6 Reasons Why Your Business Should Collect Payments Online

classpro payumoney integrationEvery successful business has a thing in common i.e. the online presence to reach maximum clients with the help of internet. It is the advancement of technology which allows us all to access the internet on various devices and this is the reason mobile devices are gaining popularity. The use of smart applications is also trending. Hence there is a specific app for every potential business out there. Definitely, you have spent a lot on a website and app development for your business but when it comes to transactions are you still with the board of CASH ONLY? Don’t say “yes” because if you do then you are sacrificing a lot of customers from this online as well as the offline world.

The most important thing which is necessary to the success of your already established business or startup is that you should choose a platform for the online collection of payments. Here comes the question “why you should” then we will love to answer this query with following six important Reasons:
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10 Free Online Tools Every Coaching Class Owner Should Know About

free online tools
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With the internet becoming easily available, its popularity has increased drastically over the past decade and every day more and more people are entering the world of World Wide Web. From making your website social media optimized to reaching out to more students to create a cool logo for your coaching class, everything can be done easily with the help of many free online tools.
Do you want to know what online tools you will need to make your coaching class a huge success? Well, we have shortlisted only the best ones for you.

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How to save your business from the brutal brunt of demonetization

Classpro - Payment Gateways in India demonetization
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(A guide on why, when and how to use virtual platforms for cash transactions)

The burning issue (in all measures) in our country today is the demonetization move started by our humble government. While most of us can spend hours at stretch in debating the pros and cons of this rather radical currency shift, it would be wise instead to spend an equivalent gusto in devising ways out of the problem. Simply put, rather than relying heavily on liquid cash, why not think of alternatives to beat it’s needed instead?
While most established businesses have their virtual payment mechanisms figured out, it is the small business providers like local coaching institutes who are left pondering about the same. If you run a local tutorial/coaching business, we are well aware of the current sting you are facing. With most fee payments being in cash, you can do nothing about the loss of business you might face, until the economic demonetization stabilizes. Or so you thought! With a plethora of virtual payment options out there, you can easily save yourself from these unavoidable payment hassles.

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Focus on Quality, not Quantity

Focus on qaulity not qauntity

While running a Coaching institute it is very important to keep a close eye on the quality quotient and ensure it is consistently maintained.

Most of the today’s coaching institutes initially deliver quality, but it slowly diminishes which causes a dent in the image and goodwill of the institute.

Why is it so important to maintain Quality?

Quality maintenance is a key and integral part of any business. Let’s take an example so we all understand this better.

We all hear about 2 new restaurants in town and many of us get into a mad rush of excitement to try those places out –

Here comes first impression factor that plays a key and vital role:

So the first few weeks both the restaurants will try to go all out to make sure the quality quotient is on, an all-time high with moderate or low prices ..Here is where the word of mouth works best and more and more people rush to this new restaurant.

  • Let us say (restaurant 1) does not plan and monitor this stage well then slowly and unknowingly the quality dips and over a period of time the restaurant has to also hike the price owing to a rise in expenses but the quality that is not tracked goes diminishing over a period of time, thus resulting in a decrease of quantity and leading to mismanagement and losses.
  • Now say (restaurant 2) right from the beginning decided to stick only a specific set of dishes and priced them at a moderate rate and right from beginning kept the quality standard and no matter what consistently delivered the same quality not worrying about the quantity. Here in this scenario over a period of time, the quantity keeps increasing and the quality remains consistent ..Multiple branches are opened, but yet the quality factor remained the same. Thus resulting in the increase of quantity and better management of the business.

Key points we all have to learn from the above example are:

1. Decide your specifics that your coaching institute intends to provide or offer.

2. Set your expectations right from the beginning.

3. Reality check periodically is very critical and crucial in understanding the feedback from your clients.

4. Ensure consistency is maintained at all times.

5. “Be original “: It’s alright to draw inspiration but ensure you tickle your creative mind and stick to your originality…

Some tools that can come in handy in gathering effective Feedback are mentioned below:

1. Feedback form: You could roll out a small and concise feedback form which exactly gives you precise information and views you wish to collect. In most cases, if the feedback form is too big the raw perspective gets diluted thus not adding any value

2. Suggestion Box: Keep a suggestion box or put up a Bulletin board with Post it’s that people are free to write or comment. Bear in mind names aren’t important, but feedback is to encourage people and students to express their opinions.

3. Open Door Policy: Always make time for parents and students to approach the management. It so happens in most cases it becomes a layered process where the parent or student needs to wait to share something with the management. Be available always to hear them out. You never know what good idea you might hit on.

In the words of Henry Ford, “Quality means doing the right thing when no one is looking”.

5 MARKETING MANTRAS FOR COACHING CLASSES

classpro - marketing tips for coaching classes

marketingIn the wake of competitive entrance examinations and professional courses, students are gripped by an ‘All India Phenomenon’ called The Coaching Classes (Industry). Almost unavoidable in today’s times, coaching classes are no longer an option but a necessity. With a growth rate of about 35% in the past six years, coaching classes are becoming a part of a child’s daily routine.
No wonder that in this $35 billion industry, it is pretty difficult to establish oneself. This is where Marketing for coaching classes comes into the picture. If you would invest a few extra hours and money today, you will get huge returns in the future.

Here are 5 ways which will guarantee an increase in your inquiries.

