Vocational School Business Plan in Nigeria
Observing the trend at least in the last two decades, it is evident that several workers in the white collar industry have lost their jobs to the new waves of industrialization and inventions resulting from intense technological research.
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Bank Name: Guaranty Trust Bank (GTB)
Account Name: Chibuzor Tochi Onyemenam
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After payment, send your full name, email address and topic (e.g. vocational school business plan in Nigeria) to 07033378184. Your business plan will be sent to your email within 15 minutes.
Most companies have also cut down huge fractions of their workforce so they can accommodate the hike in production costs, leading to several of these retrenched workers looking for other ways of making ends meet and sustaining their families. The high unemployment rate has also seen several people resort to seeking vocational trainings so they can venture into running vocational trades so they can at least put food on their tables at the end of the day.
Taking keen research into the technical and vocational education sector of our economy will expose you to disappointing details of how the government have seemingly neglected this sector which has caused a breakdown in the activities of technical colleges and vocational schools almost all over the country. The once vibrant technical and vocational schools have become deserted or converted into regular schools as facilities have become dilapidated and abandoned. This obvious problem has however opened up a door of opportunity for some fellows who can recognize it as one to make some good profit. In all reality there is a serious need for technical or vocational schools in the country so that there can be a balance in the kind of knowledge provided and thus give people a level playing ground to make something good of their lives.
Not everyone can just stand up to open and run a vocational school, there are requirements that should be met for anyone to start a vocational school. The foremost of these is that the individual must have a good grasp of the vocational trade to be taught at a professional level. You cannot offer people what you do not have so it is imperative that before you even decide to start up a vocational school you are well grounded in the niche which you want to focus on. Asides this, there are certain certifications that you need to acquire prescribed under the constitution of the Federal Republic of Nigeria. You will need to be registered with the Corporate Affairs Commission, acquire the necessary licenses both from national and local bodies, and every other necessary documents to avoid unwanted embarrassment during the operation of your business.
A major advantage of running a vocational school is that there will always be need for their services and thus there is always high patronage. Parents will always send in their wards to learn a trade, individuals who are seeking a way to make some income will come as well, organizations will also send in some of their staff to improve their output so they can beat competition. This just means that with the right management and operation strategies you can be sure to always smile to the bank and that your business will grow to become a household name in less than no time.
The steps you should take on how to start a skill acquisition center
These are not stated in any particular order but you can imbibe them at different stages to ensure that your business thrives to become a success.
- Be totally determined and committed to what you want to achieve. It is not an accident to put this as the first item on this list. It is important to note that starting up this kind of venture is not void of its own stress and challenges, at some point you might begin to question why you even made a decision of being involved in such a business. You do not need to be scared at all, this is common to every kind of business because every business comes with its own challenges. This is why you should be determined and committed before commencing the business in the first place. You should ask yourself the question, “am I going into this business for the profit or for the joy of providing people with a way of making something of their lives?” Understanding the purpose before commencement helps you to stand in the face of adverse conditions and situations.
- Carry out intent research. When going into any business you will need to make deliberate efforts to study about the business so you do not end up making mistakes which could have been avoided in the first place if only you took time out to make studies and ask questions. The research will help you understand what exactly you are going into, how you need to prepare for it, the terrain of the business, the mistakes others have made, the necessary registrations you should make, etc. It will take a whole lot to run the business and this is the stage where will be exposed to all the information regarding what you need to run it successfully. You might need to visit existing schools, read up materials online, go to the library, visit organizations, etc.
- Draw up a workable business plan. A business plan will help in directing the business and bringing it to a place of outstanding success. Asides the obvious reasons for a business plan which include helping to source for funds from investors and banks, it helps the business owner to follow a pre described plan to ensure that the business is always on track. The plan should contain details about the mission and vision statements, the management structure, the employees, the capital required for startup, the financial projections for the next few years and an operational map for the business. You should also go into details about the courses that will be taken at the school and the qualifications that will be obtained from each course. The importance of a business plan for any business cannot be overemphasized.
