It is the first and foremost thing one need to do before starting any business. Check for the demand and relevance of the courses you are offering. Also know how much people are willing to pay for your services and if the amount is as per your expectations.
2. Go for minimum investment
When you are starting something new a lot of uncertainties accompany you. So initially go for the minimal, like just a small affordable room with sitting arrangements. Later when the income starts flowing in you can go on modifying the looks of your institute.
In todays competition promoting your business is very important. But rather than investing a lot in it I would suggest to go for pamphlets distribution or 4-5 banners in public places. Posting ads on paper or TV may cost you some fortune. And once you start getting students let them do the promotions by word of mouth. Nothing works better than this.
4. Maintain Paper Work
Though it sounds like old school thing, but it helps you in a lot of ways. Keep a track of the income and the expenditure , so that if there is any loophole in the flow you can identify it easily.
5. Be prepared for the counsellings
There are a lot of other institutes offering the same services in your vicinity, so you must offer something different to be chosen. Lowering your rates is an option though but its not that successful. Today people are ready to pay you for proper education. Tell them you are having regular exams , assignments, or if anything specific they are looking for.
6. Do not try to do everything
It is very important that you don’t try doing everything alone. Have a back up, a reliable staff, so if in case you fall sick or have any emergency someone will be there to back you. But also you should not completely rely on your staff. Its your baby and you have to nurture it.
7. Financial Back up
This one is very important. Any business needs it time to grow, so make sure you have some source of financial backup at least for the first 2 years. If your services are good, then from the third year you will be able to reap your results.
8. Positive attitude and Patience
Without this two its very difficult to make it through. There will come times when you might feel low or doubtful but never give up.