Korean Job Discussion Forums

[candiep20]

Hi,

this is my first time posting here but have been reading threads on here on and off for awhile now.

Anyway, I'm currently working at a public school now--no real problems. Good schedule, only teach about 3 classes a day on average, reasonably sized apartment, get along great with my co-teachers, good salary etc. Major downsides here are the large classes (which come with any normal public school job) and unmotivated students with low level english skills.

But recently I've been approached by someone who wants me to partner up with them in starting an English hagwon. This person already has another kind of hagwon running (not English) and he's got quite a few students there so I know he's okay on being able to handle running the business side of things. He's offered me a higher base salary than what I'm getting now, plus housing and only a four-day work week (starting from 6 hours a day, Monday-Thursday, and maybe increasing later on if I feel up to it) plus total control of the curriculum and teaching at the school. On top of the base salary, he's offering to divide any profit made from any extra students later on (or as the hagwon continues to grow) 50:50.

He seems genuine in his offer but I know that starting a hagwon business is going to take a lot of hard work and there is the chance that it could fail. On the other hand, it also has the potential to be quite profitable and will definitely be more interesting and challenging for me as a teacher.

So my question is...should I leave my safe, public school job after my contract finishes and accept his offer, or stay with the public school gig?

[Goon-Yang]

How are you going to make it through life if you have to ask a bunch of people on a forum (half who are a-holes...myself included) for their opinion.

[candiep20]

I'm not dependent on people's opinions on here. Just weighing up the pros and cons at the moment and wanting to hear other people's thoughts just in case there was a point I hadn't thought about yet.

still...why post anything on here then if you don't want to hear other people's opinions?

[andrewchon]

I think somebody rich and powerful said once,
"if you haven't failed before, you'll never be rich."
So, go ahead with the venture. If it fails, blame it on foreign teacher... eh that's you, and go back to teaching.

[AussieGav]

First thing that came into my head was "How well do you kow this guy?" thats is can you trust him? Also, will he be your visa sponsor? You may end up stuck in a position that is not so great. Good luck though.

[candiep20]

He probably won't be my visa sponsor as I will be getting married next year (my fiance is Korean) and will hopefully be changing my E2 visa to F2-1. I hear that it will give me more freedom with regards to working.

My fiance and I have both known him since the beginning of this year--which is not very long, I know, but if I do go ahead and accept his offer then we'll definitely make sure we consult with a lawyer first about legal issues and draw up a contract.

Anyway, thanks for your input!

[sketcha]

so you (and your fiance) have known him since the start of the year

so what are your thoughts about him?

do you think he's a good businessman? is he reliable, trustworthy?

does he have a bigger/longer plan than just 'start a hagwon and see what happen'?

do you want to work with this guy? do you want him as a boss, partner?

* note: as a rule of thumb, I usually stay away from 'partnership'
and would advise others to do so

a lot of hagwon opens every day, and a lot more closes - it depends on this person's business skill as well

anyway, you're still young (I think)

you still have room/time to make mistakes, etc

if you really want to do this, then go for it, though it would be nice to finish off your contract at the public school or end it gracefully

[KoreanAmbition]

I don't see much point.

You're going to be on an F-visa soon enough...


Look at it like this...you said partnering up is going to take a lot of your time and it's going to be a lot of hard work.

In that case... why partner? Just do it yourself.


So far, you've failed to tell me what major advantage this guy is offering you. You have a safe job, and can save money while working side jobs LEGALLY with your soon-to-be-golden-visa.

Why share when you can have the whole thing?


The ENTIRE basis for my argument is that you said he was offering you an increase in your base salary.

hmmm.... you'll be on an F-visa?

20 hours a week at 40,000 per hour = 3.2 million per month... Why do you need housing if you're going to be married to a Korean guy? He's got to have a job... and an apartment....


Is this other guy offering you 3.2 million per month? Because I think you can make an EASY 3.2 by doing some legal privates on your own schedule.

Work hard at your own little private business...work up to 30 hours a week at 50,000 won per hour.... = 6 million a month.

By then just get your own small school started and do it all yourself.


I truly don't see why you need this other guy...but anyways... just my opinion.

I honestly can't even imagine how much money I'd be able to earn if I had an F-visa...maybe that's why I can't see all the benefit in you needing someone else.

Good luck with whichever direction you go.

[candiep20]

Well, he is offering more than 3 mill a month. Which is a lot more than I'm getting at my present school now. I had thought about going at it on my own but the major thing is that he's already got the potential students to start (from his other hagwon business) and for me to do well privately means that I still have to build up my reputation around here, and let's face it, a lot of Korean parents are more likely to go for the business with a Korean face than a foreigner's. Starting my own business would be ideal but I'm not sure now would be the right time.

From what I've seen, he seems like a good businessman. Not sure how much his other business earns him a month exactly but from what my fiance has told me, he makes more than enough. Seems reliable and trustworthy enough but I guess you never can tell.

But I'll definitely finish out the contract with my current school now. I don't plan on bailing early (especially since this school has been good to me).

hmmm...I thought the F-5 was considered to be the golden visa?

[myeo]

I would definitely consider it.

But try to get a partnership (or a maximum stake without fronting any money). If this school becomes successful, you have the potential to earn a nice living. If it fails, you walk away and your friend loses his investment.

With your F-visa, and no commitment financially, what do you have to lose?

[xCustomx]

[Juregen]

[hobakmorinam]

What exactly would he be contributing? You do all the work and he gets paid?


If you will have an F visa soon, you can do better.

[candiep20]

Hmm...I hadn't thought about getting rights to the curriculum. That definitely would be something I'd need to discuss with him the next time I meet with him. I had thought about what would happen to the curriculum I would set up when I left (my fiance and I aren't planning on staying in Korea forever, which is why I'm also hesitant in starting my own hagwon business here), if he would just set up another curriculum or I'd have to teach the new teachers everything I'd created, but as far as royalties are concerned, it had never actually crossed my mind. Thanks for bringing that point up.

The guy would handle the management side of things, bringing in the students, talking to the parents, advertising the business etc. plus covering all the financial needs. To be honest, that's not something I would particularly like to do, even if I was fluent in Korean.

so Juregen, how much do I owe you?

[waynehead]

That sounds like an opportunity for something potentially big. I'd take the chance.