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If you’re a native Singaporean, you know how high Singapore education system is ranked. Being on top of so many global lists, there is a certain standard attached to how we educate the young here. One testament to the Singapore education system is the fact that we have a lot of foreigners sending their children to our schools. In Singapore, if you don’t keep up in your studies, it is quite possible that you will get very left behind in the the race to becoming well-rounded adults. There are so many tuition centres charging high tuition fees so how do you compete against them?
The Singapore education system doesn’t only focus on regurgitating the subject matter but also to be able to take the information and use it practically in the real world. They encourage the students to push the boundaries and the status quo for the betterment of themselves. That is the combination that has allowed for the Singapore education system to thrive and reach heights no one thought were possible.
If you decide that you want to contribute to this amazing success story by opening up a tuition centre, we are here to help you. Since Singapore is known to be an education hub, it is much easier to set up a tuition centre here than you would think. It does involve hard work and some cash as well though. But if you set it up right and see it through, you will achieve success in no time and earn high tuition fees based on word-of-mouth and reputation. Being an educator/tutor is extremely rewarding so this is probably one of the best businesses to start up!
Step 1 : Think It Through and Plan Carefully
This might seem like a redundant piece of advice. However, most people like to jump into something without really weighing out the pros and cons of the matter. That is why we have chosen to make this the first step. Sit back and relax before you decide to embark on something this huge.
Before you proceed on opening your first tuition centre, make sure you have reviewed all the regulatory terms that is needed by the government of Singapore. You would have to read through and completely understand the steps needed to create a business that is related to the Singapore education system.
In addition to that, you would obviously need to ensure that you are financially stable and you have enough cash from tuition fees received to not only sustain the operations of the tuition centre but to have enough money from every month to take home as profit as well. What is a business that does not have return profits for the owner right?
Besides just money, you also need to study your market and your target customers as well. Is the type of business you are planning to set up worth it in that area? Is it a commodity that is needed by the people who live there? Do you have enough supply to feed the demand? Here are some of the questions you need to ask to ensure your venture is able to sustain itself and become a profitable entity :
- Start a market study on the area you are planning to set up shop.
- Find out what type of education center is demanded in the market
- Identify the rental prices and the amount of business you can garner from that area.
- Have a yearly business plan on how you want to run your tuition centre.
- How many direct competitors you have? How are you going to market and differentiate yourself?You could try viral marketing and get some photo and videography services for your marketing campaigns here
- Set up KPIs and a long term goal.
- Decide on how you would handle bad situations like an economy collapse or not having enough money.
- Is there a tuition teacher shortage currently and is it predicted to escalate or improve in the future?
- Think of the tuition fees that you will price your tuition services at. Usually people price it based on subjects or on the reputation of the tutor.
- Create financial projections while including the best and worst case scenarios.
- Staffing requirements and how much you’re supposed to pay them according to market prices.
Step 2 : Decide On A Name
The next thing you should do after determining that this business venture is worth it, is to brainstorm and come up with a killer name to stand in the tuition centre crowd. Before that, go online and make sure that no one else has the similar name or a similar sounding name so that your customers won’t get confused. It’s also important because you can’t register for a company that has the same name as another registered company.
People also say that the name of your business plays a huge part on the success of your education center. It is the first impression everyone gets before the find out what exactly it is that you do. The name is extremely important so make sure it’s well thought out and unique.
Step 3 : Incorporate Your Business
Singapore is very strict when it comes to the registration of business entities. This is because they prefer to go about doing things by the book. Which is great because it allows for a streamlined system and everyone knows what you’re doing. There is no way of going around the rules and running your business quietly.
As a new entrepreneur we would suggest you register your business as a sole proprietor. Unless you have already racked in investors. It is a private limited company and legally this is the best way to register a business of this sort. Incorporating a private limited company in Singapore is fairly straightforward and non-time consuming. So you’ll be in and out in a jiffy.
Step 4 : Get Started
Once you’ve incorporated your tuition centre business, this is where the real work starts and everything is at stake now. Before advertising your company and before you start enrolling students you need to get a few tasks out of the way first.
The first would be finding suitable premises. You would already have the general area you would like to set up shop but now you should look at classifieds and get a feel of the type of building you would want. Only certain buildings can be used for educational purposes so it’s best to check with the local authority first before leasing the building.
Secondly would be to hire a tuition teacher(s). Hiring a tuition teacher is extremely important to start up a tuition centre. This is quite obvious. But you can’t be the only tuition teacher in the school teaching the students. Furthermore hiring the right tutor with huge educational experience in eg MOE will help assure and convince parents of choosing you. It will also definitely increase your bargaining in setting tuition fees.You could go online and start posting jobs to look for educators to fill in the spaces as tutors for your education center.
Another way to beef your credibility and visibility of your tuition center is to have an online presence! Many well-established tuition and educational centers such as The Learning Lab and Aspire hub have a website showing their subjects they offer and tutor’s credentials. Having a website allows for quick reference of your tuition services through word of mouth. To set up a website you could set it up via free website providers such as wix.com and wordpress.com. However if you want a website beyond the basics, you could go to websites such as Thunderquote to get some quotes for website designing and setting up services.
Step 5 : Accreditations
The last step would be to ensure that your education center obtain proper accreditation to build confidence in the students and the parents so that they would trust your establishment. Remember parents really need some assurance with regards to tuition teacher that teaches their kids. There are two different types of accreditations that can be obtained in Singapore :
EduTrust Certification : This is a certificate that you need to obtain before you accept international students. You will also be eligible for funds to expand your tuition centre in the future.
Singapore Quality Class Certification : This is important because it helps create a positive perception about your institute thus gaining the trust of parents and future customers.
We hope this quick guide has given you ample insight into setting up a tuition centre or an education center in Singapore. If you need help setting up the place, you could check out websites such as Thunderquote for some of your construction services.
ThunderQuote is the “Gebiz for businesses” and most comprehensive business services portal in Singapore, Australia and ASEAN , where hundreds of thousands of dollars of procurement contracts are sourced every month by major companies like Singapore Press Holdings, National Trade Union Congress and more.