How to Open a University Business School

Opening a university business school can be inherently complex and risky, but well worth the investment with proper planning and the right state approvals. Since your state will be approving your entire curriculum and making sure students are getting the right instruction and protection they need, a well thought-out plan is needed. Development of policies and procedures is paramount to the university’s success. There are also numerous compliance issues that must be addressed.

Difficulty: Moderately Challenging

Instructions

1. Sit down and write out a strategic and comprehensive business plan for your university. Describe the university’s mission and purpose, along with the skills and talents of your management team. Put together an extensive program/curriculum that will serve the students well.

2. Include a market analysis and demographics of the customers you are pursuing for the university and establish a need for your program. Describe your admission plans, advertising and sales for your programs. Investigate the area competition or other universities in the local neighborhood.

3. 

   Plan and organize all the enrollment costs, managing materials, books, equipment, furniture, office supplies and other expenses. Prepare a daily, monthly, yearly and three-year projection table for all income and expense costs.

4. Study and document the state approvals needed for your university. Get approved by a qualified government agency for whatever training program you are offering. For example, if you are running a beauty school, you will need to be approved by the Board of Cosmetology. If you are starting a nursing school, the Board of Nursing must approve you.

5. Get approvals and licenses for vocational trade schools, non-degree granting institutions, degree-granting institutions, non-profit schools, online schools, school catalogs, development of policy and procedures, curriculums, student databases under compliance of state regulations, efficiency and compliance issues. Seek out help from consultants who can help you get the information you need.

Tips & Warnings

• A well thought-out, well-prepared business plan can help you be successful in starting a University Business School.
• Seek out qualified consultants who can help you plan and implement your business.
• Develop a framework in time management and take courses in business management to achieve the right business skills.