Developing Your STEM Education Business Plan

STEM Education Business Planning

A million and one. That’s how many things you have to figure out before you launch your STEM startup. So how do you prepare your STEM business without losing your mind? Simple, you develop a STEM education business plan.

As with any business, there are easier ways and harder ways to get it off the ground. Planning and preparation are both critical to help you achieve success.

In this article, we’ll cover business planning so you can start to develop a roadmap for a successful launch.

Getting Started With Your STEM Education Business Plan

To avoid feeling overwhelmed, it’s best to keep things as simple as possible. Focus on one step at a time.

The first step as you start to prepare is your business plan.

A thorough plan not only helps you outline the business model, but it takes the mystery out of each individual component.

Take location, for instance.

How do you find and secure a great location for your business? Should you lease or buy? What zoning laws or building codes and regulations do you need to be aware of?

As you work through the sections of your business plan, you will answer all of these questions and more. Once finished, your plan serves as a map and a reference to guide you anytime you start to feel lost or overwhelmed.

Okay, so what should your STEM education business plan include?

Business plans are comprehensive documents and have many sections that are specific to your business goals.

While we can’t cover every possible section that your business plan should include, we can provide an overview covering the most common business plan sections.

Business Plan Outline

  1. Executive Summary
  2. Business Description
  3. Market Strategies
  4. Competitive Analysis
  5. Research and Development
  6. Operations and Management
  7. Financial Components

Let’s take a closer look at each of these to give you an idea about what goes into each section. 

From there, you can start your research and build out your own plan to light your path forward.

If you’d prefer to skip the research and get a proven, turn-key STEM education business plan go here to learn how.

Sections of an Effective STEM Education Business Plan

Each section of your business plan is designed to give you clarity about the inner workings of your business. It’s not just for you, though.

Your plan shows financial institutions, investors, and other key stakeholders that you’ve done your homework, and you can likely succeed. In other words, you are a good investment for them.

Below is an overview of each section and what to include inside.

Executive Summary

The Executive Summary summarizes your entire plan (briefly).

In this first section, you’ll want to include things like your services, financial overview, key team members, past achievements, and other indicators that you can bring this business to life.

The Executive Summary is not a deep dive into the plan. Rather, it highlights key points from each section for those who aren’t ready to read the entire plan yet.

Business Description

Your Business Description covers legalities as well as other startup considerations. For instance, what legal formation will you use?

  • LLC or LP?
  • Corporation?
  • Partnership?
  • Something else?

You’ll want to describe who owns the business if there is more than one owner and break down the percentage ownership for each individual. 

You’ll also want to describe any office locations, lease arrangements, and lot size. 

Lastly, you should share insights into the industry and what makes your business unique compared with others.

Market Strategy & Competitive Analysis

In this section, you’ll share the details of your market analysis (you did perform a market analysis, right?) and your approach to entering the space.

You’ll want to describe the size of your market, as well as its growth potential, trends, sales potential, and key competitors.

You’ll also want to share demographics about your target market – their age, gender, religion, location, etc.

Finally, you’ll discuss how you intend to position your business as a viable solution in the market and what you plan to do differently to stand out from competitors.

For this, you’ll need to know your competition well enough to accurately describe what makes your business the better choice.

Research and Development

The Research and Development section of your STEM education business plan should outline your products and services, as well as your R&D budget so investors can see the feasibility of your vision.

You can also use this section to share the history of your business and any research efforts you’ve gone through to improve your product offering over competitors.

It’s also a good idea to describe future areas of development or research that you’ll emphasize once the business is operational.

Operations and Management

In the Operations and Management section, you’ll cover daily operations. Here, you’ll answer questions like:

  • How will the business function from one day to the next? 
  • Who is responsible for what?
  • What are the expected expenses and capital needs?

Use this section to highlight the resources you’ve amassed to show you can operate this business.

This is a good place to break out your team members, and the management hierarchy. What positions do you have, who fills them, and how will you ensure everything runs like a well-oiled machine?

Financial Aspects

The final section of your STEM education business plan should get specific with your projected sales and expenses.

