You have been studying the market and decided on starting your own private university, pitched to investors, prepared your business plan and got your bank's approval. You did everything by the book and right before you started the process, the World Health Organization announced coronavirus to be a pandemic and the stock market started tumbling down.
The New Normal
Many of my clients are in this situation now and they come to me with this question: "is this a good time to start my private university project?". My response is that this, more than any other time, is the BEST time to start your university.
Look at history and what happened when the 2008 economic crisis hit the world: many were out of a job, openings in the job market were scarce, and employers became extremely selective in choosing the best of the best for the few positions left open and guess who they chose - they chose the applicants with higher education, an MBA or a master's degree in their field.
This is when the 25-45 year old population went back to school again, everyone started looking for an education level higher than what they had so that they could compete in the job market. Many took lower-level jobs to sustain their families while they started studying either online or on campus.
So to answer your question, yes, this is the best time to start a private university. During a crisis like this, you can get lower lease prices, faster application processing times, and cheaper highly qualified employees. You can save at least 25% of the total cost of starting your business at a time like this than at regular times.
Another factor to consider is that all education is going online now, this is a time when all students and teachers across the world are going to realize that online education is as effective as in-classroom education. No more "online education scam" taboos!
The whole world is going online with their classrooms today, do you think that they will be able to go back to long commutes, difficult parking, and sitting in lectures for long hours when they saw with their own eyes that they can get the same level of learning from the comfort of their own homes?
If you enjoyed this post, check out many more we have on this Blog, and don't forget to read our valuable resources section on how to open your university in the USA. Reach out to me today via a call or email to book your free consultation!