Are you interested in opening a school in Nigeria? And you’re interested in learning how to operate a school business, whether it be a nursery, primary, or secondary school, in order to turn a profit. Read on. You will be able to launch a flourishing private school in Nigeria after reading this article.
In this post, we will discuss the requirements to open a private school in a nation like Nigeria, the cost of capital needed to open, and everything else you need to know. We will also discuss whether the school business is profitable enough for you to spend capital (money) into it. Because they are not in the education industry, many people are unaware that the school business is a wealthy one.
If you work as a teacher, headteacher, school secretary, or other staff member in a school, you can only understand how profitable it is. Fortunately, I am a teacher in a private school right now, so I won’t forget anything, especially the various revenue streams that schools can generate and how school owners can profit from them.
IS IT PROFITABLE TO RUN A SCHOOL BUSINESS?
For many Nigerians who wish to work in nursery, primary, or even secondary schools, this is a crucial question. They want to discover if the educational company generates big earnings returns. I can confirm that it is profitable to operate a private school, whether it is a nursery, primary, secondary, or tutorial facility. If you use your own building or structure, it is even more advantageous.
Many people believe that when they possess a building, they should rent it out and start a school in another building, however this is not a good idea. In actuality, owning a facility is an additional motivation to start a school business. It goes without saying that you can establish a school and make good money even if you don’t own a building.
The high standard of education in Nigeria is the key factor contributing to this industry’s profitability in that country. It appears that many schools in Nigeria have poor lesson plans and inadequate facilities. In actuality, even publicly funded institutions (public schools) are not exempt from this. This is where you, as a prospective school owner, step in by offering high-quality instruction and creating a supportive learning environment.
You will be able to continue grinning at the bank if you can differentiate your school from others by offering Nigerian and British curricula.
CAPITAL REQUIRED TO LAUNCH A SCHOOL BUSINESS
Many people believe that it would be incredibly expensive to open a school in Nigeria. Many people leave because they believe the government can be intrusive. I’ll just mention that the price of opening a school varies widely and depends on a variety of factors. If you already own a building, for instance, you won’t need to invest much money on capital. A Montessori school also costs more to start than a regular school does.
Starting a nursery or primary school is more expensive than starting a secondary school. The tools or equipment you want your students to have access to will also affect the cost of your school. However, you can launch a prosperous school business in Nigeria with a capital of between ₦500,000 and ₦5,000,000. The cost of setting up a school depends on the location, the rate of inflation, and the calibre of the instructional materials.
QUALIFICATIONS REQUIRED TO OPEN A SCHOOL IN NIGERIA
To open a school in Nigeria, you must adhere to the regulations and requirements set by the Nigerian government. These requirements may vary depending on the type of school you want to open (e.g., nursery, primary, secondary, or tertiary institution) and the state in which you plan to operate. However, here are the general qualifications and steps you need to follow:
- Educational Qualifications: The founders or owners of the school should have educational qualifications relevant to the level of school they intend to establish. For example, if you want to open a primary school, you should have at least a Bachelor’s degree in Education or a related field.
- Business Registration: Register your school as a business entity with the Corporate Affairs Commission (CAC). You will need to choose a suitable business structure, such as a sole proprietorship, partnership, or limited liability company (LLC).
- Location and Infrastructure: Secure a suitable location for the school and ensure that the infrastructure meets the minimum standards set by the Nigerian government. This includes classrooms, administrative offices, playgrounds, and other necessary facilities.
- Curriculum and Program Approval: Develop a curriculum that aligns with the Nigerian educational system and obtain approval from the relevant educational authorities. You may need to submit your curriculum to the Ministry of Education or other relevant agencies.
- Teacher Qualifications: Hire qualified and certified teachers who meet the minimum educational requirements for their respective subjects or levels. Ensure they have the necessary teaching qualifications and are registered with the Teachers Registration Council of Nigeria (TRCN).
- Financial Requirements: Have a detailed financial plan and demonstrate that you have the necessary financial resources to operate the school effectively. This includes funds for salaries, infrastructure maintenance, and other operational expenses.
- Health and Safety Standards: Comply with health and safety regulations, including fire safety, first aid facilities, and sanitary conditions for students and staff.
- Registration and Licensing: Apply for the necessary licenses and permits to operate an educational institution in your state. This may include obtaining a license from the State Ministry of Education and other relevant agencies.
- Documentation: Prepare all required documentation, including a business plan, educational plan, and other supporting documents, to submit with your application for registration and licensing.
- Inspection and Accreditation: Your school will undergo inspection by government officials to ensure it meets the required standards. Once approved, you may receive accreditation to operate as an educational institution.
- Continuous Compliance: After obtaining the necessary approvals and licenses, it’s crucial to continually comply with government regulations and standards. Regular inspections and audits may be conducted to ensure ongoing compliance.
