Under the brand’s new license agreement, the next generation of business owners have the ability to become Sylvan franchisees without facing an overwhelming financial burden.
For nearly four decades, Sylvan Learning has been raising the bar in the supplemental education industry. From its proven business model to its innovative approach to staying ahead of the segment’s latest trends, the brand goes above and beyond to appeal to business owners and consumers alike. And now, Sylvan is taking its strong support system to the next level.
After introducing a new license agreement that significantly decreases the start-up costs associated with opening a Sylvan franchise, the brand is now making it even more affordable for aspiring entrepreneurs to join its system. In addition to reducing its franchise fee to $24,000 from $48,000, the brand is now offering local owners in-house financing up to $100,000. According to Jacob Jones, Sylvan Learning’s vice president of finance, the new initiative opens up the door to more prospective candidates than ever before.
“Since we launched our new licensing agreement, the cost to open up a Sylvan franchise has decreased dramatically. When you combine that with our new in-house financing program, franchisees have the potential to get their first center up and running with that money alone,” said Jones. “This program was designed to alleviate the upfront cost to launching a Sylvan franchise. We want to give people who are interested the opportunity to be a part of our proven brand.”
Sylvan decided to introduce its in-house financing option as a part of its ongoing efforts to reach a new kind of franchisee. By making its proven system more accessible, the brand is positioning itself to attract the next generation of entrepreneurs and business owners: millennials.
In the past, franchisees were often thought of as industry professionals who brought decades of their own experience to the table. But as more millennials enter the workforce and realize their own entrepreneurial drive, partnering with a leading brand like Sylvan enables them to learn the ins and outs of the franchising industry from the ground up as they rise through the ranks. By being a part of the brand’s supportive community from day one, they’re gaining access to an unrivaled competitive advantage.
Beyond the ability to attract millennial entrepreneurs, Sylvan’s in-house financing program also allows franchisees to get their businesses up and running at a faster rate. Without a large financial burden, entrepreneurs can invest heavily in marketing upfront to fuel their initial launch. That then allows them to establish a strong relationship in their local communities from the get-go, setting them up for long-term success.
“Of course, all financing programs are subject to a credit and background review. But this new program is designed to give people the opportunity to realize their full potential as business owners without breaking the bank. If we believe in you as an entrepreneur and are confident that you’re a great fit for the Sylvan Learning brand, we’re going to do everything in our power to get you financing,” said Jones. “We’re incredibly excited to get our in-house financing program up and running. Sylvan Learning has been setting a new standard in the education industry for nearly 40 years, and there’s no doubt that this will help us continue that tradition for the next 40 and beyond.”
In-house financing is one of the many ways in which Sylvan positions its franchisees for success. From real estate selection and marketing tactics to state-of-the-art technology and an innovative approach to daily operations, Sylvan provides its local owners with all of the tools and resources that they need to outshine the competition. And by adding its new financing initiative to the mix, the brand is positioned for rapid growth in the months and years ahead.
“We’re constantly looking for ways to drive the supplemental education industry forward, and our in-house financing program is no exception. This new initiative will help us tap into previously unrealized growth potential as we continue to expand in communities across the country,” said Georgia Chasen, Sylvan Learning’s senior director of franchise development. “We’re looking forward to working with aspiring business owners who share our passion and drive to succeed and supporting them in any way that we can as they launch their own franchise.”