Starting a school in India requires individuals to do a lot of research and planning. They have to look after several things, such as –
- Registration under certified educational boards (CBSE, ICSE/ISC, International Board, or State Boards).
- Availing affiliation from board.
- Appointing teachers and other school faculty and setting up a school with basic amenities.
- Planning about admission, fee structure, and other essential implementations.
To accomplish all the above activities, school funding is necessary. The needed funds will help them acquire all affiliations and registration certificates and establish a school.
Also, the funds can be utilised for promotional activities and to meet regular expenses in the initial days. Moreover, the implementation of technology and software to manage operations can be various ways to manage school with ease.
How to get funding for a business?
There can be multiple ways of acquiring funds to start a school and set it up eventually. Following are some of the feasible investment options that entrepreneurs can consider.
Individuals may accumulate funds by utilising their savings; even though the process is convenient, it can be risky as there will not be funds for emergencies. They can look for other investment options which possess lesser risk comparatively.
- Business loans
Individuals can opt for a business loan in India and avail the needed funds to set up their school. The availed fund can be utilised for various operations that are needed to establishing such an institute. Financial companies provide loans of up to Rs.35 lakh to borrowers to assist them in their business venture.
Subsequently, non-banking financial companies like Bajaj Finserv offers customers a more simplified experience of availing loans by introducing pre-approved offer on loans. Such offers are available on several financial products such as business loans, personal loans, home loans, etc.
Entrepreneurs seeking school funding need to qualify for a loan firstly and eventually have to provide documents in support of their application.
- Eligibility criteria
Customers applying for business loans must qualify these eligibility conditions to have their loan application approved –
- Age between 25 to 55 years.
- The business should have a vintage of 3 years.
- Must have filed income tax returns for the past year.
- Documents to provide
Following are the documents that an applicant must provide to have their loan approved –
- Proof of identity such as Aadhaar card, PAN card, Voter ID card, Driving License, etc.
- Proof of address like Aadhaar card, utility bills, etc.
- Proof of business ownership like registration document in case of sole proprietor and partnership agreement in case of partnership firms.
- Financial documents such as last 6-month bank account statement, the balance sheet of the business unit, profit and loss statement for the last 2 years.
- Who can apply a loan for school funding
Following individuals and entities can easily apply for a business loan to acquire finances for starting a school –
- Self-employed professionals that are practising their occupation.
- Self-employed non-professionals such as retailers, manufacturers, service providers, traders, etc.
- Business entities like partnership firm, limited liability partnership, private limited companies, etc.
Individuals can look for such financing opportunity with the flexible tenor as per need and start their business venture. Entrepreneurs can make efficient use of the funds availed by implementing it in the right resources. Making use of the latest and innovative technology trends are some ways to increase business efficiency using technology.
Schools now a day implement software and applications for the management of student data, calculation of fee structure, and portal to manage other operations. Implementing such technologies in the schooling system can help administrators keep a record of the billings, transactions, and operations to avoid financial ambiguities. Understandably, entrepreneurs need funding to implement such technologies into use and these financing options will give them the right idea.