Business Planning

Business Planning

1)   Personal Goal Setting

2)   Business Goal Setting

3)   Research Phase       – Industry Analysis

– Target Customers

– Competition Analysis

4)   Strategic Phase       – Product Strategy

– Pricing Strategy

– Place Strategy

– Promotional Strategy

5)   Implementation / Management

6)   Financial Considerations

ANSWER

Business Plan on Homeschooling CurriculuM

Executive summary

Homeschooling is a progressive movement that in the world in which guardians and parents educate their children while at home rather than sending them to private and traditional schools. It gives parents, guardians and instructors an opportunity to influence what their children or kids learn. In the process, they help them nurture vital skills. Today, homeschooling is quickly gaining popularity (Brewer & Lubienski, 2017). Most families choose homeschooling due to various reasons including differences in educational and religious philosophies, dissatisfaction with the existing educational options that are available, and the belief that young kids are not doing well within the traditional structure of education. With homeschooling, students have a chance to have a more customized teaching and learning experience than in private and public schools setting (Bauserman, 2013). According to statistics, homeschool students tend to perform better in standardized admission tests and institutions of higher learning than public school students (Gaither, 2017). This means that the homeschooling sector enriches children’s education and enhances their chances of being successful in getting an opportunity to study in a high ranking institution of higher learning.

A well-developed business plan aid the development of a more organized home school facility that is capable of managing its operations effectively. In this regard, the following section presents a business plan for a homeschooling curriculum that will support the creation of a greater foundation for future teaching and learning. The business plan consists of key areas including personal and business objectives, environmental analysis, and strategic phase, implementation approach as well as financial considerations.  The environmental analysis focuses on three areas, the industry analysis, target customers as well as competitive analysis while the strategic phase presents the promotional mix to be used to support the growth and development of the organization.

Business and personal goals

The main goal of the creation of a homeschooling program is to identify areas where children require significant improvement and are to promote and enhance learning. However, the developer does not only look forward to realizing other goals for the betterment of Children, their families, and their respective community. Other goals include the following:

• The homeschool program is meant to increase the level of happiness in the family and make everyone, especially children to feel that they are part of the family and their community at large.
• To guide the development of skills like responsibility, disciplines as well as persistence.
• To expose young children and students to a wide span of curricular aspects and create strong foundations in all children, based on the work that is productive and beneficial to the child.
• Homeschooling programs will be designed to help students to pursue their passions and interests to their fulfillment and satisfaction.
• The homeschooling curriculum is meant to help students improve their social skills and build good relationships with students and other individuals including parents, teachers, and all stakeholders, something that will be beneficial and meaningful to them.
• To improve their love of reading, book, and stories that are useful in expanding knowledge
• The program will be designed in a way that will help children build upon other areas of pleasure like games and statistical concepts.
• To nurture talent and continue teaching moral and ethical standards that will foster good behavior, flexibility, and acceptance when dealing with different types of people.
• To develop the sense of own self valuable and unique to each student and promote the sense of belonging.
• To help students understand how they can express themselves and develop their reasoning capacity.
• To enhance computer literacy.
• To prepare students for adult life and jobs in the future.

Target customers

The target customers include young children and students who need educational products and services to enhance their knowledge and skills. With the knowledge, they will be in a better position to deal with life-related issues, start their business, or get jobs in the future and live a healthy life. Learning programs will be meant for children between 3-15 years in terms of age. The target market also includes parents who are often willing to take their children to the best learning institutions that offer the best program.

