Starting a school business isn't an easy task. But if you are an aspiring entrepreneur who is looking towards starting a business, this is one of the most lucrative businesses that will continue to rake in money for its owners. But there are various departments playing a significant role while starting a school business. Below is the list of some of the important departments in a school business.
Research Department
To start a successful school business, you need to conduct research relating to the target market, competition, individual customers, and most importantly, what products and services you will be selling and offering. So, Research department will be helpful in offering pertinent information for making sound business decisions. It will help you to minimize loss as you introduce new products and services. Research department will provide you with numerous opportunities to relate your curriculum to an actual business. Your marketing research will not be all inclusive of every area of research. You will obviously conduct your study by researching the most vital and important areas of your business operation. Some of the typical and common areas where marketing research may be conducted are advertising research, customer research, competition research, operations research, product research, sales and market research etc.
Accounting and Financing Department
A sound accounting department will aid in passing school audits. School stores that generate a lot of money will catch the eye of the auditor and will scrutinize your records. In cases where there are large losses or improper records kept, the adult supervisor will be held accountable. The best insurance against a bad situation is to protect you with a good accounting department. An accounting department will keep a record of all the transactions and finances and will alert you to any losses immediately. When setting up your accounting department you will need various accounts such as Cash Receipts, Cash Disbursements, Accounts Receivable, etc.
Inventory Management Department
It is important for the success of your School business to keep a reliable inventory system. Inventory records are used to provide data for numerous business activities. Functions such as buying, accounting, pricing, selling, merchandising and promotion all rely on accurate and up-to-date inventory data to make the business run effectively. Due to the inventory management department, the business is able to tell how many of a particular item has sold, what should be in stock, and what and how many are on order.
Marketing Department
Marketing your school has to be done consistently, appropriately and effectively. The marketing department will help in attracting the attention of potential students. Advertising and marketing are essential to almost every business. This form of promotion will be directed toward a mass audience. Advertising requires the use of media, or channels used to communicate your message and it must be directed to a specific target market in order for the ads’ message to be received. Publicity is used along with your promotional activities to build a positive image for your business. The Marketing department calls attention to your school business by publicity. The media may be unaware of your activities, so the marketing department writes a news release, submit an article or photo, or even call a press conference to get the word out about your positive activities.
