Why is Seoul a Great City for an Education Franchise?
Hello and welcome to the New Horizons English language franchise website. We believe you have found this page as you are considering the various education franchise opportunities that exist in your market. We are confident that Seoul, Korea is a great city with ample potential for an education business and would like to provide a few thoughts about this as well as give you a simple overview of our franchise opportunity.
As a potential business owner please review this page as well as our entire site to further understand what a franchise offer like New Horizons English can bring to your desire to build an English language franchise.
Seoul is a global city and the world’s fourth largest metropolitan economy. It offers modern infrastructure and tremendous opportunity for an education franchise for three core reasons:
- Seoul is the center of education in South Korea with many prestigious universities located in the city. Being the education hub makes it a lucrative and logical choice for business owners to open an education franchise.
- Seoul is home to more than half of South Koreans and 632,000 international residents. Its population density is almost twice as that of New York City.[i] This group of people have developed one of the world’s strongest economies.
- Seoul was rated Asia’s most livable city with the second highest quality of life globally.[ii] It is a cosmopolitan city with strong infrastructure that will make opening a new English language franchise efficient and with ease.
Certainly, if one is considering an education business, it might be wise to commence operation in a city that embraces learning. Seoul is the hub of education. South Koreans place great importance to education and to empower their youth through education, the government spends $7,652 per student per annum on education,[iii] equating to 7.6% of its GDP[iv]. Education is compulsory from grades 1 to 10, and more locals are looking to further their knowledge and skills.
Most of the top universities are also located in this megacity attracting thousands of students from all across South Korea. These include:
- Seoul National University
- Korea University
- Yonsei University
- Hanyang University
Beyond Universities, private institutes form a large part of the educational centers in South Korea. According to government figures, more than 3 million students enroll in institutions of higher education.
- 85% of Korean institutions of higher education are private
- Approximately 78% of university students and 96% of professional school students enroll in private institutions
As can be seen, education is part of the culture and the city. This drives a high demand for English learning in the country, with South Koreans spending $15 billion on average on private English education.[v] To meet the great demand for English learning, approximately 25,000 foreign English teachers receive employment in South Korea every year. This is a huge, lucrative market that you can tap into when opening your English language franchise.
Population & Growth
Seoul’s population stood over 10 million (as of 2014)[vi] and the city has shown tremendous growth in its economy. Being the largest metropolis and capital of South Korea, it has a GDP of US$845.9 billion (as of 2014) after Tokyo, New York City, and Los Angeles.[vii] It is a rapidly growing market for business, as well as education and learning, having a large number of international residents as well.
Along with being an education hub, Seoul is a leading technology center. It ranks high in the global connectivity index, with a score of 5.0[viii]. It is also global power city with many Fortune 500 companies. This comes together to give a high per capita income expected to be $32,857 in 2016 and $35,388 in the following year.[ix] Since locals have high spending power and relatively good disposable income, they do not hesitate to spend to upgrade themselves.
Opening an education franchise will prove to be a rational step to ride on the waves of the evergreen, growing economy. It is common sense for business owners to tap into new opportunities when a city is flourishing, and Seoul will be blooming steadily for the next few years. Many multinational companies are also opening their regional offices here. German-based BASF, the world’s largest chemical firm, established a regional head office in Seoul to take charge of its electric material business, which it has chosen as its next growth engine. U.S.-based General Electric (GE) also has opened headquarters for its offshore and marine business in Korea in 2013.[x] As more and more companies are jumping on the bandwagon to set up offices in Seoul because of its favorable exchange rate and regulations, opening an education franchise proves to be a smart choice.
Quality of Life & Infrastructure
This Unesco City of Design has extensive public transport, skyscrapers, nightclubs, fine dining, theme parks, and historic sites. The quality of life in Seoul is indexed as followed:
Quality of life index: 175.71 – Very high
Purchasing power – High
Safety index – Very high[xi]
It is one of Asia’s affluent cities with developed transportation, entertainment, healthcare, and education. The overall consumer prices, including rent in Seoul are approximately 35% cheaper than in Tokyo. Essential costs such as rent and food are estimated to be around 40% less. This means that your instructor hires for the English language franchise will be more agreeable to living here.
