how to choose best childrens business
LearningRx Reviews How to Choose the Best Children’s Business for You
Congratulations on taking the first step towards a new career in Children’s business ownership!
Regardless of your current career, level of education, or experience working with children, there are innumerable opportunities to start a business that allows you to work with children in some way. For some people, this means opening an individual business—starting from the ground up, creating business plans, protocols, and marketing materials; hiring, firing, and training staff; and taking on the enormity of new business creation independently.
Benefits of owning a
LearningRx Child Franchise
Benefits of owning a LearningRx Child Franchise
Many people opt to investigate franchise opportunities instead, as this allows them to hit the ground running with the help of:
- Proven Business Systems
- An Immediate Support Team
- A Network of Franchisees Ready to Share Ideas for Success and Growth
- Tried and True Products
- World Class Training in Networking and Marketing
It should come as no surprise that we at LearningRx believe franchising is the best way to embark on new business ownership, because it allows the new business owner to learn the ins and outs of the business without reinventing the wheel. They are able to focus on marketing, sales, and networking—rather than creating products, defining their brand, building a website, or paying a lot of money for marketing tools. Franchises have a higher rate of success than independent businesses, because the business model has already been created, tried, refined, and improved to increase profitability. To learn more about the LearningRx Business opportunity, please check out our Licensing & Franchising Webinar.
Types of Children’s Business Franchises
Once you have decided to embark on franchising a children’s business, there is a myriad of possible business opportunities for you to consider. Depending on your current profession, educational background, and capital available, among other factors, there are a number of children’s franchises currently accepting new franchisees.
A few Children’s Business franchise categories are:
- LearningRx Brain Training
- Gyms, Dance or Sports
- Child Enrichment or Music
The investment amount for children’s services franchises ranges anywhere from about $18,000 to $7million (LearningRx estimated investment is $90,000-$149,000)—there really is a franchise opportunity for every budget!
As you begin investigating Children’s Franchise opportunities, it is important to consider your professional background. Many childcare franchises require an educational background, some child enrichment concepts only require a 4-year degree in any subject, and still others do not have any educational requirement. A number of children’s business require a brick and mortar location, although some of them are mobile services that can be done anywhere within your territory. Some businesses have more of a retail feel—offering clothing or toys, while others provide a particular service such as brain training or lessons. There are children’s business that are open 8+ hours a day, 5-7 days a week, and still others that are only operational for a few hours on just a few days a week.
As you can see, there is a Children’s Business opportunity for almost everyone—you simply have to determine what your personal business goals are and choose a franchise that will help you meet those goals. If you would like help determining which children’s franchise concepts are a good fit for you, please contact us and we would be happy to discuss your background, future goals, and lifestyle requirements to help you choose the best fit.
Consider your Lifestyle to Choose
the Best Children’s Business for You
If you are leaving your current position within a company, it’s likely that you are hoping to begin working for yourself—setting your own hours, making your own decisions, and seeing the fruits of your labors firsthand. Any small business owner (whether an independent business or a franchise) will tell you that there is a good deal of work required to make a small business successful and profitable. It may be a large undertaking when you begin, and you may find yourself working more hours than in your previous position. However, each of those hours will impact your own bottom line and you will very likely find that you enjoy the work you’re doing and that the hours are worthwhile. There are a number of lifestyle factors for you to consider:
- Hours of work per week
- Background: required licensing and compliance, education level
- Daily tasks required
- Family commitments and events
- Personal Business Style
Ultimately, however, as you choose the best children’s business for your personal goals and lifestyle requirements, you will want to consider the number of hours you want to work on a weekly basis, and in what capacity you’d like to spend those hours. Most small business owners work 40 or more hours per week, but there are opportunities to work more or less, depending on your goals. If you are looking for a supplemental business to add to your current career portfolio, you may be able to find a small business that only requires 10-20 hours of work. The majority of children’s businesses will require around 30-40 hours; some will require more than that. There may be seasonally busy times and slow times; there may be long breaks if your business follows a school calendar. Every hour you spend working on your business has the potential to increase profitability; if you spend your hours focusing on income-producing activities, you have the opportunity to see greater profit.
Some children’s businesses require extensive licensing and compliance. Childcare businesses, for example, have a great deal of legal, educational, and accessibility requirements, as well as frequent oversight from other agencies. Sports facilities carry hefty liability against injury, and often require their personnel to be trained in specific areas. Brain Training and tutoring centers require certain levels of educational attainment (for example, LearningRx trainers must carry a 4-year degree and have a high level of cognitive skills).