Share data about how many students you anticipate enrolling in your first year, the second year, and beyond.

Use charts and graphs for data visualization to give a bird’s-eye-view of the various financial outlays, incomes, and profit potential.

This section is of particular interest to investors and bankers who are considering providing funding for your business.

If you expect to need capital or to fundraise money to launch your startup, then make this component a priority and be very detailed.

An Easier Way to Start a STEM Education Business

A proven model for launching successful STEM education businesses already exists through iCode Franchise.

The iCode Franchise essentially offers a ready-to-launch business. 

We’ve helped many entrepreneurs start STEM education businesses by providing a roadmap, training, resources, and an established brand to make them successful early on, even without experience.

When you invest in an iCode Franchise, you’ll leapfrog over many of the research and planning hurdles that entrepreneurs get caught up in.

To learn more about how you can skip creating a STEM education business plan from scratch and take action to launch your business now, visit our website here.

Recommended Blogs

You’re finally going to do it. You’re going to open up that kids franchise you’ve been dreaming of. But which one do you choose? If you’re not sure where to start, we’ve lined up five great kids franchises for 2023 to help you narrow it down.The franchises in this list are kid-friendly options covering different industries to show you the variety of verticals available.Whether you want to teach, play instruments, or help kids burn off energy through physical activities, we’ve got several excellent options for you. 1. School of Rock First up on our list of great kids franchises for 2023 is School of Rock. School of Rock teaches music. From complete beginners to more experienced musicians, School of Rock helps kids grow in their art, knowledge, and performance skills across a range of musical instruments. This kid-friendly music franchise claims it is the “top education music franchise in the world.” They also state that they are the largest music school in the United States, and that they’re located in 15 countries worldwide.In 2022, School of Rock was named in Entrepreneur’s Franchise 500 list for Fastest Growing Franchises. So what’s the investment?According to their website, to open a School of Rock franchise, you’re looking at somewhere between…
Looking for the best franchises to own in 2023? In this article, we’ll look at several unique franchise opportunities and share thoughts on which ones are most worthy of your investment.For those pressed for time, here’s a bird’s-eye-view of our top picks for best franchises to own in 2023 in the United States. Best Restaurant Franchise to Own in 2023 Up first on our list of best franchises to own in 2023 is our pick for the best restaurant franchise. When it comes to restaurants, there are tons of great options, but none were as sweet for us as Dunkin’.Dunkin’ is an established brand with a lengthy history dating back 72 years to 1950. The company actually started two years prior in 1948 under the name “Open Kettle” and was later rebranded as “Dunkin’ Donuts.”The first Dunkin’ Donuts franchise launched in 1955 and within 10 years, the company had grown to over 100 locations.In 2018, Dunkin’ Donuts dropped the word “Donuts” from its name in order to refocus the brand, expand its product lines, and open up new sales opportunities.So what do we like about Dunkin’?01. The Initial InvestmentWhen you invest in a Dunkin’ franchise, you can expect to put in less than…
Franchising opportunities are some of the most efficient ways to start a new business and increase your revenue streams. The cost and effort associated with beginning a completely new concept from scratch, building a brand, and penetrating the market with a fresh idea or product can be significantly overwhelming in today’s marketplace. When you take advantage of a franchise opportunity, you can capitalize on the company’s pre-established brand awareness, marketing, and gain valuable support from the franchisor. Here, we will discuss some of the most well-known franchises in the market and which ones are the most profitable. Fast Food The business model for established fast-food brands has been tried and proven to be among the most effective models in the marketplace for several decades. And when you think about fast food, it is impossible to not think about McDonald’s. McDonald’s is an international fast-food chain, and currently has over 38,000 locations selling a combined average of 10 orders per second. With an initial investment requirement weighing in between $1 million to $2.2 million, and each franchise earning an average annual profit of $150,000, the McDonald’s franchise is an absolute powerhouse and currently ranks as one of the world’s largest and…

Request Franchise Information

Do You Meet the Following Financial Requirements?
$100K Minimum Cash Liquidity?
$500K Minimum Net Worth?