When a new school is to be started the first question that arises is “How much investment will be required?” This is a very difficult to answer unless the budget planning is done very nicely. When we talk about Budgeting there are two major segments which need to be done at first and will be there forever:
· Location: where to locate the school is a very important decision as the whole the success depends on the where it is located. The location has to be in accordance with the following:
o Community to which the school caters: It should be easily reachable by the students. Hence it should be located in an area which is near to the target community.
o Location of the competitors: If the competitors’ location is better it may become a negative point for us. So while deciding the location it is to be kept in mind where the competitors are located.
o Surroundings: What is around the suggested location? Weather it is in line with the mission of the school? What impact it will have on the students? All these things have to be kept in mind.
o Cost of the Land and Building: Depending on the surroundings the cost of the land and building may vary and it is to be decided keeping in mind the finances available.
o Payment Mode: How and when the payment is to be made. Is it one time or in instalments. If instalments then we can plan the payments according to the earnings of the school.
Based on all these factors a particular location should be chosen and the finances should be planned in accordance to it.
· Office Furniture: Office furniture is something that gives the first impression to everybody visiting the school. But when we are planning to set up a new office it is important to buy what is required and is affordable. Below are a few easy steps to follow:
o First of all we need to decide what kind if office furniture we need. It has to be in accordance with the mission of the school.
o Then we need to make a list of all the items that we need with the quantity and quality.
o Then e need to check the various options available in the market, compare the prices and the quality and select the best suited one.
o Then arrange for the finances keeping in view the time when you need the furniture.