The pandemic has not only hit us physically but has also dented everyone financially effecting most of the businesses including the education sector. Nobody has ever thought that an essential service related business like education will remain closed for months together but unfortunately the education business industry remains amongst one of the most badly affected industry due to the pandemic.
With the year coming to an end , the world is now preparing itself to enter new year with hopes and preparations. Hope of defeating the virus and preparations to resurrect the economy post pandemic and in a process to do the same there are challenges and opportunities.
The post Covid Challenges in Education Industry
Since the onset of the pandemic, most of the education centers are closed across the globe. It’s been almost a year now and the students have shifted to alternate learning methods like online classes. With the end of lockdown in the phase wise reopening process, education centers are amongst the last on the list and even when they are allowed to open are struggling to get the students back. There are a number of challenges which the education industry will be facing post Pandemic.
Fear Of The Virus
The biggest challenge which will be faced post pandemic will be to bring the students back to the center. With the world wide terror of the deadly virus, parents are rightly not willing to send their kids to schools colleges and other education centers. Even if the vaccine is administered , it will take some time for the parents to become fully confident in exposing their kids. Regular school and colleges which are part of compulsory education running courses may get the students back but for the centers running supplementary education courses, it really will be a big challenge to get the students back.
The Financial Constrain
This is a fact that the virus has effected most of the parents financially , many have lost their jobs, most are getting deducted salaries. These factors have definitely dented the paying capacity of the parents. Most of the parents are not able to pay even the school and college fee of their wards and thus are already having pending liabilities on them. Getting new admissions, collecting fee and maintaining the revenue balance will be the biggest challenge post covid.
Retention of existing Franchisees
Looking at the above two points from a franchisors point of view , weather you are a company providing school franchisee, playschool franchisee, skill development franchisee or after school activity franchisee it will be very important to retain the existing centers. Continuous support, new developments , product & service up gradation will be required to retain the existing business. One thing is for sure, you are going to lose number of existing franchisees as most of the small franchisee owners are mediocre or small entrepreneurs many of them being homemaker ladies running the educational center as an add on activity. Retaining existing business associates will definitely be a big challenge for the companies running their education business through franchisees.