1. What is the story behind Foster Kids? How it started and what is the inspiration?
Foster Kids is the premium brand of IHT Network Limited, which a public limited company incepted in Sept 2003 for catering the need of IT professionals in the country. Till today IHT has trained/placed more than 40,000 aspirants for different IT programs. Since inception till now IHT is into the training of computer Hardware, Networking & vendor certifications programs. Company is having presence in more than 50 cities through its 100+ establishments.
In year 2012, during AGM board meeting of directors, company management decided to enter into Early Childhood Education Domain. We went through rigorous study of the market potential, need, availability, current market player& competitor analysis. As outcome of this marketing research we found that there is huge business potential play school & K-12 segment. During our marketing research we found that there is huge requirement of good play schools. Undoubtedly, players are there but there is a big need of organized quality players. This field has mushroomed by unorganized local individual’s standalone players, among those very few are delivering the quality schooling. Our company having very aggressive business plans. Very shortly company is starting K-12 school chain in name & style of “Foster Next Gen School”
2. What are the services and products that Foster Kids deals in?
Complete Pre schooling, Day care services, After School intelligence development programs & K-12 Schooling (In year 2014)
3. What strategies you employ to maintain the standards of your company?
Since inception we are into the education domain. It is altogether ten years we are successfully delivering the quality education. We are a team of hard core academic professionals, who are keep on working on upcoming business standards & inculcating in our system, which ensures our ever going quality standards.
4. What are the future expansion strategies?
We are working in franchise business model, which is a proven, tested & internationally fastest growing business model. We categories in Unit Franchise & Master franchise. Except Delhi & NCR, company is/will have Master franchise, which will be the local one point of control/contact. Every Master/unit franchisee backed/supported my company employed business Manager. This will further backed by company support department. So there will be three ever available points of contacts.
5. What motivated you to go for franchise route for your business expansion?
As we know that franchising is well tested, proven, internationally accepted fast growing business model for expending the any business vertical. This all motivates & ensures us to follow the tested system.
6. How many schools of Foster Kids are currently in operation, and how many of them are running through franchise?
Currently six schools are already in working & another nine signed the MOU, and will be launched in coming months within current financial year 2013-2014.
7. What are the basic requirements to become a franchise partner of Foster Kids?
For recruiting/selecting the business partners we have unique criteria. For becoming the franchise of Foster Kids it is not only the solid financials as in general cases we see, there mandatory requirement that person/individual/firm/organization should have clear cut understanding of our vision & quality conciseness. As a matter of policy we don’t compromise on delivery quality front. For selecting the partner we have tailor made selection process.
8. What kind of support and training you offer to your franchisees?
As I mentioned above that we have “Triple Supporting System”. I personally & as a company policy also, believe that training is ever going process for maintaining sustainable growth in any business. In our company, employee is not treated as the only human resource, we believe that every sincere employee is an asset for us so his/her four dimensional development is necessary & mandatory requirement. In this regard, we follow best industry practices.
9. How does the brand’s franchise model could benefit aspiring entrepreneurs?
As I mentioned above as well franchise model is one of internationally tested business model to grow with & company is working in same model since inception. We are very mature franchisor so one can trust & rely on us.
10. How do you analyze this sector?
Most sustainable, recession free, ever growing & profitable sector.
11. What kind of opportunities and challenges are laying ahead in this sector, considering the franchise sector, which is getting bigger with time?
This sector is dominated by local, unorganized individuals. In most of the cases they are not delivering the quality up to bench mark. But local long term presence is the challenge for every new upcoming school. This is an opportunity as well.
12. The future plans for next five years?
As per company vision document, we will be having 250+ schools for FOSTER KIDS & 50+ K-12 FOSTER NEXT GEN SCHOOL in the country& abroad.