Q&A With Best in Class’ CEO, Hao Lam
What about Best in Class makes it unique within its industry?
While many of our competitors solely focus on one subject or offer one service, Best in Class offers a variety of programs. Best in Class Education is better able to provide services to a larger variety of needs.
Our proprietary curriculum includes: math and English enrichment programs, private tutoring, gifted test preparation, ACT, SAT, and college preparation courses. By offering numerous courses that target a broad audience, franchisees benefit from multiple revenue streams and maintain high levels of student retention.
Our curriculum not only promotes retention, it also promotes creative thinking and problem solving. With the national movement toward Common Core standards, it is more important than ever that Best in Class Education focuses on critical thinking and analysis skills.
Another competitive advantage for our franchisees is our proprietary software. It will allow franchisees to access our proprietary materials to reduce overhead and minimize costs. Our database software will also help track and maintain student retention, allowing our franchisees to operate a seamless education center with the most updated teaching materials.
What have been some of the brand's most important milestones over the past five years?
Best in Class launched a Teacher Incentive Program in November 2014. Since then we have had ten franchisees take advantage of this incredible program. Our Teacher Incentive Program allows us to partner with passionate educators and childcare professionals. We reduce their franchise fee by $3,000 and waive the royalties for the first three centers they open.
In October 2016 we opened our 40th Best in Class Education Center and by February 2017 we will have opened our 50th.
What plans does the brand have in the coming years?
By February 2017 we will have opened our 50th location. We project we will have at least 100 Best in Class Education Centers across the United States by 2020.
What does an ideal franchisee look like?
We look for entrepreneurs who have a passion for the education industry. We are searching for franchisees that have had previous business, management, leadership, and some accounting skills, or franchise experience. We do not require that our franchisees have teaching experience, but we do offer incentive programs for teachers.
We want to work with individuals who want to make a lasting impact on the community and operate a rewarding business.
Why is Best in Class a good investment?
The education industry is a $19 billion dollar industry and continues to grow each year. Class sizes are growing, school budgets are shrinking, and students struggle to learn through standardize curricula, which cannot be tailored to suit their needs. As a result, many students today need supplementary education and Best in Class offers a way to address these market demands.