In every business, there are those dos and don’ts that need to be considered at all time. As soon as you have setup and education investment, the first thing that needs to be taken into consideration is the need to set goals, designs mission that will drive your education investment towards the right direction be it in a short term period or in long term period. There are a number of things that you need to consider when running an education investment. You might be the owner or just an administrator but these tips apply to anyone within the education business. Here are some of the crucial tips to be considered when running an education investment.
If you don’t take care of your customer, some else will!
What does that mean? It is simple, this tells you that you need to be able to design the best customer service ever. An education investment should be taken with seriousness just like any other business. In that case, you need to offer the best possible services that will eventually satisfy your customer. Clients in the field of education tend to move from one service provider to the other. That is if they feel like the services you are offering are not up to their expectations. In order to maintain the loyalty of your customers, you need to make sure that you give them what they want. Customers will always want quality services. As soon as you sustain quality, you will realize that the loyalty of your customers will improve.
Find the right location for your investment
Unlike other business ventures, an education investment will require you to choose or simply consider the right location. If you are offering academic services, then you will be expected to be located outside a city where you will have room to expand and grow in terms of infrastructure. However, if you have decided on education investment that offers financial loans and assistance, then it would be better to be located in a central location where your clients will be able to reach you with ease.
Set the right goals and never be overambitious
As an education investor, the worst thing that you could ever engage in is being overambitious and setting goals that seem unattainable. In order to enhance the success of your education investment, you need to consider moderate goals and always shun over ambitiousness.
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If you have decided to throw yourself into the field of education Investment, it is very crucial to make sure that you bring in the best, the relevant and the most reliable stakeholders. Who are the stakeholders? If you have never sat down to think about these individuals, it is now the right time to do so. Stakeholders are those individuals, parties or even a group of people that contribute to the development, growth and even sustenance of an educational investment. Now, who are the right stakeholders that you need to bring in as far as your education investment business is concerned?
The right stakeholders for your education Investment
The ministry of education/ government
This is the first stakeholder that fall at the top of your list of stakeholders. The government and its ministry that has been assigned to deal with education oversight should be your priority stakeholder. There are two main reasons why this stakeholder is very important. The ministry of education is the one and only agency that will be responsible for licensing your business. As soon as you have decided to invest in education service, you will be required by law to register and be awarded a certificate of operation. There is no other body that will be tasked with offering such a services except the government through the ministry of education.
Secondly, the ministry of education is an important stakeholder because you need to get guide and even a breakdown of the stipulated curricula. As soon as you start an education investment business, you will be required to be well conversant as well as aware of the system of education and the curriculum as well.
The learners and the financiers/guardians
As soon as you decide to open your own educational service center, it is important to consider the fact you need learners in your institution. Since learners may not finance themselves, you will also need to bring in guardians and parents as your stakeholders. They are very important as far as the list of stakeholders is concerned given the fact that they are the ones financing the education services you are offering to your clients/learners.
The board of directors and staff
Your education investment may not run towards its set goals if there are no decision makers and if there are no employees to deliver services to your clients. So, they also fall in the list of priority stakeholders.
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Brain drain is the process as well as the practice where people move from one country to another in such of employment. When people have the right education of the right levels; there are high chances of them moving from their country to fill those positions requiring such qualifications. For example, most of the well-educated and well-trained nurses in Kenya have been moving from their countries to other countries where nurses are of high demand. Thanks to proper education investment by government and on-governmental organizations this movement has been achieved.
How can brain drain be stopped by use of education investment
In order to ensure that educated lot from other countries are kept in check, the best way is basically setting up strategies as well as resources and ensuring that the quality of education is in accordance with the international standards. Producing a group of educated individuals is the basis of stopping or controlling brain drain. Sometimes, it might be difficult for individuals to gain access to education but it is possible through government funding. When the government of the day funds an education investment agency, then it means that more and more individuals will be in a good position to get the right education. That will certainly stop influx of educated individuals from seeking employment within a country.
Secondly, people who move from their countries to another to look for further chances of continuing their education can be considered a source of brain drain as well. In order to avoid this, the government of the day as well as the donors need to fund education in such a way that the levels of education can be heighted. In other words it is through investing in education that we can be able to finance those in need of education to the highest level possible. That will help avoid the need for people to move outside the country in search of further education.
Thirdly, through proper education investment the quality of education will be improved both in short and in the long run. When quality education is being offered in a certain country, then it means that people will be satisfied with what they have. That move would stop the need to move from ones county to another in search of quality education. That will eventually stop the menace of brain drain
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An education investment is a type of business which may not be financed by a single individual. It is with that reason, therefore, that you need to be sandwiched by the right educational investment shareholders. It is better to operate a business as a group of shareholders rather than as a single owner. Shareholders in an education investment are very important. Having that in mind, here are a number of reason why welcoming the right shareholder into your business is concerned.
