Private School Business Plan

Private School Business Plan-37
Ask parents and community leaders for their opinions.

Establishing incorporation will limit liability in the case of lawsuits, create a stable image, extend the life of the school beyond the founders, and provide an insurable entity.

Your school will need to apply for federal 501(c) (3) tax-exempt status using IRS Form 1023. Submit as early in the process your tax exemption application with appropriate authorities to obtain your non-profit status.

This will be your blueprint of how your school is going to start and operate over the next 5 years.

Don’t try to do everything in the first 5 years unless you have been fortunate enough to find a donor to fund the entire project.

Eventually these same members may become your board, so follow effective board governance process.

Utilize the strategic plan you’ll develop later to set up supporting committees.

Even go out and visit other schools to analyze their programs and building.

If possible, perform a feasibility study to support the process of identifying statistical demand, grade-by-grade, etc.

Form a small working committee of capable peers to do the initial work, including parents and highly regarded stakeholders with financial, legal, leadership, real estate, accounting, and building experience.

It’s critical to ensure that each member is on the same page in reference to the vision, publicly and privately.

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