Among various educational franchise opportunities, overseas education consultancy franchises are gaining rapid popularity in India due to their quick profit-generation model. There are several reasons behind the profitability of study abroad consultancy businesses. According to data from the Ministry of External Affairs, as of January 2023, approximately 1.5 million Indian students were pursuing education abroad, making it one of the most sought-after sectors to invest for entrepreneurs.
In this article, we will explore the different income sources in the study abroad sector that establish it as one of the most profitable franchise in India. We will also discuss additional strategies to boost your profits in a relatively short period of time.
Types of Services Offered by a Study Abroad Franchise and Earning Potentials
Study abroad consultants are well-versed and knowledgeable about different education systems, cultures, universities, courses, and the rules and regulations of different countries. They help students navigate the complexities of studying abroad. Their ability to accumulate and stay updated on this vast and dynamic business sector is what makes them highly valuable, and their potential for earnings becomes substantial.
Some of the important services from which a Study Abroad Franchise can earn are as follows:
Counselling:
While counseling is often provided free of charge or included in the overall service, there are opportunities to charge for informative counseling sessions. Many students seek advice regarding their overseas education plans and even to apply for institutions here in India. You can offer paid counseling sessions to assist them in making informed decisions.
Application Assistance:
As a study abroad franchisee, your team plays a crucial role in guiding students through the complex application procedures of universities worldwide. Many students find it challenging to keep track of application deadlines and intake periods. Here comes the role of consultants. With their expertise in the area of the application process, they offer valuable support creating an opportunity for them to earn fair compensation for their services.
Profile Evaluation:
Profile evaluation is one of the key responsibilities of a study abroad consultant. It involves gaining a deep understanding of a student’s profile, their interests, and their preferences. Since each student’s profile and study preferences are unique, this is where the expertise of a professional study abroad consultant is invaluable. Offering profile evaluation services can also be a source of income.
Financial Guidance:
Securing funds for overseas education is often a major challenge for students. Study abroad franchises offer valuable support by helping students navigate the complex financial landscape. Moreover, collaborating with reliable financial partners allows you to facilitate access to the necessary funds for students, making a significant contribution to students’ aspirations, and also banks provide you with a considerable rightful amount for bringing in clients.
Admission Test Preparation:
Study abroad consultants offer valuable support in preparing for the various entry tests needed for admission to universities in different countries and for different levels of study. Some established overseas education providers go the extra mile by employing highly qualified teachers to provide coaching for entry-level tests, including IELTS, TOEFL, SAT, GRE, GMAT, and more. This service can serve as an additional source of revenue for the franchise.
Arranging Accommodation Abroad:
Many students who venture abroad for higher studies without the assistance of a consultant often encounter difficulties in finding suitable and affordable accommodation. They may even fall victim to online scams. For a study abroad franchise, helping students secure trusted and affordable housing in a foreign country can be an additional revenue stream.
Having earning sources from so many processes in this business sector makes studying abroad franchises the best return on investment franchise in India.
Additional Strategies for Study Abroad Franchise to Boost Your Profits
Broaden Your Connections:
Enhance your business network by partnering with various study abroad consultants, inviting potential investors to join the board, and forming strategic partnerships that align both party’s interests. This expansion will contribute to the growth of your business, leading to higher profits.
Develop a Solid Business Plan:
Create a detailed business strategy through insights and analysis that outlines your goals and how you will achieve them. A well-thought-out plan can even attract investors and keep your business on the right path.
Leverage Technological Tools:
Implement technological tools like content management systems (CMS), Time-tracking software, communication software, etc to streamline your operations. Using technology wisely can enhance efficiency and effectiveness.
Invest in Local Marketing:
Allocate money to advertise within your local market. Informing people in your area about your services and participating in local events can increase your visibility and lead to business growth.
Connect with Schools and Colleges:
Connect with schools, colleges, and student groups who can provide you with a platform for seminars and sessions on overseas education. Expanding your connections can help you attract more students and boost your earnings.
Build a Team of Skilled Individuals:
Hire knowledgeable professionals familiar with the overseas education field or look for talented and smart individuals and train them for the sector. This will strengthen your team performance and improve your ability to assist clients effectively and efficiently, making your services involved in the sector even more valuable.
In conclusion, the study abroad education sector presents a promising opportunity for financial success, provided to navigate the complexities faced by international education aspirants. Success in this field demands dedication and a well-trained, efficient team. The industry’s dynamic nature underscores the importance of smart, proactive teams, as even minor mistakes can impact the aspirant’s dream of studying abroad.
Franchisors, with their expansive network of branches worldwide, ensure that students gain access to the best available education options. Amid various franchise options in the market, investing in a study abroad franchise emerges as a high ROI franchise choice within the education sector. This is because it offers vital support to students while pursuing international education. Thus, for entrepreneurs seeking both financial gain and a meaningful venture, a study abroad franchise stands as an exciting opportunity.
Speak with a respectable study abroad franchisor to learn more about the franchise application procedure if you’re interested in working in the education sector and are thinking about becoming a franchisee.
