Many students across the UK have a goal to gain international experience and exposure by studying overseas. However, some aspiring students are trapped as they do not know who to speak to about making this move, which is where an educational consultant comes into play.
The role of an educational consultant is to help clients manage their educational concerns, and guide students and parents with educational planning. If this field interests you and you are thinking of setting up an education consultancy business, here are some steps you need to follow first.
Form a Business
Before embarking on your first education consultancy company, you will need to form a business first. Doing so makes it simpler to open a bank account, as well as save you from encountering legal consequences. While there aren’t stringent laws in regard to forming a business, you may wish to work with 2 to 3 partners and share equal responsibilities and ownership. If you plan to launch an education consultancy company on your own, you can use your name as your business title.
Tell HMRC
If you plan to set up an education consultancy business, you must let HMRC know within 3 months. You can obtain a starter pack from HMRC, which will help you on your journey. Also, you can complete HMRC’s free online training. This provides easy-to-follow advice on the basics of working for yourself, how to manage tax returns, and record-keeping.
Open a Bank Account
No matter what kind of business you set up, you will need to have a business bank account in place. This is because it will be a separate legal entity. While it isn’t a legal requirement if you are a sole trader, it does help. Alternatively, you can create a separate personal account, which can work out considerably cheaper.
Obtain Insurance Coverage
To prevent any unforeseen accidents, it’s advised every education consultancy company has some insurance coverage in place. There are various types of insurance you can obtain for your business. The type you choose will depend on the range and volume of services you provide. If you operate your education consultancy business in person, taking out public liability insurance is key for protecting you and your clients.
Learn About the Industry
The best way to get clients on board with your education consultancy business is by taking the time to research the industry and know exactly what you’re getting yourself into. The majority of local and international students are aware of and understand the importance of education consultancies and their services. Understanding the needs of your clients and what strategies you can use to assist them is essential for running a successful education consultancy company.
Raise Capital and Funds
When launching any kind of business, you will need to have money behind you to make it a success. Regardless of how enthusiastic you are about the educational sector, if you haven’t got a business plan in place to raise capital and funds, now is the time to do so.
Before getting to work, you need to devise a formal document that outlines all your business plan information. If you need investors to put their money into your company, it’s vital you identify every area of the project and know how to attract investors and collect funds. You can either borrow capital from sources like a lending institution or look into small business grants.
Boost Brand Awareness
One of the best ways to succeed in the educational sector is by creating a solid corporate identity that boosts brand awareness with clients. You can market and promote your education consultancy business through ads on social media giants like Facebook and Instagram. These platforms can be used to your advantage to spread awareness of your business.
Seek Out a Business Location
Although you can run an education consultancy business online, having a physical existence for your company is essential. This is because you may need to have face-to-face discussions with clients. Where you house your company matters. To accommodate your clients and vehicle traffic, it’s advised to pick a location in a central location, such as in the middle of a city, as this is where the reputable educational colleges and institutions will be situated. If you require business premises, you can get help from your local council.
Find Office Space
How much office space you’ll need will depend on how many employees are working in your business, or if you plan to run a one-person show. Most educational consultants choose to work at home as the initial investment is low. However, this can prove distracting and can interfere with business success. If you want to work in an office space, it’s recommended to use serviced offices.
Assemble Professional Certificates and Documents
To be a specialist in your subject, you will need to assemble professional certificates and documents that qualify you to launch an education consultancy company. This will include a certified educational consultant certificate. In general, an educational consultant must also have a bachelor’s degree at a minimum. You can go one step further and obtain an MA education online from the University of Exeter to enhance your credentials.
Choose the Right Business Name
When operating an education consultancy business, most of your clients will be of the younger generation, so bear this in mind when picking a name for your company. It’s best to get creative when choosing a name, as what you decide on will go a long way to create a perception of what your company represents. Once you’ve come up with ideas for your education consultancy business, you should check with Companies House first to ensure your desired name is available. You don’t want to pick a name that’s already registered as you could face legal issues later down the line.
If you’re a highly-skilled entrepreneur who specialises in educational issues, venturing into educational consulting may be the right path to take. If you’re not sure how to go about it, following the steps above can help get you set up and run a successful education consultancy firm.