. In today's market, the key areas of focus is; medical (NEET, AIIMS) entrance exams, competitive exams for government services (SSC), engineering (IIT-JEE), management exams (CAT), civil services examinations (UPSC), and similar exams. There are also institutes that are dedicated to various other courses such as board exams, IELTS, GRE, GMAT, and TOEFL. Some classes are even dedicated to activities like acting and similar skills. You can do research in order to find out subjects in demand. Even if you don't possess the skill for the subject, you can hire an expert tutor who possesses the required skill.
2. Infrastructure and Location: - Before starting the process of registration it's ideal to find a location where you can start the classes. The location of coaching is one of the prime factors affecting its success, as it has a binding effect on the students. Major coaching centers are located in the central area of the city, the reason for this is that it will be easier for students to reach the classes and will also create publicity for your classes without spending extra money on it. Most of the coaching runs in rented spaces in a commercial building. You should choose a location that is accessible by public transport and is a well-known location. The surroundings should be peaceful and perfect to maintain a learning atmosphere among the students.
3. Licensing and Registration: - To open a coaching class you need to register your business and get a license for it. If you want to open coaching on a smaller scale, then you don't require a license but if you are intending to open coaching on a larger scale you need to get a license to run it. Whereas in case of registration if your annual income exceeds 9 lakhs, you need to get your classes registered and pay service tax that would be applicable after a 30 days period. The documents required for the process of registration and licensing are; rent-bill, lease-deed, consent letter from the owner of the building (if sub-tenant), affidavit/ declaration, etc.
4. Staff & Study Materials: - While hiring staff for your coaching you should be very careful. Staff is one of the most vital things that a person needs to consider for the successful functioning of a business, especially in the coaching industry. You need to understand the requirements of the student and the subjects that you are covering and hire people accordingly. Find experienced teachers who are dedicated to the cause to add to your faculty. Once you have hired the staff, now you need to create the study material that you will provide to your students. Remember the study material provided by you, is on which the judgment of your student about your class will depend, so you can say your study material is your advertisement.
5. Marketing and Promotion: - The success of every business depends on the number of customers, so the success of your coaching depends on the number of students attending it. The number of students attending your classes is directly related to the number of students you can reach through marketing. To start a successful coaching class, it is not enough to provide quality education, you should also ensure that students are aware of your classes. The study material provided by you is one of the simplest forms of advertising as students who are bound to it will spread the information to their peers who might show interest to join your coaching. There are also various other ways of promoting you can provide free demo classes, free notes, advertise in the local paper, and even upload lecture videos on YouTube. Remember marketing automatically increases the value of your coaching classes.
These are the steps of starting a coaching business. It is not easy to start a coaching class but all this hard work will pay you in the long run. Meanwhile, I hope that this blog helps you start your coaching business.