- Attend a vocational school. If you have not gained any knowledge vocationally then it is imperative that you attend a vocational school to gain knowledge about the niche you hope to deal with. You do not want to sound like a rookie when giving out trainings. Asides the fact that you have not gained knowledge, attending a vocational school gives you firsthand experience on how a vocational school is run, what is obtainable in a vocational school and what you should imbibe in your own training school. So at the end of the day, you may conclude that whether you have the vocational knowledge or not, as long as you have an intention of starting your own school, you should attend a vocational school for the benefit of your business.
- Register with the Registrar of Companies. Unlike other petty businesses, the vocational school business is one that you must be duly registered before you can run. To this end it is important that you visit the registrar of companies in Nigeria, which is the Corporate Affairs Commission (CAC). Each state of the federation has a branch and the process is made easy by firstly visiting their website to make inquiries about registration. Asides this ensure to find out all the other necessary registrations that you should undertake before you startup and complete every one of them.
- Get a license. Asides the necessary registrations, you should also seek to get a license. Without this you might not be allowed to operate and even if you operate your certificates might not be recognized meaning that your students will have a problem at the end of the day. Getting a license also puts you in a place of credibility as people are more drawn to trusting someone with an approved license that one without a license.
- Draw up a curriculum. This is imperative as it is meant to be part of your business plan and also a part of your registration process. You should take some time out to study the curriculum of other schools in your niche and then sit down with your own team to draw out your own curriculum. Do not try to do this on your own as it is a stressful task and there is every probability you miss out on some key items. The weight of your curriculum in comparison to others will determine to large extent how much you will charge and how much patronage you will get.
- Get a suitable location for your business. This is one of the most important aspects of the process. You need a very comfortable space and also one that gives room for expansion. The location of your school will also determine to a large extent the kind of patronage you will get and the amount of profit you will make. You can discuss with your real estate agent to get a place in a choice area that can allow for demarcations and possible expansion in the nearest future. The demarcations will allow for several classes to hold simultaneously without any disturbances or disruptions.
- Furnish your school with the necessary equipment. You should have through your initial study gotten a list of all the necessary things you will need for your school. After acquiring a space for the school the next important step is putting in the furnishings. Some of the things you will need on the general basis include, chairs, tables, shelves, plumbing, electrical appliances, etc. Asides these you will also need specific equipment for the kind of training you want to offer. Ensure that all these are set in place so your students do not have a reason to complain about your services.
- Advertise your services and begin operations. Once you have everything set in place it is time to begin operations. It is important however to put your business in the public eye, publicize your business in as many ways as you can. There are several methods of publicity which include social media, fliers, billboards, posters, etc. Do all that you can to ensure that people are well aware of the kind of business you do and the quality that backs it up.
Employing staff for your vocational institution
You should note that unlike most businesses the vocational school business is not one that you can start alone, if you really want to get things right. The number of employees you should employ will however depend on the scale at which you want to run the business and the amount of capital at your disposal. But on a regular basis you will need to employ a head teacher, a school administrator, teachers or instructors, business development officers, an accounts officer, a front desk or customer care officer. In all you should have at least five to ten workers for startup. You should ensure to take cognizance of the professional levels and proficiency of the instructors before employing them, you will be surprised how fast and far news travels, you do not want anything tarnishing the image of your institution.
The documents you need to startup your vocational school
Here is a list of documents you should have before starting up your vocational school to avoid any unwarranted embarrassment:
- Certificate of incorporation
- State permit
- Federal tax payer’s identification
- Accreditation letter
- Business license and certification
- Training curriculum
- Company bylaws
- Insurance policy
- Memorandum of Understanding
- Nondisclosure agreements
In conclusion, you should note that starting a vocational school requires quite an amount of capital as well as several legal documents. You should properly consider these before starting up your business to avoid being stuck before the business sees the light of day. Once you can overcome the initial capital outlay be sure that you will continue to make profit on a yearly basis, with a possibility of breaking even within the first year all things being equal.
Get your Vocational School Business Plan in Nigeria today. To place an order, pay N10,000 to
Bank Name: Guaranty Trust Bank (GTB)
Account Name: Chibuzor Tochi Onyemenam
Account Number: 0044056891
After payment, send your full name, email address and topic (e.g. business plan for vocational training institute pdf) to 07033378184. Your business plan will be sent to your email within 15 minutes.
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