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ducati
Joined: 02 Jun 2009
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 Posted: Wed Jun 10, 2009 11:55 am Post subject: Start your own hagwon? |
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Has any foreigner attempted to start their own English-teaching hagwon? Was it difficult? Anyone want to share their experiences?
Last edited by ducati on Fri Jun 12, 2009 8:12 am; edited 2 times in total |
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Juregen
Joined: 30 May 2006
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| Posted: Wed Jun 10, 2009 8:56 pm Post subject: |
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There are more of us then you think.
And no, it's not that easy as some people think.
You need about 200.000$ start up capital, or don't even think about it. I bought the property of my school, so I invested much more then that (but at least I don't pay 3.000.000 won rent per month). That said, if you do come off the ground, you can make a lot of dough.
If you have that amount of money, then we can talk again.
The advantage of being a foreigner owning a school, isn't really one. you need to understand the entire education system to understand how you should cater to your potential customers.
http://forums.eslcafe.com/korea/viewtopic.php?p=2072997 |
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ducati
Joined: 02 Jun 2009
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| Posted: Thu Jun 11, 2009 5:38 am Post subject: |
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Juregen,
thx! can you pm me? I'm unable to do so because the forum requires a minimum number of posts which I have not reached yet. thx again! |
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meangradin
Joined: 10 Mar 2006
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| Posted: Thu Jun 11, 2009 8:58 pm Post subject: |
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| Quote: |
| And no, it's not that easy as some people think. |
very true!
| Quote: |
| You need about 200.000$ start up capital, or don't even think about it. I bought the property of my school, so I invested much more then that (but at least I don't pay 3.000.000 won rent per month). That said, if you do come off the ground, you can make a lot of dough. |
This maybe acurate for specific areas, but these numbers seem very high for the average school. I find it hard to believe that people pay 3 million a month rent, unless the school is massive: say 200-300 pyg. In my case, rent is a fraction of this amount, and the start up costs were under 30 million. These prices do beg the question; how much does one charge if monthly expenses are this high? There is no way a school could survive charging the legal limits if overhead costs were this high.
PS, Jurgen, it sounds from your previous posts that you use the "whole language" approach at your school. How are you finding this? I use a similar, yet modified system for my upper level students, but it is not working out as I had hoped, due mostly to the usual flaws of this system; if the students aren't motivated, then the program flounders. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Thu Jun 11, 2009 9:06 pm Post subject: |
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| Juregen wrote: |
There are more of us then you think.
And no, it's not that easy as some people think.
You need about 200.000$ start up capital, or don't even think about it.
[[/url] |
While I don't own a school myself I know a few foreigners that do (three to be exact).
In none of those cases did it involve $200,000...not even close. Then again the biggest of these schools only has 53 students so that might have been a factor. |
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E_athlete
Joined: 09 Jun 2009
Location: Korea sparkling
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| Posted: Thu Jun 11, 2009 9:27 pm Post subject: |
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doesn't a bank lend out 90% of the start up? sort of like a mortgage for a house.
for a 200k hagwon you put in at least 20k. But then, if your business fails you have to kill self. But the thing is....no Korean bank is going to lend 90% to a lowly foreigner that has alien status. You need a permanent residence at least.
I think if you truly want to become wealthy in korea as an English teacher hagwon is the way to go. You will have a okay lifestyle as an Experienced English teacher but realistically you need to set up shop to become rich. The potential for money making as a Hagwon owner is high. I can't say the same for ESL teachers. |
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Juregen
Joined: 30 May 2006
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| Posted: Fri Jun 19, 2009 7:30 pm Post subject: |
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| TheUrbanMyth wrote: |
| Juregen wrote: |
There are more of us then you think.
And no, it's not that easy as some people think.
You need about 200.000$ start up capital, or don't even think about it.
[[/url] |
While I don't own a school myself I know a few foreigners that do (three to be exact).
In none of those cases did it involve $200,000...not even close. Then again the biggest of these schools only has 53 students so that might have been a factor. |
Then they are not a hagwon.
To start a hagwon you need 32 pyong of classroom space. not including hallway, reception area, offices, etc .....
Rent will then vary from 3.000.0000 won to 7.000.000 won per month.
You need to get furniture and do some interior stuff, according to fire safety rules and other rules.
You could do it with less, but then you better get lucky on the growth of amount of students.
Plus 53 kids can be done by one teacher, so I am assuming he is not hiring .... |
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