The corporate training market is rapidly growing at a CAGR of 8% and is expected to reach 487.3 Billion Dollars by 2030. As people are warming up to the industry, there has never been a better time to think about how to start a training institute.
The first step to starting a training institute in India is to research the industry. This way, you will be able to identify the gaps in the industry and find out what kind of training you need to provide.
Accordingly, there are many things that you need to consider before starting a training institute in India.
You need to assess the market and see what kinds of courses are being offered by other institutes. You also have to look at your competitors and see if they have any weaknesses that you can take advantage of.
There are a few ways that you can research the industry and understand what skills are in demand and what skills are not.
One way is to create an online survey which asks people what they would like to learn more about or what they would like to see in a training institute.
You can also use social media by asking people on Facebook or Twitter what they think about your idea of opening up a training institute.
Another way is to talk with people who offer similar courses and ask them how their business is doing, how much competition there is, and if there are any gaps in the market that you could fill.
A final way is to use LinkedIn by finding out who offers these courses, where they work, and how many students attend their classes on average each year.
After researching, you will know what kind of training courses to offer and who your target audience is.
The process of starting an institute is not as complicated as it seems.
Once you know what your objectives are and have a clear vision of what you want your institute to be like, you can start planning accordingly.
For instance, if your objective is to train people on customer service skills then you may want to focus on developing courses that will help them learn how to deal with different kinds of customers in various scenarios.
These are the major points that one should keep in mind before starting a training institute-
The training institute business is a booming sector in India.
To start your own training institute business, you must register it with the government.
The registration process is not complicated and can be completed online.
You can go with either of the following business structure:-
For this purpose, fill out the form on your right and get in touch with an expert.
They will help you select the best business structure on the basis of your authority sharing ratio, capital investment and scale of your business.
The first thing to do is to approach a few investors and ask them if they would like to invest in your new business.
Training institutes are mainly funded by the government or private companies. However, some institutes also receive funding from individuals and charitable organizations.
Accordingly, you can consider the following sources of investment:
Finding investors is not an easy task because there are many factors that they consider before investing in this kind of business.
For example, the location of the institute, its sustainability in that location, its reputation as well as how much profit it will yield in future etc.
Thus, keep all of these things in mind when approaching an investor and make a strategy to convince them by leveraging these points.
The next step is setting up the institute. For this purpose, you will require a minimum space of 1000-1500 sq ft.
The location of the institute should be easily accessible to potential students, near educational institutions, transport hubs, etc. A good location will attract more students who want to enroll in the institute's courses.
The infrastructure must be well-equipped with classrooms, laboratories, libraries, internet connectivity, canteens etc.
The facilities must be up-to-date every now and then so that they are up-to-date with the latest technology and trends in the field of study.
After that, proceed with hiring. To hire the right experts, you need to know what qualities you should look for.
There are many ways to hire experts for a training institute in India. One way is to advertise on the internet or in newspapers.
Another way is to search for resumes on job boards or LinkedIn and Naukri.
You can also use word of mouth by asking people you know who they would recommend as a potential candidate.