College Scholar Academy Background
My educational business is a college access consulting service practice. The market area for my business is students and parents who live in Michigan and surrounding Midwest areas. I will target homeschool, virtual school, suburban area, Upper Peninsula Michigan, and international students. The academy will help students with their educational goals but it will also help parents too. The academy will help parents who:
Feel overwhelmed with the college application process
Do not have the time to help their child locate the right college
Want their child to receive personal one-on-one college counseling
Know other people who use a college consulting service and believe this service has a title of …show more content…
When thinking about what to include in my operating expenses I made a list of things that I will need for my business to be successful. I knew I would need supplies which include handling office administration, purchasing supplies, and travel to college campuses and attending training and conferences. I also knew that I would need to factor in office rent, utilities, advertising and most importantly salaries. During the first three years I do not plan on making a salary for myself. Salaries will be paid to the college students who will be known as college scholar mentors. I plan on paying college scholar mentors in the range of $12 to $14 dollars per hour. I then factored in the expense for travel and professional development which I will stay in the range of $2,000 to $5,000 per year over the next three years. I then factored in the price for office and computer supplies. I planned on spending more on office supplies my first year and then decrease yearly but I plan to update technology aggressively every three years to keep up with the technology movement. I then factored in a price for personnel and outside labor which could include special training for staff or speakers for workshops given to students, parents and educators. My next factor includes the cost for printing and postage/shipping. This expense involves the materials that will need to be printed to create resources for my clients. Also there will need to be mailings for reminders to clients and this will be included with postage. The next factor includes office rent and utilities which my first year I did not include. I plan on working at my home and at public areas as well as use my church and local library to host workshops. In year two I plan on renting office space through my community foundation for a discounted price. The next expense is my telephone and internet expense which I factored in to be $360 per
My educational business is a college access consulting service practice. The market area for my business is students and parents who live in Michigan and surrounding Midwest areas. I will target homeschool, virtual school, suburban area, Upper Peninsula Michigan, and international students. The academy will help students with their educational goals but it will also help parents too. The academy will help parents who:
Feel overwhelmed with the college application process
Do not have the time to help their child locate the right college
Want their child to receive personal one-on-one college counseling
Know other people who use a college consulting service and believe this service has a title of …show more content…
When thinking about what to include in my operating expenses I made a list of things that I will need for my business to be successful. I knew I would need supplies which include handling office administration, purchasing supplies, and travel to college campuses and attending training and conferences. I also knew that I would need to factor in office rent, utilities, advertising and most importantly salaries. During the first three years I do not plan on making a salary for myself. Salaries will be paid to the college students who will be known as college scholar mentors. I plan on paying college scholar mentors in the range of $12 to $14 dollars per hour. I then factored in the expense for travel and professional development which I will stay in the range of $2,000 to $5,000 per year over the next three years. I then factored in the price for office and computer supplies. I planned on spending more on office supplies my first year and then decrease yearly but I plan to update technology aggressively every three years to keep up with the technology movement. I then factored in a price for personnel and outside labor which could include special training for staff or speakers for workshops given to students, parents and educators. My next factor includes the cost for printing and postage/shipping. This expense involves the materials that will need to be printed to create resources for my clients. Also there will need to be mailings for reminders to clients and this will be included with postage. The next factor includes office rent and utilities which my first year I did not include. I plan on working at my home and at public areas as well as use my church and local library to host workshops. In year two I plan on renting office space through my community foundation for a discounted price. The next expense is my telephone and internet expense which I factored in to be $360 per