The classic baseball movie Field of Dreams has one of my favorite movie lines – “if you build it, they will come,” meaning if you start and put in the work, success comes out of it.
But where Kevin Costner attempted to build a baseball field, others look to build their dream university. And if you’re watching this video, I’m guessing you have the same dream too.
Let’s talk about the three main steps you need to take to open your university.
Step 1: Choose Your Business Entity And Obtain A Business License
If you’re a sole owner you can start with a sole proprietorship, and if you want to protect your personal assets, consider opening an LLC. If you have partners, an S-Corp or a C-Corp entity will be a better choice. And if you’re out of the US, your only choice is to open a C-Corp entity.
You can apply for a business license online by going to the Secretary of State's website. It usually takes anywhere from one to six weeks to obtain the license.
Step 2: Get State Authorization
When it comes to getting State Authorization, the process depends largely on the state where you choose to open your school.
State Authorization can be either State Approval or Exemption from State Supervision.
State Approval usually takes about 12 to 24 months in most States, while an Exemption might take one to three months only. Make sure to watch my other video where I discuss exemptions in more detail.
Step 3: Get Accredited
Before you reach this stage, you’d want to start hiring your faculty and increasing your student body.
Here's a tip for you: you can get accredited faster if your university offers only short programs, like an Associate's or Master's Degree, as opposed to longer ones like a Bachelor's or a doctorate Degree.
Learn more about a University License and Accreditation in the links below.
Be sure to check out our next video "What’s the difference between licensing and accreditation?"
Ready to start a conversation? Call me today to schedule your free consultation.
I’ve been helping clients establish universities in the US for over a decade, and I look forward to helping you, too And remember, “if you build it, they will come”.