This article is about how to start private nursery and primary school business in Nigeria this 2023. In Nigeria today, one of the most lucrative businesses to venture into is the private school business. It has the potential to net you a whole lot of money per term but be prepared to do your homework thoroughly before starting it as it can be very challenging. Before we proceed, kindly look at our article on how to register a private school in Nigeria.
In venturing into private nursery and primary school business in Nigeria, you will require a substantial amount of money as capital. You may not begin to reap the rewards of your business immediately but you will definitely get your returns on investment in a period of time if you apply due diligence in running your private nursery and primary school business.
With that in mind, let us proceed with the steps to take in order to establish your own private school business in the country today. This business may not be for everybody but if you have the passion for imparting knowledge in children and watching them grow in grace, while giving them strong educational foundations in a conducive learning environment, then this article will serve you.
STEP BY STEP PROCESSES ON HOW TO START PRIVATE NURSERY AND PRIMARY SCHOOL IN NIGERIA 2023
The following are the step by step guide on how to start your private school business in Nigeria this 2023:
DETERMINE YOUR NICHE IN THE EDUCATIONAL SECTOR AND SOLICIT FOR SUPPORT
It is very important that you are specific about the particular educational niche that you want to major and invest in, and you will need all the necessary support you can get from a support system that includes parents, teachers, a lawyer, and an accountant, to help turn your dream into reality. You should work closely with these people in order to put things in place before your private school business officially kicks off.
This should be done before the usual two years that it will take for your school to officially open for business. You should also not be afraid to seek for financial assistance wherever necessary to make your business a reality. Your niche may be nursery or primary or both, whichever one you decide on should be properly planned for before you commence business.
GET A LAWYER TO HANDLE THE LEGAL ASPECT OF YOUR BUSINESS
Find a competent lawyer, especially the one in your support group to handle and take care of all legal matters involving your private school business in Nigeria. Let he/she handle your private school business incorporation and tax exemption. A certificate of incorporation will give your school business the credibility it deserves when the time for fundraising commences, ensuring that people do not see you as a fraudster, and readily identify with your business financially either in the form of loans and/or grants to help you start up.
MAKE AVAILABLE YOUR BUDGET FOR THE PRIVATE SCHOOL BUSINESS
The budget for your private school business in Nigeria should have been developed two years from resumption day. As you plan, you can make slight changes due to the fluctuations in the exchange rate in the country. Your proposed budget should feature projections of your expenses and income within a five-year period.
You can work together with the accountant in your support group to come up with the operating and capital budget for your business. When filing your budget, you will incur certain costs, your lawyer should be able to take care of this aspect when the time comes. You should discuss this with him or her so that you both come to an understanding.
COME UP WITH DETAILED JOB DESCRIPTIONS FOR YOUR BUSINESS
Get the services of a competent school administrator to help you run the business properly and together with your team support group members, you can come up with detailed job descriptions for the different teachers/staff members that you want to hire. This should be done about a year and six months before you officially resume.
GET A GOOD LOCATION FOR YOUR BUSINESS
Once you are through taking care of the legal side of your private nursery and primary school business in Nigeria, you should find a good location to situate your school. You can start by renting the property and as time goes by, you can move into your own school building as you grow.
DO FUNDRAISING FOR YOUR PRIVATE SCHOOL BUSINESS
You can as well solicit for funds from individuals and groups so as to obtain grants that will help you move your business forward. You can do your fundraising about a year before the actual commencement of school activities so as to help you put many things in place for your grand opening.
HIRE AND TRAIN MEMBERS OF STAFF
After you must have taken care of the location of your private nursery and primary school, the next step will be to hire and train your members of staff. You will need the expertise of qualified teachers to instil discipline and the right knowledge into your pupils. Endeavour to place them on respectable salaries so that they will be able to do their job effectively. Your members of staff should be hired at least a month before you resume for business.
START ENROLLING YOUR PUPILS
Once your school is ready for the academic year, you will need to start enrolling your pupils by conducting interviews for the prospective pupils after recruiting the right teachers. This should be done before the official resumption day.
COMMENCE SCHOOL PROPER
Once your private school has officially commenced its academic year, you should endeavour to join national and/or state private school associations in order to help with accreditation.