Thinking about opening a graduate and professional school? We tell you what you need to know to get started.
(article continues below)
Best Practices: Business Plans for Graduate & Professional Schools
A great business plan will lay a strong foundation for growth in your startup graduate and professional school.
Business plans address a wide range of issues, including startup financials. Not surprisingly, lenders immediately turn to the financial section and use the accuracy of your forecasts to gauge the value of other parts of the plan.
Subsequently, a thorough understanding of business plan financial basics is a prerequisite to effective business plan writing for graduate and professional schools.
Don't Overlook the Competition
Long before you open a graduate and professional school in your area, it's a smart move to determine how many competitors you have. We've provided the link below to help you get a list of local competitors nearby. Complete the form by entering your city, state and zip code to get a list of graduate and professional schools that are close by.
Is the established competition doing a good job? It's important to understand their strengths and weaknesses and think through how you'll stake up against those established businesses.
Learn from Others Who Are Already In This Space
After you've evaluated your local competitors, it's essential that you talk to somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. It'd be crazy for them to teach you the business.
However, a fellow entrepreneur who has started a graduate and professional school in another town will be much more likely to talk with you, as long as they don't view you as a competitive threat. In fact, they are often very willing to share startup advice with you. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
So, what can you do to find a graduate and professional school manager in a different locale who can assist you?
Here's one way to do it. Just use our link below, find somebody and call them.
Graduate & Professional School Acquisitions: Financial Considerations
Startup graduate and professional schools carry a host of financial risks and concerns. Without an operational history, it's hard to predict how your startup will actually perform in the marketplace.
Financial risk management requires you to at least consider the possibility of setting your startup plans aside to explore acquisition opportunities. Many entrepreneurs buy an existing business for the sole purpose of tapping into the financial benefits of an established customer base.
Based on the acquisition target's financial records, you should be able to piece together a realistic forecast of your new company's financial picture for the first year and beyond. If you need assistance, we suggest talking to an accountant or professional business planning consultant.
Consider Buying a Franchise
The odds of achieving your primary goal of thriving in your new business are higher if you decide to franchise in lieu of doing everything yourself.
If your goal is to start a graduate and professional school, you ought to assess whether there are good franchise opportunities available that might help you on your entrepreneurial journey.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you already are in business and came here to learn about growing an existing graduate and professional school, these resources will come in handy:
If you sell to graduate and professional schools, you're in the wrong place. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.