Industry analysis

PEST analysis

SWOT analysis

Strengths

• Apart from being a parent, I am well-equipped with teaching skills and experience. I understand the approaches that can be taken to enhance creativity and critical thinking among students. I know the importance of scheduling and how to develop useful programs. With a team of other skilled and experienced instructors, we will be able to deliver the necessary knowledge and establish a firm foundation for future learning.
• There is an ongoing project that is meant to support home learning. Currently, were are constructing a hall and few classes where homeschooling services will be delivered.
• There is a home library with over 6,000 books that students can use while learning. Further, students can easily access different public library where they can get a variety of books and articles.
• Our houses, halls and classes are located in a place where both boys and girls can easily study without destructions. The natural resources and facilities around the area provide a good environment where students cannot only enhance their knowledge but also boost their social skills and enjoy themselves. For instance, there are game zones and a field where students can interact and gain skills associated with physical education.
• We have a team of instructors who can capable of providing hands-on instructions in both technical and practical areas. Besides, I am an experienced instructor who can provide the necessary instructions to young children.
• Both boys and girls will have an opportunity to engage in a variety of sporting activities that will be offered in a positive and well-developed environment (field).
• There are various musical instruments available. Students with an interest in music will have an opportunity to develop their talents and skills in music.

Weaknesses

• Some instructors lack adequate background knowledge in some disciplines like music and physical education.
• Limited financial resources to support learning. We are forced to see financial assistance and allocate the existing resources effectively.
• The caregiving responsibilities of some of the parents and instructors make it difficult to take advantage of existing resources like musical instruments for the betterment of the interested students.
• Parents are instructors are likely to encounter children with different learning abilities and hence may be forced to go the extra mile to ensure all students acquire the necessary knowledge and skills.

Opportunities

• The existence of a homeschool curriculum that is suitable for different learning styles as well as budget.
• Existence of a community that consists of individuals who are ready to support home learning and welcome teens who are willing to take part in a homeschooling program.
• We have built a strong relationship with partners and experienced tutors can provide tutorial assistance services willingly.
• The nearby libraries consist of books that can provide students with more knowledge in areas that require further readings.
• With the existing facilities like a gym, swimming pool, well-develop field, and playground, students and parents will have an opportunity to enhance their skills in physical education.

Threats

• The caregiving duties of tutors and instructors can interrupt the flow of learning
• Some learners cannot be motivated to maintain good behavior due to the adolescence stage.
• No budget will support students’ further learning in colleges and other institutions of higher learning.

Five forces analysis of the homeschooling industry

Threats of new entrants

Homeschooling is an emerging industry in various parts of the world including the United States. Many people are now preferring homeschooling as the best way to nurture young children and prepare them for the future. As a result, there is an increasing demand for homeschools. The high demand continues to accelerate the development of homeschooling organizations. Currently, various organizations support the provision of the homeschooling program. New organizations are likely to enter the industry and bring innovation as well as new ways of carrying out homeschooling-related activities and services. This can put pressure on the public education sector and many students may consider joining homeschooling programs rather than traditional public and private schools. Parents and new tutors can use execute a lower pricing strategy, provide a unique value proposition to customers. Therefore, parents, the current tutors, and existing homeschooling organizations must continually build their capacity to safeguard their competitive edge and the industry at large. Parents and tutors can enhance the services offered through research and development.

Bargaining power of suppliers (Tutors, article/book publishers, librarians, etc.)

Parents, tutors, and homeschooling organizations buy the required materials including learning materials from various suppliers and publishers. Most suppliers in the industry have higher bargaining power and may lower the profitability of education and learning services. Some libraries and tutors provide quality service at a relatively high cost. However, homeschooling has both short term and long term benefits to the learners or recipients. Hence, despite the high supplier bargaining power, parents can enjoy the many benefits of the homeschooling program. Homeschool organizations can reduce such costs by developing strong and long term relationships with suppliers and partners.

Bargaining power of buyers

            Buyers always demand a lot especially when the services provided are beneficial to them. In the Homeschooling industry, buyers include children and parents who often seek better educational services for their own good. Most parents and children would wish to buy education services at a low cost and this often puts pressure on tutors, libraries and other service providers to consider providing services and affordable prices (Brewer & Lubienski, 2017). Considering the increasing demand for homeschooling services and programs, buyers tend to have higher bargaining power and hence can seek better services at a low cost.

The threat of substitute products and services

Undeniably, the education and learning services offered under the homeschooling programs meet the needs of the customers in various ways. As a result, many individuals are preferring homeschooling rather than traditional public and private schools as suggested before. Traditional public and private schools and other homeschooling programs can be regarded as substitutes in this case. Different homeschooling programs are being offered today and parents and children are likely to choose the best homeschooling programs and organizations based on their ability to access the services provided. In a nutshell, the homeschooling and education industry, in general, is composed of various educational institutions and programs and many individuals are likely to prefer those that provide the best services.