Shareholder are a source of extra capital
Did you know that as a shareholder is expected to buy shares and contribute funds to an investment? Yes, that is true. Shareholders are therefore a source of extra capital into your education investment. Considering that your education investment could be capital intensive, you need to allow investors in so that whatever they contribute in form of shares can be utilized as the extra capital. Allowing the right number of shareholders is important as they help you shoulder the financial needs and burdens of your business. The most basic thing is simply choosing the right shareholders. Your education investment is better placed and reliable whenever there are a number of serious shareholders.
Shareholders are a source of advice and they take part in decision making
Sometimes, making decision in a certain business investment requires a third party. The third party will act as an opinion maker. Although you will be the major stakeholder, the decisions of other shareholder is very crucial because of two reason. The first one is that they contribute in terms of advice. Whenever there is someone who can advise you, things tend to become easier because all you need to do is take that which you think is worth. Secondly, the shareholders always be part of your decisions. It is impossible to make decisions without involving there other stakeholders in an education investment.
The shareholders are like the corner posts in your education investment
A corner post is something that support the whole structure in general. It is with that reason therefore that you need to welcome some of the relevant and committed shareholders. Far from contributing to the business in terms of buying shares, they are also a source of general support. In fact, some of the shareholders are good in marketing and introducing your business to a variety of customer or clients.
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Just like any other type of business investment, an educational investment, need a good business structure. However, it is important to have a look at what a business structure is. A business structure is basically an outline or a plan that shows how your business investment will run. A business structure should be designed while considering some of the elements such as the size of your investment as well as leadership styles that will be adopted in the long run. Sometimes, the wrong choice of a business structure could jeopardize your sustainability as well as your survival.
What should a good business structure contain?
A good business structure for your education investment should contain a hierarchical flow of command and leadership. In every educational investment, there must be leaders and these leaders should be arranged in such a way that their seniority is visible. At the top of the hierarchy is the board of directors, then as we come down to the next level, we will have chief executive officers, managers, supervisors and down to ordinary or daily operations employees. When there is such a hierarchy of leaders, it becomes very easy for your educational investment to run based on the authority of these leaders.
Your business structure should contain management levels. There are various business level in a typical business investment. These levels include, leadership level, managerial level, supervision level and operational level. Depending on the business engagement of your education investment, the leadership level is basically tasked with decision making and even setting direction for your business. The next level is the managerial level and this is where managers get to oversee all the activities down in the departmental level. The supervisors are tasked with supervision and they are always in constant touch with your employees. Down in your managerial level are the employees. The employees will be tasked with doing the actual tasks such as documentation, marketing and even customer care.
Your business structure should have a list of financial advisors as well as legal advisors. Just like any other business investment, you educational investment needs a legal team. A legal team is very crucial as your business is prone to legal scuffles and when that happens, your legal team will have to handle issues related to that. On the other hand, the financial advisors are important as they will be a source of advice for your education investment.
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Just like any other investment, your investment in education is prone to competitions that could subject it to various challenges. There are a number of education investments that have failed to take root and even sustain itself as a result of stiff competition. In fact, most of education investors have gone out of business and even bankrupt as a result of the presence of stiff competition in this sector. In that case, there is need for you to look at the levels of competitions first before deciding to pour your hard earned money into the risky business of education investment.
Reasons why stiff competition is not good for your education investment
Let’s first understand what competition is actually is. Competition is basically a phenomenon where other educational investment are performing extensively well that other education investments. That could be due to the fact that the other investments are better placed in terms of strategic plans, resources as well as capital base. There are a number of reasons worth sharing as to why competition could be bad for your new education investment.
The first reason is that stiff competition that could face your education investment could lead you to bankruptcy. You will agree with me that when competition becomes too stiff and tight for your business to handle, there are high chances that you will be forced to use your residual capital to try and get your investment back on feet. However, there is no guarantee that your investment will pick up even after using such huge resources to restore its back to its position. The presence of competitors is therefore a bankruptcy risk for your educational investment.
Secondly, the presence of stiff competition could bring about the need for mergers and takeovers. Sometimes, in education investment arena, mergers and takeovers could be the last resort that is critical in salvaging your educational investment. When the competition is too stiff, you need not to struggle too much to bring your company back to its feet. The right thing that could follow is allowing other competitors to host you within their investment umbrella. It will be necessary for you to accept to be merged or to be taken over by a stronger educational investment. Instead of shutting down your education investment, you need to consider that. It is better than shutting down and getting nothing in return.