Please note that the specific requirements and procedures may vary from state to state in Nigeria. It is essential to consult with the relevant educational authorities and legal experts in your area to ensure that you meet all the necessary qualifications and follow the correct procedures for opening a school.
HOW TO START NURSERY & PRIMARY SCHOOL IN NIGERIA
These are the procedures for opening a nursery and primary school in Nigeria.
STEP 1: PICK THE TYPE OF SCHOOL TO START
It is crucial to choose the kind of school you actually want to open while beginning one in Nigeria. The type of school you think you can handle or manage influences some of this decision, whilst the type of educational expectations in your location influences some of the other factors.
Preschool, nurseries, primary schools, and high schools are all popular educational options in different regions. You need to conduct a market analysis to determine which of these sorts of schools is most needed in your area. The final findings are what will be used to start your school.
STEP 2: OBTAIN THE REQUIRED CAPITAL
The next step is to organise the funding required to open your private school. Anywhere you start a school, money is crucial. So how can you obtain the funding required for your company? You can obtain funding in three distinct ways to launch any type of business. The first strategy is to self-finance the company. When this occurs, your money served as the business’s first capital.
The second strategy is corporate crowdfunding. This is the time when you ask your family and friends for financial support while you launch your firm. The third option is to start out by obtaining a loan from any financial lending institution. According to my research, firms that are launched using loans or crowdfunding do not typically make it through their first three years without difficulty. You can proceed, though, if you feel courageous enough to do so.
STEP 3: COMPLY WITH ALL SCHOOL REQUIREMENTS
In Nigeria or anywhere else in the globe, opening a school is a serious undertaking. You can’t just start because you have the money or are driven enough to do it. The private school needs to be registered with the Ministry of Education as well as the Corporate Affairs Commission (CAC).
While registering with the Ministry of Education makes your school appear to be a government-approved institution, registering with the CAC makes your school appear to be a company. It doesn’t actually take long for these two to register. especially if you have staff in these government organisations to speed things up. For more information on this, read our post on how to register your business name in Nigeria.
STEP 4: RENT A PROPERTY OR BUILDING
As I mentioned earlier, you will need to rent a building if you do not already own one that you can utilise to launch your school business. Depending on where you intend to open the school, the rent will vary. It’s not necessary to rent the entire building when renting something. Since you’re just getting started, you can rent an apartment. You can first rent a three-bedroom flat, and if the school expands, you can move into a larger flat.
When renting a flat or block for a school, there are numerous details to be taken into consideration. You must ensure that the building is situated properly. A structure that is hidden from main roadways should not be rented out or used. The roads that go to the school are the second thing you should think about. Make sure the roads leading to the school are tilled, or even better, manageable.
Intentional parents won’t bring their kids to your school if the roads are bad. The third thing to check is that the building meets good standards. You must inspect the structure to see whether it is suitable for kids.
STEP 5: OBTAIN THE NECESSARY TOOLS
You must purchase the equipment required for your school after renting a flat or purchasing a structure. To equip your classes, you must purchase instructional equipment. Blackboards, marker boards, markers, dusters, pens, pencils, erasers, sharpeners, tables, chairs, desks, clocks, shelves, and other stationery are examples of teaching aids. Additionally, you must purchase some technology for the parents’ and kids’ enjoyment.
STEP 6: PUT IN PLACE ACADEMIC TOOLS
You may need the help of an electrician and a carpenter to install some equipment. The carpenter will assemble the furniture, and the electrician will set up all of the electronics and gadgets.
STEP 7: EMPLOY BOTH TEACHING AND NON-TEACHING STAFF
In truth, teachers are the most significant individuals in educational institutions. You must hire teachers and recruit them. The best course of action when starting a school business as a novice is to hire experienced teachers. These knowledgeable instructors will propel your institution forward, at least for the first five years.
You can hire entry-level teachers to start, and as time goes on, you can hire more people. If it is a nursery and primary school, for instance, you can hire playgroup-basic 2 instructors and then basic 3–6 teachers later on.
HOW TO MAKE PROFITS IN SCHOOL BUSINESS
Let’s now discuss earnings. There are numerous methods to profit from your school. I will describe some of the numerous ways I have observed schools making money as someone who works in the educational system.
- You can profit as a school owner from the tuition payments your students pay. All schools primarily generate income in this manner.
- You can earn money from the supplies you buy for your kids and children, like stationery. All you have to do is sum up your earnings and bill your students.
- You can make money as a school owner by offering extracurricular activities to the students. Parents will, for instance, pay for extracurricular activities like music, painting, ballet, taekwondo, stem, and other activities.
- Renting out your facility for events like wedding receptions, anniversaries, and birthday parties will increase your income as a school owner.
Although running a successful school business can be profitable, it might take up to three years before you begin to see significant returns. Keep in mind that even Rome did not get built in a day. To draw parents and persuade them to send their kids, you must concentrate on your branding. You won’t need to exert yourself too much again once you can easily obtain all of this since your parents will also bring their friends.