Mathematics of profit-making

Mathnasium, a US based Math Learning Center is an award-winning supplemental education franchise that offers fun, effective and customisable mathematics instruction to kids. Aspiring to enter the Indian markets soon, Joe Novak, SVP Franchise Marketing & Development, Mathnasium Learning Centers shares their success story so far.

Namita Bhagat (NB): Share with us the concept of Mathnasium.

Joe Novak (JN): Most kids need help with math. Some need it desperately while others want help to get ahead. In either case, high quality math instruction is nearly impossible to find. Mathnasium Learning Center franchise owners leverage our specially-designed, proprietary Mathnasium Method, derived from more than 35 years of research and development.

In the US, Mathnasium franchisees are seizing a larger and larger share of a quickly growing US $8 billion supplemental education industry. We cover topics from pre-K to pre-calculus. The concept not only helps children become more competent at math, but also builds confidence and helps them develop a positive attitude towards the discipline.

NB: How has been the journey so far?

JN: Mathnasium has been making a difference in the lives of children since we opened our first center in 2003. Our franchise opportunity is consistently recognised by numerous industry publications. We are growing fast, with over 325 locations in four continents.

NB: Do you have any plans to enter the Indian Market?

JN: Many of our franchisees in the United States are of Indian ancestry so we know the curriculum is culturally adaptable and well received. We do not have centers in India as yet but we have had great interest and are presently searching for qualified and passionate franchisees in India. This opportunity could either be for a state franchise, an individual franchise or local area agreement.

NB: What kind of support would the franchisee get from your end?

JN: With Mathnasium, you will be in business for yourself, but never by yourself. When you are awarded the rights to your own Mathnasium Learning Center you gain access to a tried-and-true business model and a team of professionals dedicated to providing you with support and assistance every step of the way. Our goal is to help establish the business quickly and confidently. We provide a complete business package that includes: thorough initial training that prepares you for running your business, ready to use marketing and financial tools, and ongoing support.

NB: Could you share the investment requisites for Mathnasium franchise?

JN: Each state master franchise is priced individually based on population, economic conditions, educational development, and infrastructure. These are:

• All Mathnasium master franchisees are required to open their own Mathnasium center which requires about 1,000 sq. feet of retail space
• Hiring a part-time math teacher
• Additional costs such as setting up a small but highly presentable office, the cost of advertising on local franchise Internet sites or elsewhere, other miscellaneous expenses

NB: Any other franchise facts you could share?

JN: Royalty specifics: Typical royalty is 10 per cent. There is also a small technology fee and mandatory local marketing spend. Typical master term is for 10 years and renewable. Term is five years for individual and local area agreements, also renewable.