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Cheonmunka
Joined: 04 Jun 2004
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 Posted: Wed Dec 26, 2007 5:02 pm Post subject: F visa school co-owners |
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Nowadays we think new regulations may damper the number of new arrivals seeking hakwon jobs, with an effect that hakwons starve for staff. There may be an unforseen market resurgence for a small school owned and run by a small group of western teachers. Privates are fine, but I would like to make something larger. I am in the mood to invest. I have been in contact over the years with bureaucracy and know that it will be licenced to ourselves. Competing in Mok-Dong sounds good to me. Can have a little yellow bus with a little man driving it. There is plenty of space being rented at this time.
I need to judge the mood and ask you - is anyone else seeking at this time to create such a (ad)venture? |
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pkang0202
Joined: 09 Mar 2007
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| Posted: Wed Dec 26, 2007 5:30 pm Post subject: |
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| If there is a sound business plan and the working contracts are fair, I'm sure a lot of people would be interested. There is a lot of risk involved in starting up a new business so you have to be willing to reward those who commit early. |
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Demophobe
Joined: 17 May 2004
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| Posted: Wed Dec 26, 2007 8:07 pm Post subject: |
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| Too much overhead opening a brick and mortar hagwon. Way too much risk. |
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Cheonmunka
Joined: 04 Jun 2004
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| Posted: Wed Dec 26, 2007 10:04 pm Post subject: |
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Yep, overhead/running costs, perhaps even a similar income as now is right to bring up, esp. when you consider into it that you can exchange your current income into USD's and put down dosh for the future, or allow more money into your mortgage debt like I still have. However, I think establishing oneself to become a major player is a whole 'nother ballgame. Something I have considered on and off for several years - like eight years. Always looking to approach it right.
Last edited by Cheonmunka on Wed Dec 26, 2007 10:06 pm; edited 1 time in total |
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Faunaki
Joined: 15 Jun 2007
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| Posted: Wed Dec 26, 2007 10:06 pm Post subject: |
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| My hubby and I have been thinking the same thing but we'll have to save for another two years before we can begin to do anything. |
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mack the knife
Joined: 16 Jan 2003
Location: standing right behind you...
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| Posted: Thu Dec 27, 2007 3:48 am Post subject: |
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| Quote: |
| Too much overhead opening a brick and mortar hagwon. Way too much risk. |
And here's a perfect example:
A buddy of mine rented a space in an office (his Korean wife handled all the details), had walls built for classrooms, put down new floors, etc. All in all he spent about 4mil. just renovating the joint. Then he finds out from the local gu authorities that the office was a few pyeong too small to get a hogwon license, and the doors of the classrooms didn't open correctly (no bullsh*t!), so it wouldn't have passed inspection anyway.
Long story short, he had to tear down the walls himself because it would have cost him another few million to hire someone to do it! And, he lost one month's rent.
If you want to open a hogwon or study room or whatever, and do it all above board, do the research. |
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JamesFord
Joined: 14 Jun 2007
Location: my personal playground
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| Posted: Thu Dec 27, 2007 3:52 am Post subject: |
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| mack the knife wrote: |
If you want to open a hogwon or study room or whatever, and do it all above board, do the research. |
Well, duhhhhhhhhhhh! |
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Cheonmunka
Joined: 04 Jun 2004
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| Posted: Thu Dec 27, 2007 5:14 am Post subject: |
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| Thanks for feedback Mack. A few years ago space required was 30 pyong and one year ago 50 pyong. Don't know about right now. Also, would you believe, can't be within 200? meters of an adult establishment. Go figure, someone's paying someone. |
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Demophobe
Joined: 17 May 2004
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| Posted: Thu Dec 27, 2007 6:05 am Post subject: |
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| Cheonmunka wrote: |
| Yep, overhead/running costs, perhaps even a similar income as now is right to bring up, esp. when you consider into it that you can exchange your current income into USD's and put down dosh for the future, or allow more money into your mortgage debt like I still have. However, I think establishing oneself to become a major player is a whole 'nother ballgame. Something I have considered on and off for several years - like eight years. Always looking to approach it right. |
I'm not sure there is a long-timer in Korea who hasn't entertained the notion of opening a school at one point in time or another. Then the light of day gets in.
Finally, the hagwon business is about as shady as it gets here. I believe these boys to be hard drinkers and hard players and when it comes down to brass tacks, you bet it isn't going to be their doors that are closing before yours.
I would want no part of that. |
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skindleshanks
Joined: 10 May 2004
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| Posted: Thu Dec 27, 2007 7:43 am Post subject: |
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| What some people don't know is that there are other options than the hagwon or kongbubang. If you can't afford to build a hagwon, you could run a kyoseup hagwon, which is by definition smaller than a hagwon, and has different rules. I don't know exactly what the rules are, but my wife says it's like a kongbubang but in a different location. It could be a stepping stone to establishing a hagwon, especially if you want to build up your customer base first. |
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Cheonmunka
Joined: 04 Jun 2004
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| Posted: Thu Dec 27, 2007 12:51 pm Post subject: |
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| Yes, a study room. Rules are no more than nine students per class and the owner is the teacher and cannot employ others. That option is there, and it's an attractive one. 'Start small' is good advice. |
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