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Educational investment can be done in two ways. The first of these ways is investing money in education for someone to benefit. The second way is pulling up resources so that you can start an investment where educational service provision will be the main agenda. In both, the investment will work efficiently when there is a good insurance plan. Such an insurance plan include insuring property in case of running an educational investment and taking a life assurance if you have invested in the education of your child. Such a plan is the best way to ensure that your education investment will work towards the set goals.
Property insurance vs. Education Investment
This should be understood from the perspective where you have established an educational institution. This is in itself and education investment. It is very crucial to insure properties as soon as you launch an investment that will be tasked with offering educational services. Someone will ask, “Why should I insure my educational investment properties?” It is simple, the first reason why you need to insure properties crucial for your education investment is that since it is a long term investment, there is need to make sure that in case of any peril, there will be a financial pool in which to reconstruct and recover your business.
Secondly, since your education investment’s properties is worth a fortune, some of the inevitable loses that might face it needs to be bared. Now where I am I coming from? Now, since the development of properties and other resources costs a huge fortune, it proper to ensure that you have taken an insurance cover so that your education investment can remain standing long enough for you to enjoy its fruits.
Education Investment vs. Health Insurance
Here, we are talking from a perspective where you have invested in the education of your child or any other beneficiary. An educational investment associated with your child should be made in such a way that you can be able to see the benefits. In order to make sure that your beneficiary as well as your child lives to see the fruits of what you have invested, you need to take a health insurance cover on them. With such a plan, it will be possible to prevent your living investment from risks such as deaths occurring as a result of sickness even before your educational investment attains it goals.
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In almost every country, the government has put in place measured and policies to ensure no child stays at home simply because they cannot afford to pay for education. As a way of promoting education investment, the government has passed the law which states that every child who attains the minimum threshold required to join an institution of learning must be allowed to apply for an educational loans. In the United States and Kenya for example, education investment has been done through educational loans. With such a provision students have an opportunity to apply for educational loans crucial for taking them through to the higher levels of education.
Benefits of educational investment using educational loans
Educational loans enhances equity. Most of the states in the world have been fighting to make sure that there is a reduced gap between the rich and the poor. In so doing, the poverty levels will be brought down to a manageable levels. In order to reduce such a gap, education investment has been promoted and implemented. The implementation of such an investment has led to the provision of loans to students or potential learners who would have otherwise not be in a position to finance their education. In so doing educational investment has brought about equity as far as social and economic disparities are concerned.
Education investment through loans promotes national economic growth. When educational investments are done through availing educational loans to students as well as educational institutions, the long term outcome will be more students getting education. On the other hand the financial institutions will be in a good position to provide quality education to its clients. In the event where there are many graduates ready to join the labor market, national economic growth will be the ultimate outcome.
Educational investment promotes national gross domestic product. National domestic product is accrued from the total income earned per person. The more the number of people who have the right level of education, the higher the GDP of a specific country. With that idea in mind, it is very important to be aware of the fact that education investment is the basis in which gross domestic product gets to grow. It is important therefore to invest in education so as to promote personal financial growth as well as national domestic financial growth. That is how much education investment can be of benefit.
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As soon as seniors in the field of education get there retirement letters, the first question that comes to mind is where to invest their retirement finances in. Now considering that you are an experienced teacher with all the knowledge and skills, it is very crucial not to put such resources to waste. As a retired teachers, you are a walking resource basically because it was through an investment in education that made you the person you have come to be. In that case, there are a number of reasons why education investment is the best choice for your retirement.
Skills as a teacher are perfect educational investment
Educational investment is a business that requires someone who has the right as well as relevant skills. As a retired teacher, you can actually open a school of your own. This will be a private educational investment where you will be in a position to put your experience, skills and knowledge into practice. Educational investment done by teachers who have retired from service will also be in a position to accrue both normal and supernormal profits. This is basically because of the fact that there is a great deal of efficient leadership and management from the experienced owners.
Educational investments are easily managed by the right stakeholders
Persons who have retired are the best stakeholders to run an educational investment. With that idea, it is very crucial to make sure that all the stakeholders ranging from members of the board down to the parent representatives should have a little bit of experience in education investment. With such an availability, you will certainly realize that there will be a difference between an education investment being made by experience educational professionals and that which is made by unexperienced professionals from other fields.
Education is a long term investment
Assuming that you have started a school where students are expected to study for more than eight years under your service provision; you will certainly realize that it is a long term investment. Being a long term investment, it means that once started, an education investment has the power and a tendency to earn you income for as long as you may want to keep such an investment. It is very important to consider an educational investment only when you are aware of the fact that it will be run by the later generations and not only the current generations.
