By Jitendra Karsan
Early childhood sector, which includes preschools, daycares, and creches, have experienced significant growth in recent years. There is a growing awareness among parents about the importance of early childhood programs for their children’s future success. Parents are increasingly seeking programs that focus on specialised learning, socialisation, and school readiness, creating demand for high-quality preschools and daycares. This widespread cultural change has presented an exciting opportunity to meet the growing demands in this sector. This opportunity also comes with the challenge of navigating a competitive landscape and ensuring long-term viability. Let’s explore some strategies for entrepreneurs to not only survive but thrive in this dynamic space.
Understand the market: Every demographic is different. The kind of services that the parents in a particular market look for depends on a variety of factors. Identifying the specific demands and catering to them is what will set businesses apart from the competition. A few examples could be early morning or late evening childcare services, weekend services, emergency services, pickup and drop facilities, meal plans, etc. Offering tailored services to suit the needs of parents is a great way to create a differentiating factor and attract a loyal customer base. India has a very deserving population in the metros, and now even in mini metros, understanding the micro market dynamics is extremely critical for the success of each centre.
Define values and mission: Your customer, that is parents are not buying your services, they buy into the shared values and beliefs of child care and development with the preschool. Predefined values, mission, and core beliefs are crucial for the success of any business. They shape the culture, behaviours, and decision-making in an organisation. They guide everyday operations and also help navigate tough times effectively. They also help parents to chose the right preschool for their child.
Have a business plan in place: Having a business plan is essential for all entrepreneurs especially those who are entering this space for the first time. It’s easy to get caught up in the excitement of starting a new business and set unrealistic expectations. This is a complex yet delicate industry with its unique challenges. A clearly defined plan backed by strong research and strategic planning and sticking to it is a proactive approach to help mitigate the chances of failure. Patience is a virtue of the sector, every eduprenuer has to learn it and practise it.
Follow regulatory guidelines: Adhering to laws, regulations and standards set by the government and regulatory bodies is the ethical responsibility of businesses. Failure to comply with them can result in fines, penalties, and even closure of the business. It is also important to stay updated on the changes in the guidelines. In this age where parents are more aware than ever before, staying compliant is essential to building trust and confidence that will in turn lead to positive word of mouth and a strong reputation in the community.
Focus on quality: As for any business out there, long-term success depends on the quality of the service or the product being offered. Offering a high-quality curriculum and programs that show consistent development and results in the children and earn the trust of the parents is the ultimate testimonial to the success of an early childhood education business. And quality is not permanent, it requires continuous evaluation, reflection, and improvement. The well-being and development of the children in their care should be at the heart of every early childhood education business.
Sound financial planning: Entrepreneurs should seek financial advice to build a budget accounting for all anticipated expenses. Having a realistic revenue projection backed by market research and industry benchmarks is essential to create a realistic budget. Defining Key Performance Indicators (KPIs) and tracking them regularly is essential to achieve financial goals and ensure the sustainability of the business. Exploring and identifying funding options even before the need arises and being prepared for contingencies will help deal with unforeseen challenges and ensure business continuity. Following a proactive approach can set up entrepreneurs for long-term success in a competitive market.
Be adaptable: The early childhood education industry is constantly changing and evolving as per the trends, technological developments, scientific discoveries, regulatory changes, and changing needs of children and parents. Developing a culture of adaptability while staying grounded in their values and commitment is a powerful way for businesses to ensure sustainability and long-term success.
Franchising Vs Own School: Education sector like all other sectors is seeing a rapid transformation, staying up to date with the global practices, local regulations and even motivation of parents and staff in choosing preschool is constantly changing. Eduprenuer have to understand their own strengths and weaknesses along with understanding their own ambition, combining it with timelines to achieve all that they have set to achieve. Franchising is the fastest and safest way to enter this sector, it ensures long term business sustainability as brands have more experience and adequate teams to help in all the above strategies and its implementations.
With dedication, perseverance, and a commitment to excellence, edupreneurs can create thriving preschools and daycares that can make a positive impact on the lives of children and families.
(The author is the chairman of Safari Kid, India. Views expressed are personal)