Private School Business Plan

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Eventually these same members may become your board, so follow effective board governance process.

Utilize the strategic plan you’ll develop later to set up supporting committees.

Establishing incorporation will limit liability in the case of lawsuits, create a stable image, extend the life of the school beyond the founders, and provide an insurable entity.

Your school will need to apply for federal 501(c) (3) tax-exempt status using IRS Form 1023. Submit as early in the process your tax exemption application with appropriate authorities to obtain your non-profit status.

If you have a good credit score and can prove to the bank that your new school is likely to succeed, yes.

Talk to the administrators of other private schools in your area to learn how and if they successfully applied for a loan for the school.There is never a second chance to make a first impression.With proper planning, founders can be prepared to start the school of their dreams and manage costs and project development effectively, establishing a school for generations to come.Form a small working committee of capable peers to do the initial work, including parents and highly regarded stakeholders with financial, legal, leadership, real estate, accounting, and building experience.It’s critical to ensure that each member is on the same page in reference to the vision, publicly and privately.Here are our time-tested rules for starting a school.Create your vision and mission statement, guiding core values, and educational philosophy for your school.You can then begin to solicit tax-deductible donations.Develop your strategic plan at the start, culminating in the later development of your business and marketing plans.This will drive decision making and be your lighthouse.Identify the kind of school your market needs and will support as well as what you as parents want.

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