Small businesses account for 90% of businesses globally and more than 50% of employment worldwide1. With an estimated 400 million small businesses across the world2, one of the most common questions that prospective business owners regularly find themselves asking is: “When is the best time to launch?” Numerous studies have conflicting findings: could January be the best time to open the doors to your education franchise? After all, new year means new you! Or is one of the summer months – when you are feeling relaxed and rejuvenated and people are gearing up for the return to school – the ideal time for smoothy transitioning into business ownership?
Here, Frank Milner, Global President of Tutor Doctor, discusses why the start of the new academic school year is the perfect time to launch your own education franchise.
According to Faster Capital, the best time to launch a new business is in the autumn when people are at their most creative and productive having returned from their summer holidays energised and ready to get back to work3. Many also see September as the unofficial start to the second half of the year, especially those with children, and people are often driven to work a little harder and smarter to achieve their goals before the wind-down to Christmas. Speculation is that the changing season itself can also be a big motivator, with children returning to school, and now it also means back to business for adults.
For a tutoring franchise, the demand for tutoring spikes at the onset of the academic year as parents often begin hunting for tutors to support their children for the ensuing school term and year ahead. Tutoring is a viable year-round career with some periods busier or quieter than others, but September is noticeably the time to start, particularly for those who are looking for long-term tutoring.
As a tutoring franchise owner, you want to attract the best enquiries possible from customers. Generally, enquiries will fall into one of two categories: long-term ongoing tutoring support, for those who see it as a way to supplement their child’s education, or short-term ‘quick-fix’ tutoring, for those who perhaps want some last-minute exam preparation or to achieve an end-of-term goal. By establishing your business early and building a good network of tutors, it will enable you to be prepared and available to help any students that may need additional support, whether that be for a quick fix or longer term. This will set you up for lasting success.
As the school year kicks off, so does a surge of academic enthusiasm, hopes and ambitions. Parents are on the lookout for ways to support their children’s academic journeys, and students are eager to get ahead or simply stay on track. By aligning your franchise with this season of academic rejuvenation, you’re not only tapping into a peak period of demand but also aligning with the rhythms of the school calendar, ensuring that you are the first to come to mind when tutoring services are in demand.
As educators and schools adapt to ever-evolving curricula and learning methods, the need for personalised, additional instruction becomes even more crucial. As backpacks get packed and school bells begin to ring, remember that the education industry isn’t just a place for learning — it’s also ripe with opportunities for those with an entrepreneurial spirit. Embrace the start of the school year; it’s not just a return to education but a gateway to a thriving venture in the world of tutoring.
1 The World Bank, 2023, Small and Medium Enterprises (SMEs) Finance: Improving SMEs’ access to finance and finding innovative solutions to unlock sources of capital
2 Shift, 2019, SMEs and the Corporate Responsibility to Respect Human Rights
3 Faster Capital, 2023, The Best Time to Launch a Startup Spring or Fall