Rivalry between competitors

Homeschooling operates is a very competitive educational service industry that influences the general profitability of learning institutions and programs. A homeschooling organization can only overcome rivalry is they can create and develop sustainable differentiation, collaborating with possible rivals to increase the size of the market and providing high-quality services

Competitive analysis

            The homeschooling industry is increasingly becoming very competitive following the benefits that have closely associated with the programs provided in the industry. Over the years, new organizations have entered the industry and tried to provide different kinds of services in the United States.  Various homeschooling organizations have developed different sets of programs and courses that can be taken offline and online, something that has increased competition. The success of an organization in such an industry depends on its ability to provide quality and unique services.

Strategic phase

 Product Strategy

            The organization is looking forward to designing a homeschooling curriculum that will help young children gain knowledge and skills that will be useful in their lives currently in the future. The curriculum will be designed to enhance creativity as well as critical thinking among students, creating a strong foundation for learning in institutions of higher learning (Gaither, 2017). The program is meant to eliminate standardized outcomes as well as adherence to schedules and arbitrary memorization of concepts and boost the ability of the children to learn, relate issues, and generate new ideas. The curriculum or program will increase the effectiveness of learning, meet the existing community needs, promote academic flexibility, and promote community and family engagement in learning processes. The program is meant for children who are below 15 years. Through the education services offered, the organization believes students will be equipped to handle real-life issues and perform better (Brewer & Lubienski, 2017).

Pricing strategy

            Value-based pricing is among the approaches which are used to determine the price to be charged for a good or service. A value-based price reflects the estimated value of the service (Cressman, 2012). A value-based pricing strategy will be used to determine the amount to be charged for the product and services (curriculum) offered.  The price will mirror the value of the program offered.

Place strategy

            The services will be offered near homes or where students come from. The curriculum/program will be customized to meet the characteristics of home-based learning. As stated before, both offline and online educational services will be provided. The online learning program will be accessed through the website and links that will be provided by the parents, tutors, or instructor’s while offline services will be provided near homes.

Promotional strategy.

            A promotional strategy is a calculated move intended to inform, influence and remind the target audience about the existence of a product or service in the market (Thackeray et al., 2007). There are different approaches that can be useful in promoting or marketing a product or service. For instance advertising and personal selling. However, only a few approaches will be used to promote the program. The organization will employ advertising, digital marketing and sales promotion methods. Adverts will be created and aired on Television. Besides, social media platforms like Facebook, Twitter and YouTube will be used to market the learning programs to be offered. The public will also be informed about the curriculum through digital and online channels like a google search engine, emails. Service will be provided at a discount and customers will be able to enjoy the service at a low cost. These marketing methods will ensure the target market can access the services provided.

Implementation/management

The organization will be registered as a homeschooling institution and will be led by a principal (a well-experienced and skilled parent) and will be assisted by a senior parent/tutor (The deputy principal). Other members who would support the management include senior tutors and expert home coaches. All staff members will support the provision of homeschool learning services online and offline. The organization will work in liaison with IT experts and partners in the education sector who will take part in the development of an online platform that will help tutors to connect with students. Tutors and homeschool experts will develop a program and work schedules that will be executed.

Financial considerations

Promotional expenses

Operational expenses

References

Bauserman, A. C. (2013). Newmarket entry for charter management organizations:           building a strategic framework for successful growth.

Brewer, T. J., & Lubienski, C. (2017). Homeschooling in the United States: Examining the          rationales for individualizing education. Pro-Posições, 28(2), 21-38.

Cressman, G. E. (2012). Value-based pricing: A state-of-the-art review. In Handbook of   business-to-business marketing. Edward Elgar Publishing.

Gaither, M. (2017). Homeschooling in the United States: A review of select research topics. Pro-            Posições, 28(2), 213-241.

Thackeray, R., Neiger, B. L., & Hanson, C. L. (2007). Developing a promotional strategy:            Important questions for social marketing. Health Promotion Practice, 8(4), 332-336.