Why Choose Busan 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 Busan, South 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 plans to build an English language business.
Busan, being the second-largest city of South Korea after Seoul, offers the infrastructure, the demand and the economic stability needed to build a successful education franchise.
Here are some important factors that make Busan a top destination for an English language franchise:
- Busan is education centric with a high demand for English fluency.
- The city presents a wide and lucrative market with approximately 3.6 million residents [vii] and 187,163 students.[xii]
- South Korea, being the fourth-largest economy in Asia, provides a stable economy. In 2012, Busan contributed 17.56% ($36,896) to the national GDP.[ix]
- Busan is home to a number of foreign companies (746 in total), including Accenture, Tokyo Inn, and Merlin.[xi]
Below are further facts that explain why Busan makes a good destination for an education franchise.
Education and English Learning
With the adult literacy rate of 97.3%[i], education is of primary concern for South Koreans. Education is compulsory for all children from Grade 1 to 9, and the tertiary gross enrollment ratio in South Korea stands highest in the world at 103% (UNESCO, 2010).[i] It shows the importance of education among South Koreans. Another indicator confirming this inference is the percentage of adults who have attained tertiary and upper secondary education degrees. Over 97% of 25 to 34 year olds in South Korea have received upper secondary education (OECD, 2010) while 65% have gained tertiary education.[i]
South Korea’s education system is one of the finest. A study by the Learning Curve[ii] reveals that South Korea stands second after Finland for its immaculate education system. However, students still go to after-school tuition, spending hours in study apart from schooling. Private educational institutes are called hagwons and are an industry in itself.
Without an abundance of natural resources, South Koreans recognize the importance of people, which they develop and make competent through education. English, however, remains a problem, as traditionally South Koreans were reluctant to accept the language[iii]. It was only recently that English learning was fully adopted, helping South Koreans understand and speak in English. Today, the population is being encouraged to learn English and speak it with confidence, with many education-obsessed parents sending their children aboard to gain fluency in English. Opening an education franchise will prove to be a very logical and worthwhile move, as more and more people are realizing the importance of learning the English language.
Population & GDP
According to the National Statistical Office of the Republic of Korea, and the Gyeonggi Statistical Information Service, Busan’s population has remained stable over the years from 3,865,114 in 1997 to 3,557,716 in 2014.[v]
South Korea is Asia’s fourth-largest economy, and has been steadily growing over the past five years. Its GDP (PPP) stands at $1.8 trillion (2016).[vii] It’s GDP hiked from 13,573 thousand won in 2000 to 26,736 thousand won in 2011.[viii] Busan also contributed 17.56% ($36,896) to the national GDP in 2012.[ix]. For business owners looking to open their own English language franchise, Busan proves to be a very reliable and robust option with its ever-growing economy.
Busan is a smart city with quality pubic transport, shopping malls, free wi-fi zones, financial centers, parks and pubs. In 2015, there was initiated an IoT-based Smart City Project to improve the transportation and tourism infrastructure, disaster management system, energy efficiency, and a high quality of life.[x] Being a port city, it has an abundance of natural beauty. There are skyscrapers and highways as well as mountains and beaches. The city boasts of world-class ports, lovely beaches, and waterfronts. It attracts 2,76 million foreign visitors annually.[xi]
Culturally, the city is ranked above average by the Economic Intelligence Unit (EIU) for its culture and society.[ix] You will find Buddhist monuments, temples, fortresses, and modern towers in Busan. It also has famous parks and gardens, including the Taejongdae Park and the Yongdu-san Park. Some of the top places to visit include the Gamcheon Culure Village, Geumjeong Fortress, Gwangan beach, and the Children’s Grand Park. Busan is a very modern city with excellent infrastructure, making it a top and convenient destination to open an education franchise as a business owner.
Government Incentives to Businesses
Today, Busan is among the top 200 cities measured in the Global Urban Competitiveness Project.[ix] It held the 18th position in the EIU’s 2012 global study on city competitiveness, leaving behind Tianjin and Mumbai.[ix] The service industry is the major industry accounting for 72.1% of the total industries.[xi] The number of foreign companies that have invested in Busan is 746, including Accenture, Tokyo Inn, and Merlin.[xi] And it is well known that the service industry houses many different types of companies that require their staff to understand and even communicate well in English, so with over 70% of the industry being service, Busan has a strong demand for English learning.
Regulations for businesses in Busan are minimal. No minimum capital is required to start a business.[vii] The Heritage Foundation ranks the business freedom at Busan at 91.1, and financial freedom at 80.[vii] With this in mind, there are also various government subsidies that are offered to businesses bringing in foreign investment, including tax reductions and grants. With benefits like these, combines with the local’s thirst for education, new business owners should definitely consider Busan as a top choice to open an English language franchise.
Busan provides many advantages to an English language franchise such as a large market, economic stability and developed infrastructure. With 25 universities, 334 research institutes and 187,163 students in the city,[xii] it offers an abundance of opportunities for an English language franchise. If you are planning to open an education franchise in South Korea, consider Busan.
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 busy 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 Busan, 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.