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There are those students who might have been lucky enough to land on a job as soon as they are done with the middle level college education as well as after their higher education. With that idea at hand, he/she might consider continuing his/her education due to the fact that he/she has the means and the will to finance his own education. For those who feel like their salaries might not be enough to pay for their education, taking a loan becomes a handy option. Education investment entails financing salaried students and this has been a success for education investment agencies because of a number of reasons.
Salaried Students have the capacity to service their educational loans
You will agree with me that there are those guarantees that an educational loan lender will always want a potential borrower to possess. In education investment, a salaried student holds on his/her salary as the guarantee that he/she will be able to pay his salaries. For instance, when applying for a salaried student loan, you will be expected to produce the most recent pay slips as well as the contract between your employers showing how long you will be working for a certain employer. Education investment becomes a reliable business when you are assured by your borrower that he/she has the means to pay.
Salaried students’ allows for a direct deduction from their salary
In education investment, salaried students are the best and legible to benefiting from student loans because they always commit to pay a certain amount to the person offering them loans. In fact, they are known to put a standing order where a bank will automatically deduct a certain amount to repay for their educational loans. Unlike unsalaried students who do not have a source of income where loan repayment deduction can be done, salaried students are the best education investment partners because of their ability to pay.
Salaried Students financing alleviates bad debts on the side of an educational investor
Bad debts is one of the things that an education investment agency should try to avoid or minimize as much as possible. In that case, they normally offer educational loans to students who have the capacity and the ability to repay their loans on time. When bad debts in education investment is avoided, then the whole investment becomes a success.
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From a light perspective, you might not be in a good position to think that an education investment agency or an organization which is offering financial loans to students benefit from offering such loans. In most case, the educational investment financiers such as the government may come forward in that the name of offering affordable loans to needy students. The word affordable only sound good when you are still a student but it will start turning sour as soon as you graduate from your institution of higher learning. This brings us to a conclusion that the education investment agency is the party that will have the last laugh.
An educational investment enjoys extensive funding from government and donors
As much as most of the beneficiaries of education investment loans may not be able to repay their loans o time, the loaning agencies or commissions within a specific country might not worry about bad debts. This basically because out of the funds accrued from government treasury, a portion of it goes to the agency itself. Such funds are aimed at catering for daily operations as well as for covering bad debts. While you struggle to repay your loans, the education investment agency will enjoy its continuity and this is one of the benefits it gets from being an education investment agency.
An education investment benefits from penalties and interests
Considering that whatever you are offered as loans comes with an interest as well as penalties when your fail to pay, it is clear that the penalties are part of the benefits. These benefits are crucial for the lending institution. Think of a scenario where thousands of defaulters pay back their loans with interest as well as with penalties. When such a sum is combined, you will agree with me that it will be a very huge amount. This is an amount that an education investment owner benefits from.
Last but not least, an education investment financial lender stand to benefit from external funding for needy students. In most cases, the international community such as the UN and other will offer financial scholarships for needy students. The task of distributing these finances to the “needy” students is always left on the hands of an education investment agency within a country. When that is said and done, such an agency will also charge a service fee for doing the job of identifying the needy and distributing the educational finances.
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In every business, culture is a very important element and this is because any business investment does not work in isolation but in association with people from different cultural backgrounds. It is very important for an education investor to be aware of the fact that cultural accommodation determines the success of every education investment. With that idea in mind, you might want to know the benefits and the reasons behind why taking cultural issues into consideration is very important for your business. Here are a number of reasons why your education investment must accommodate cultural factors.
Cultural consideration enhances popularity of your investment
Considering that education investment is just like any other investment where cultural accommodation is required, it then very crucial to make sure that you accommodate various cultures. Someone will ask, “Why accommodate various cultures?” The answer is that whenever you are accommodative of cultural differences, your investment will be in a position to gain popularity. Popularity is what you need since it makes your institution looks positive and in fact, your institution’s image will be great. When that happens, more and more customers will want to be part of such an institution.
Culture is a good social element in education investment
Education investment largely depends on social competence of the administration. The term “social” means that your investment must try as much as possible to showcase the fact that it is committed to being social responsible. Being socially responsible means that your institution will start with accepting the local cultures and the advancing towards providing quality education. Cultural accommodation will always make you institution look positive and this positivity is also a potential source of sustainable income. When thinking about social responsibility, culture must be the first element to consider.
Culture is a source of efficiency in the field of education
Considering that every business needs to be efficient so that it can be able to attain the set goals, there is need to consider cultural differences as one of the factors. When customers from various culture are allowed into your business, then you will be in a good position to enhance efficiency. When a high level of efficiency is attained then you will enjoy all the financial benefits accrued from your investment running efficiently at all time. It is very important therefore to consider culture when making your education investment decisions.