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Saturday, February 04, 2012
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HOW TO START A CHARTER SCHOOL
Providence Financial Company, Inc. consults and advises charter and private schools in the financing of their facilities and other assets. Normally, schools are not ready to purchase or build their facilities until they have been established for at least two to three years. We have some contacts with contractors and developers who will build a facility and lease it to the school for a mutually agreed upon time until the school is ready to apply for financing and buy the facility. This program is limited and only available in certain parts of the country but it is growing. If you are interested in finding out if there are any such developers in your area, feel free to email us and we will let you know. If you know a developer or contractor who is interested in doing this for charter or private schools, we would like to know about them so we can refer others to them. We will stand ready to finance your school at the time you purchase the building from the contractor.
Another way to get into a building for a start-up school is to rent modular buildings for two to three years until you are established enough to build and finance a purchased facility. It may be a humble beginning but it is usually affordable.
Starting a new school is a daunting task that requires determined, dedicated individuals who love children and have a strong desire to make a
difference in the community. Each situation requires a slightly different approach. Each team of entrepreneurs has a slightly different way
of doing things. The point is that there is no "cookie cutter" method to start a new school that works for everyone.
Core elements that must be in place to start a charter school.
1- The start up management team and board members must have good credentials and experience not only in education but also in business.
2- A strong, realistic business plan must be developed beginning with a market study that demonstrates a demand for the school in the area. It is an advantage if an underserved market niche can be identified and addressed.
3- Start up capital or seed money must be acquired using grants or investor money. This may be in the form of a loan from individuals that is paid off over the first few years of operation.
4- As part of the business plan, a realistic budget with a five year forecast must be developed. Financial controls must be put in place to create budgetary discipline on an ongoing basis.
5- The board must be strong enough to enforce accountability for the management and staff.
6- A succession plan must be in place to keep the school strong over the years as management and board members come and go.
7- Develop a good relationship with the sponsor or charter authorizer.
8- Choose a core curriculum philosophy
These are just a few of the issues that must be addressed in starting a charter school. Resources and advisors are available on the state and federal levels that can be accessed. Benefit from the experience of others but beware of advisors who charge high fees without any assurance of material assistance or success. Make sure there is a clear agreement defining what is to be provided for the compensation required. Most consulting contracts are much clearer on the pay portion of the arrangement than they are on the services provided portion!
Starting a school is more than starting a business or another type of organization. The sobering fact is that so many children's lives will be affected by your decisions. The success or failure of the school goes far deeper than any other business enterprise because it is measured in the lives of the kids that attend.
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