Technologically, you will find the city’s infrastructure advanced. It has the world’s highest fibre-optic broadband penetration, which provides the world’s fastest Internet connections with speeds of up to 1 Gbps. Students are able to learn from home, office, any local coffee shop, or simply on the go at any time.
This all means that finding the “perfect” location is not as important for a modern language business. Students can easily access the learning center, yet even more interesting is noting that with a program like New Horizons English, the students are able to complete a substantial portion of their learning via live virtual learning over the internet. All in all, Seoul is a modern city with modern infrastructure and modern connectivity, allowing for an education business like New Horizons English to succeed.
With the world’s largest subway network, some of the world’s best airports, and modern buildings, Seoul offers quality and convenience to its residents. All of these factors will contribute into making your education franchise an efficient and effective one. With its superb infrastructure in place, you can concentrate on growing your English language franchise with New Horizon’s proven systems and strategies which have developed over the years.
Facts that make Seoul a top city for a franchise are:
- It is home to over 10 million people
- It is an education center with prestigious universities and schools
- It has a high growth rate and GDP that will continue to grow and flourish
- It has the world’s sixth largest number of Fortune 500 companies, including Samsung, Hyundai and LG
- It is one of the world’s most livable cities. The United Nations ranked Seoul’s quality of life higher than New York City, London and Melbourne
This city has opportunities for an education franchise and the infrastructure to support them. The demand for language learning in South Korea is ever increasing due to globalization and career opportunities. With its many advantages, both in professional and personal areas, Seoul is an ideal city for business and for you to start your own English language franchise.
New Horizons English Overview
We would now like to give you a simple overview of the New Horizons English franchise. Alternatively, you can visit our website and download our prospectus for more detailed information.
The New Horizons English franchise has been built with the intent to leverage the way modern, busy students learn – with flexibility. It is difficult to always be at the learning center when the student is a young adult (friends and activity are always more important) or a working adult (work, family, and life are always more important).
New Horizons English is the answer to providing instruction and test preparation for adults using an industry leading education platform to deliver a unique blend of multimedia, live instruction in-center, and on-line on any internet enabled device.
The New Horizons English teaching method enables students by giving them three key learning advantages:
- Learn at your own pace
- Learn anywhere, anytime with Online Live®
- Learn with your own teacher with Mentored Learning®
All of this is supported by a didactic team in state of the art learning centers designed around the student to give 360 degree support, every day of the week.
How does it work?
The New Horizons English Method uses the natural method of second language acquisition which focusses on the development of intuitive learning based on communication rather than learning the structure of the language. The result of this is the ability to speak the language far quicker than with traditional learning methods, in fact, the student will be speaking English from day one of their course.
The course is made up of 36 Cycles, each containing 9 multimedia lessons and 3 live lessons. The live lessons are divided onto Online Live® Progress classes and in-center Milestone classes where the student is assessed for progress to the next cycle. A cycle will generally require 1 month for completion. In addition, the student will be able to access digital workbooks which act as study aids and are available to download and use at the students’ convenience throughout the course.
Finally, the training center. We know that while our multimedia and online lessons are at the cutting edge, nothing can replace the human touch. For this reason we have carefully designed our centers to give the student access to teachers and a learning environment that has been designed to reflect the needs of today’s student. All our centers are fully equipped with the latest technology in specially designed zones that enable every student to tailor their learning experience with the New Horizons English education franchise.
We genuinely believe now is the right time for a new and modern approach to an English language franchise in Seoul, South Korea. We are very interested to discuss in great detail with interested and qualified partners. For more details, please visit our site and download our franchise prospectus.