Introduction
Launching new business ventures and directing them to success requires vast knowledge about the market. An entrepreneur can attain this knowledge through research and experience. From my personal research, I noted a gap in the academic performance of students in elementary and high school settings, and therefore, there was a need for tuition to supplement got from school. There are few businesses providing tuition services to this group so that this area remains an unexploited business opportunity. However, exploiting the opportunity poses a major challenge.
The Basic Idea behind the Opportunity
Many parents wish to give their children tuition, but they cannot because of limited time. As an entrepreneur, I can tap into this opportunity to help parents provide tuition services to their children and help boost their academic performance (Ee par. 2). The job would be to bring together the necessary requirements for the tuition and find and hire people to run the tuition project. In exchange for the services, the parents of these students will pay a fee.
Changes or Factors That Have Created the Opportunity
The major factors that create this opportunity include social trends and technological advancement. In the current society, parents have increasing responsibilities as their children advance in age. In addition, they have to put up with long working hours that include night shifts. Therefore, they have limited time or at times lack it to inspect the homework and progress of their children (Solomon, Warin, and Lewis 605). This situation creates the need for professional tutors to fill the gap in children’s education.
In addition, schools have played a significant role in creating the need for tuition. Very high expectations and demands on students to excel in exams have caused the need for extra teaching and learning and helpers to enable them to meet the demands set by their respective schools. Children do not match the expectations with which these institutions provide the students. For example, the classrooms are overcrowded with the students, and the workload overwhelms teachers slowing their progress. In this vain, many schools do not meet the recommended teacher-student ratio. This situation causes a loss of personal touch between the teacher and students, and the tutor cannot understand the individual need of each child.
This situation makes parents look for external help to facilitate their children in following the education curriculum and excelling in academics. A tutor is in direct contact with the student and, therefore, able to provide specialized services to satisfy each student’s need.
Market for This Service
All parents desire that their children excel in school because their success in live may depend on their academic performance. They risk wasting their lives if they fail in their academics. However, class work is not enough to guarantee success to the children. Thus, there is a need for tuition to enhance and supplemented class work. Tight schedules hinder parents from supervising the academics of their children. This then opens the way for the entrepreneurs who provide specialized and close supervision.
The target market for the tuition industry is mainly the elementary and high school students because these stages include the most critical part of the learning process. Academic performance determines at this level whether the student has passed or not.
The Basic Economic Model
The main source of income for the service is through the payment made by the parents. The earnings derived from a tutoring service are dependent on the value of service and commitment of the tutor. The value and commitment directed to tuition are directly proportional to the returns, whereby the more the value and commitment the organizer or the tutors invest the higher the returns are. The tutor should, therefore, strive to provide high quality services by ensuring that students are continuously improving.
Approach for Developing the Opportunity
To make the project successful, the tutor must develop competitive strategies that will create and sustain a competitive advantage over the competitors. This condition will be achieved through the development of the business model that will help the organizer assess the economic context of the services and its profit. I might consider the business merging with others to gain more profits and command wider market share.
When the business expands, It should be incorporated to include online tutorials that will overcome distance barrier and further the market. The main aim of the service will be to improve academic performance of the students. This will come out clear when parents see results for the final exams of their children. Improvement in the students’ performance at their respective schools will help boost the reputation of the organization and attract more customers, translating into more business opportunities for my organization. Parents, who bring their children for tuition in the organization, will recommend the organization to other parents, and soon the organization will enroll new students. This will imply that the company will have to hire more tutors and develop its business.
Advertising the tutorial service is a vital element in ensuring its success. I will develop a company website that indicates the details and services provided and port to facilitate online registration and tuition. I will approach many schools to promote the company. I will issue brochure to various schools describing the company’s vision and the approaches set to accomplish that. Because most parents rely on the advice given by teachers, I will create a rapport involving the teachers so that they recommend the company to parents of their students. Through a strong network, my company has a high chance to succeed.
Works Cited
Ee, Pin Koon. “Home Tution – Is Grass Always Greener on the Other Side of the Fence?” EzineArticles. 2012. Web.
Solomon, Yvette Jo, Jo Warin and Charlie Lewis. “Helping with homework? Homework as site of tension for parents and teenagers.” British Educational Reserach Journal 28.4 (2002): 603-22. Print.