As a result of my presence on the web I have received
emails and phones from a wide range of people who are thinking about starting a career
school or college but haven’t really sat down and figured out how they are going
to achieve such a goal. I always suggest that the best place to start is to
draft a business plan. To determine how to achieve your goals you need to
know exactly where you are at the present time, then determine where you want to
go and how to get there.
A Business Plan is a Good Place to Start.
I believe the best way to realize your vision is to write a
thorough business plan. I have assisted many clients to formulate their business
plans thereby making the task of applying for licensure a great deal easier and
giving the venture a clear pathway to take towards success. A
well written business plan for a college or school will incorporate many of the
items that are required for a successful application, which is an additional
benefit to the prospective school owner.
For example a business plan will usually incorporate the
following:
Executive Summary
Objectives
Mission
Keys to Success
Organization Summary
Legal Entity
Start-up Summary
Services
Market Analysis Summary
Market Segmentation
Target Market Segment Strategy
Strategy and Implementation Summary
Marketing Strategy
Fund Raising Strategy
Funding Forecast
Management Summary
Personnel Plan
Financial Plan .
Important Assumptions
Surplus or Deficit
Projected Cash Flow
Projected Balance Sheet
The standards that must be included in an application for a
career school in Florida for example are as follows:
STANDARD 1 -
NAME OF INSTITUTION
STANDARD 2 –PURPOSE OF INSTITUTION
STANDARD 3 - ADMINISTRATIVE
ORGANIZATION
STANDARD 4 - EDUCATIONAL PROGRAMS
AND CURRICULA
STANDARD 5 - RECRUITMENT AND
ADMISSIONS
STANDARD 6 - FINANCES
STANDARD 7 - FACULTY
STANDARD 8 - LIBRARY, LEARNING
RESOURCES
STANDARD 9 - PHYSICAL FACILITIES
STANDARD 10 - STUDENT SERVICES
STANDARD 11 - PUBLICATIONS AND
ADVERTISING
STANDARD 12 - DISCLOSURES
Many issues you have to cover in your application
to the state should also be in your business plan. State Approval Agencies want to see that an
organization has a well thought out and researched strategic plan before it is
willing to grant an approval. After all, they are responsible for student
protection as well as a quality assurance.
Strategic planning is an organization's process of defining
its strategy, or direction, and making decisions on allocating its resources to
pursue this strategy, including its capital and people. Various business
analysis techniques can be used in strategic planning, including SWOT analysis
(Strengths, Weaknesses, Opportunities, and Threats.)
The step that you should take might look something like
this:
Step 1: Organize the information for your business plan. Include
information on you and your partners, the course outlines, the type of students
that you would be targeting, an analysis of the area you want to establish the
school, other schools of the same type in the area, qualifications of faculty
needed to teach the courses you are intended to offer, financials and potential risk.
Step 2:
Write an executive summary. This might be the first section of the plan, a
description of all the elements covered in more detail later.
Step 3:Describe your company. Spell out the purpose of your school. Write a mission
statement. Talk about the skills you and your management team have.
Step 4:
Explain your program offerings. Detail how you will teach them. Analyze the
costs associated with this process. List your supply sources for equipment and
books etc.
Step 5:
Talk about the market you're entering. Discuss general trends in the industry
that your programs are intended for (Medical or IT perhaps). Include details about the market segment you are
pursuing, the niche you are targeting and your target customer/student; provide
demographics on your potential customers/students. Establish a need for the
program by researching the demographics of the area and the job placement
possibilities for your graduates. Analyze your competition.
Step 6:
Describe your admission/marketing plan. Explain how you will generate enrollment
through advertising, promotion and public relations. Estimate all costs
conservatively.
Step 7:
Detail your projected yearly revenue projections and your expenses.
A good
business plan has two basic goals: It should describe the fundamentals of your
business idea and provide financial data to show that you will make good money.
If you need a business plan with sizzle,
contact me or call me at 818-666-1333. My professionally written template is the fastest, easiest way to produce a
business plan in the standardized format that serious investors expect and that
you can use as a basis for a successful application to your State Approval Agency.
I can help take your ideas and strategies and put them down on paper in a well
thought-out road map for success.
