How to Start a Business School
Whether your goal is to start an online business school or one made of bricks and mortar, you'll want to make certain the institution you are launching answers the needs of today's on-the-go multitaskers. Business schools are known for highly focused curricula that allows students to concentrate on such disciplines as marketing, analytics, sales and a variety of management types. Add to the mix a world of sub-cultures that range from nonprofit organizations to Fortune 500 companies and you'll realize that your goal is an ambitious one. T
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Instructions
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Research your market. Survey the existing business schools in your area as well as pertinent online institutions. Look at class offerings, fee structures, faculty and marketing. Ask yourself whether your area can support one more business school. Check the link at the end of this article to read about how San Diego University launched an online business school.
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Determine your unique selling position. A unique selling position is one of the ways a company determines how its product or service will stand out from the crowd. Brainstorm to figure this out so you can brand yourself. If you can't accomplish this step, you may want to clarify your goals and expectations before you proceed to the next step.
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Raise funds. Your capital need will obviously be determined by whether you choose the Internet or physical building route. If you can afford one, sit down with an accountant after doing your homework to determine what you'll need to get your school up and running. Figure in fees associated with filing for accreditations, instructor payrolls, postage, material, advertising and marketing when you establish your spreadsheet.
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Contact your state department of education to learn what licensing requirements are necessary for your school's launch. Many states require a new institution to submit curricula before they will issue a license. Schools have, by the way, chosen not to be licensed, but be forewarned that if you are not a licensed institution of higher learning, you can't call it a "degree-granting" facility.
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Draft a business plan for your business school. It should include a working budget, timelines, charter requirements, accreditation standards, faculty guidelines and marketing plans. Don't be shy about asking people already in academia for their recommendations. You'll get terrific advice and avoid pitfalls by walking in the footsteps of those who have already been down this path.
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Establish governance by drafting a mission statement, setting policies, outlining class offerings, establishing admissions parameters and determining how much faculty you will need to get started.
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Advertise for and hire faculty. Recruits from the world of business are wise choices. They're on the front lines and understand what it takes to keep a company afloat. Use standard online job search sites or post to those specializing in business careers. Hiring working adjuncts saves money, too. You'll have no need for insurance and other benefits.
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Launch a website. If you are software-savvy, programs like Front Page® and Dreamweaver® are popular picks and were created for people with more interest in communicating than tech-speak. If website design isn't your thing and you have no partner on board to handle this important step, hire a web designer to create your wireframe, then work with them on links, drill-down menus and other enhancements. You will need government recognition in the form of accreditation before you can add .edu to your website, so start with .com and switch over when you qualify
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Charge faculty with responsibility for writing or refining curricula. From lesson plans to measurable objectives, curricula writing classes are required for education majors at universities and faculty members are most comfortable teaching the curricula they author. Encourage curricula sharing among your faculty to team build and share ideas.
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Graduate your first student. This is a requirement for getting accreditation for your business school. Regional accreditation commissions, funded and operated by the Department of Education, will help you navigate the waters. Typically, the accreditation process takes a year to complete and costs at least $25,000, so keep the checkbook handy.
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Put into place a monitoring system to keep operations, student recruitment, faculty evaluation and school operation on track. Assess strengths and weaknesses on a regular timetable and make adjustments as necessary.
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If, after reading this, you decide you can't do it on your own, there are companies across the globe willing to help you launch your business school or they'll literally do the job for you. The most credible ones are expensive, so think carefully before you leap in.
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