Congratulations on your decision, but there are some things to consider before jumping right in.

Is there a market for your services? Are you going to be working within a proven franchise system and does the system work well in various locations? Is the franchise easily recognizable or will you have to help build the brand?

That said, except for giving you all the normal business plans and marketing advice I would really like you to think about your differences compared to the other language schools. What sets you apart? Why would someone choose your new school against the older, established school?

One of the main reasons to buy into a franchise is the recognition and reputation of the brand, so if you can’t answer each of the above questions positively, you may want to keep looking for a business opportunity.

As you said that the competition is very tight.

Exactly how tight?

Or, is there really a market for your business?

Here’s a way to see … just figure out how much is spent in your area on language schools. Say it’s $1 million a year. Then break down how many people are in your area. Say it’s 10. Now divide $1 million by 10, and you can figure that each school has $100,000 each in turnover.

But we really know this isn’t true … as some schools do better than others.

Typically, the top 2 or 3 schools have the lion’s share of “wallet share” … which means they probably own 50% to 60% of the market.

That means you have 7 or 8 others fighting for the remaining $400,000 in turnover.

Break that down further, and each is bringing in less than $60K each … hardly enough to make a go of it, wouldn’t you say?

That said, if you have something truly unique about your own your own business that will catapult you to capture the top school’s earnings, then you might have a chance.

Either way, seriously look at the numbers before you start so you don’t lose your entire investment.

Finally, while it sounds like you’ve already built the knowledge and skills in your current job to run a school, you need to learn “how” to run a business.

So as you work your numbers, look at opportunities, review your market and develop your plan, invest in yourself and learn as much as you can about starting and running a business.

That means get a Business Coach or advisor, read books, attend seminars and network with successful business owners in your industry and category.

Doing these things will help you prepare to become the owner, which is a far different position than a manager, and far more rewarding.

All the best,
Brad Sugars