The most important and basic necessity of any child in today’s world is education. Therefore, starting a private school is a significant commission, but is known to be very lucrative. In the United states, it will cost about $300,000 to $500,000 to start a standard small-scale private school, with startup costs having the potential to climb up to $1 million. This video contains valuable information on the cost requirements and resources needed for starting a private school. So, if you intend to own a private school, and you have been wondering how much it will cost, then you will find this video useful.
What does one need to effectively start a private school?
Starting a private owned school is capital intensive and the logistics involved, from finding a suitable location, building costs, determining the caliber and number of staff, getting government approval, registration & approval by examination bodies, fluctuating government policies, etc., could be tedious. Despite all this, owning a school is financially rewarding. All you must do is to create a vision and mission statement for your school, set standards, be unique, utilize the best education system, offer top notch services in your school, and build a school that people need and parents want.
Want to learn how we help entrepreneurs fund their business? Register for our free webinar! (Scroll down to continue reading this blog).
How much does it cost to establish a private school?
To estimate this, the most important cost you need to consider is the property cost which includes the cost of securing land in a suitable location and the cost of developing the property. The proposed location of the school will greatly determine the cost of the land because prices vary from location to location. To save on costs, you can lease or buy an already constructed property that is suitable to house a school. Before renting, consider the availability of additional space for expansion and requests for permission for alteration of buildings.
Another thing to note is the type of school you want to run and to what level of divisions do you intend to run it, (i.e., primary, secondary, or tertiary level of division). Typically, the cost of the building of a big modern school of international standard costs about $10 million dollars. This cost covers the cost of leveling the site, building construction, constructing access roads, etc. The size of the school building depends mainly on the maximum number of enrollment of students per grade level.
The facilities required by your school depends on the standards of the school, and this should be budgeted for. The basic facilities required in a school are chairs, tables, writing boards, office stationery, writing and teaching materials, etc. These facilities’ cost is determined by the building zoning, class size, fire – building codes, and teacher-student ratios, etc. Finally, the cost of application for government and examination body approvals and marketing should be considered. Other important costs to budget for is the cost of running the school. This cost consists of staff salaries, maintenance costs, association annual fee, and approval renewal fee.
Education is evolving daily, therefore while running a school your standards should constantly evolve to meet up with the globally updated education methods. To get more information on starting your own private school or other non-profit organization, please contact the business planning and funding experts at QT Business Solutions.