How would you like to spend your working hours? Are you interested in managing and maintaining compliance with educational and governmental standards? Would you enjoy managing a staff of employees who work closely with your clients? Do you like to create, implement, and refine marketing plans? How often do you hope to get out into the community to meet your potential customers and referral network? Are you hoping to spend most of your time working independently, or do you prefer to collaborate? Or perhaps you prefer to delegate and manage a team, rather than doing the majority of your business tasks alone? All of these questions can help clarify what businesses are a good fit for you.
Do you hope to be available to attend sporting events, doctor appointments, field trips, and other important activities with your kids? Owning a small business can provide you with the flexibility you need to be present in the lives of your kids. In addition, if you are able to open a business in your community, you may be able to cut down on commute time (some people travel 3+ hours one way for work, or have a separate living arrangement during the work week) and spend precious after school hours with your family, rather than in your vehicle or on a train. Many business are only open 5 days a week, so you can preserve your weekends to spend with your loved ones. You also have the ability to choose a business that closely follows the school calendar, providing you with built in time off, in some cases.
If you would like to know more about the types of businesses that are a natural fit for your personality, please take our business profile! It will give you some great insight into your preferred daily tasks, as well as who you may consider hiring to find success in a small business.
Choosing the Best Children’s Business Fit
There are a number of factors to assess when choosing the best children’s business for you:
- personal and career fulfillment
Before you are ready to invest in any business concept, it will be important to investigate each opportunity to see if the performance, values, daily life, and client base are a good fit with your business needs.
To determine your potential for profitability, you should start with a business plan. Many franchises offer a break even analysis to help you evaluate your expenses vs. income. This is only an estimate, of course, and not a guarantee of profitability, but it can be helpful in determining your potential for profit in the business you investigate. It is also extremely important to evaluate each franchise’s Item 19, which is a performance breakdown from the prior fiscal year. Each franchise reports differently, so be sure to compare information closely and ask questions of the franchisor and franchisees during your due diligence process. If you opt for an independent business, your business plan will be crucial in setting profitability goals. Most businesses take two to three years to become profitable (according to the Small Business Chronicle); however, it will also be important to evaluate the profit margins, initial investment, and earning potential of each business opportunity
As we mentioned before, flexibility is a key factor for many small business owners. As the final decision maker in your own business, you have ultimate flexibility in your working hours—do you want to be closed every weekend? Many businesses allow for that possibility! While there is a great deal of flexibility with many small business opportunities, there are peak times for which you may need to be available. For example, most tutoring and brain training centers are busiest in the after school hours, and many retail businesses are busy close to the holidays. If you are looking for specific hours of free time, it will be important to discuss busy times with the franchisor and franchisees during due diligence.
Many people who are leaving a career to start a business are looking for greater fulfillment in their work. This is certainly the case for LearningRx franchisees, who site the ability to “make a difference” among their top 3 reasons for franchising with us. If making a difference and finding fulfillment in your career is of chief importance to you, be sure to discuss this desire with the franchisor and franchisees in each franchise concept you investigate. Choosing a children’s business is a great first step to finding greater satisfaction and fulfillment in your career, but discussing it with individuals who are already working in the business is a smart way to get a feel for how impactful you will be in your community.
Finally, it’s important to consider your natural leanings as a business owner when you choose a children’s business. Some individuals are highly sales-oriented, while others are more task-driven or numbers-focused. This impacts how each person prefers to spend their day—which tasks they naturally complete first, and which tasks they have more trouble completing. For example, a sales-oriented business owner will have no trouble getting the word out about their business or discussing the merits of the concept with potential clients, but they may struggle to complete administrative tasks. On the other hand, a numbers-focused business owner may have neatly balanced books, but struggle to spend time and money in marketing. Each of these business owners brings something to the table, but they also have holes that will need to be filled by key staff members. Click below to take our free sales profile and learn more about your strengths in business.
Is Learning Rx
the Best Children’s Business for You?
LearningRx is an award-winning franchise providing a life-changing opportunity to individuals around the United States, as well as internationally (check out our international license: http://brainrx-licensing.com/). If you are looking for a children’s business that helps kids and adults think faster, learn easier, and perform better, LearningRx is a perfect fit. As you are considering other educational children’s businesses, it is important to investigate the results of each concept. For more information on the results of LearningRx one-on-one brain training programs, please visit www.learningrx.com/results. There, you will be able to learn more about our average 15-point IQ increase (21 points in our randomized controlled trial!), our results with specific populations (such as ADHD, Dyslexia, and TBI), and our ongoing research in the brain training industry. If you are looking for a cutting-edge concept that has the potential to meet needs for many families in your community, LearningRx may be the right fit for you. To learn more, download our free information kit.