1. Internet Marketing
It is absolutely important to leverage the power given be the internet for free or low-cost advertising. Advertising on Google or Facebook is an excellent way to gain brand exposure and bring qualified visitors to your website and convert website “visitors” into prospects. Google maps are great places to get visibility of your coaching center. You can list your coaching center and advertise on online marketplaces like OLX and Quikr to get free visibility.

2. Social Media Marketing
As a coaching business owner, you should leverage social media to amplify your brand message. Social Media Marketing means advertising on social media such as Facebook, Twitter, YouTube and LinkedIn. YouTube videos are the best ways to advertise as people like to watch videos. You can create a Facebook page for your coaching institutes. Using Social Media you can connect to your existing and new customers by posting frequent updates about your institute youtube and LinkedIn.

3. Banners
In spite of the internet and social media, banners are still a great way to advertise your coaching classes. But with the number of banner ads out there, consumers are experiencing “banner blindness.” With this in mind, there are some factors to be taken care of to get your banner noticed. Firstly, you need to do some research and choose your words wisely. The most important thing is to find the right place for them. You can have ads on trains, buses, stations, walls, etc. Remember “You don’t need more banners; you just need more views.”

4. Pamphlets
Marketing through Pamphlets involves many key aspects. First of all, the pamphlet should be carefully designed with your target audience in mind. Pamphlet distribution should be targeted. Do some research about the demographics of your target audience and distribute it where you will find them. The time it right. Also, be prepared to pick up dropped leaflets since you’ll do more damage to your campaign by littering the streets with your pamphlets.

5. Free Seminars
Marketing also includes conducting activities such as free workshops or counseling sessions where you give away free specialty items like key chains, hats, pens, etc. With your company’s logo on it. This would also be a good time to distribute pamphlets as your audience would keep it along with the specialty item. These activities allow you to subtly promote your product or company because the focus is on the event or specialty item. Your company’s name is simply associated with the event or specialty item.

No matter how much you market your coaching classes, the ultimate advertisement is your teaching material and quality of education. Because when your student does well, you have something to brag about in the local press and to parents. RESULTS ATTRACT MORE THAN ADS

How do you market your coaching classes?

Feel free to share any experiences in the comments. It’d be a privilege to learn from you!

If you’ve tried the methods mentioned above and want a single tool which carries out most of the tasks mentioned above, you can try Classpro  for a 7 day free trial.

7 Free Online Tools To Manage Your Coaching Class

One question you may ask is – why use tools when our employees are working just fine?

The answer is the question – why pay employees when the tools are free?

For a coaching class to grow, it needs to harness the technology at its disposal in a better way. In today’s times, when there is a coaching class in every nook and corner of the city, it is important to use every web tool at your disposal – especially those that are free.

Contrary to the belief in some quarters, these tools do not require a degree in IT either to understand or to use it!

Fortunately, there are plenty of Web tools out there, so why not let these tools make our life simpler.

Web Tools

Weebly: With more and more coaching classes going online nowadays, it seems that every coaching class needs an online presence. Weebly is an online tool which helps to create free websites and student e-portfolios with a variety of themes and customizable background.

Google Docs: Google Docs can be used by teachers to create and edit documents, spreadsheets and presentations online while collaborating with students in real time. It is compatible with MS Office file formats and is also available as a mobile application which makes it accessible from anywhere. It can be used to create feedback forms as well.

Whatsapp: The traditional SMS text message is becoming passé, particularly in light of the explosion of the popular and easy to use free messaging app – Whatsapp. Coaching classes can create groups which ensure easy communication with students and send messages regarding attendance or performance to the ward’s parents (without spending a single penny!)

Waveapps: It is an integrated software for accounting. It is easy to use and cloud-based. It helps in managing coaching class finances by providing a comprehensive set of tools like Invoicing, Accounting, Payroll, Payments, and Receipts. This lets you manage your coaching class without an accountant and you can focus more on your business and less on your finances.

Hootsuite: Coaching classes are now creating content and thus gaining website traffic and attention through social media sites like Twitter, LinkedIn, Facebook, Google +, etc. However, managing your social network can be quite a task. Hootsuite is a social media management tool that lets you manage all your social networks and helps in brand management.

Google Calendar: It is a time-management application which can be useful for lecture schedule. It enables users to manage events online thus ensuring that no data is lost. Multiple calendars can be added and shared. Google Calendar can be synchronized with mobile devices or with PC applications.

YouTube: Coaching classes can record lectures and upload them on their YouTube channel. This is helpful for students who were either absent or want a revision. YouTube contains a special section for education as well which can be utilized by the coaching classes to optimize learning.

If you’re ready for growth and prepared to make your life easier (at no extra cost!), give these a try.

Which free tools do you use to manage your coaching class?

Feel free to share any experiences in the comments. It’d be a privilege to learn from you!

After trying all the free tools mentioned above, If you feel like grabbing something better to manage your coaching classes, Try Classpro for a 7 day Free Trial!!

5 Tips for Coaching Institute Owners to Avoid the ‘Discount Trap’

coaching institute owners

1. Don’t say ‘YES’ or ‘NO’ at the 1st meeting:

We as coaching institute owners usually immediately respond negatively with a strong NO and block any further discussions.
Instead, you might want to hear the student or guardian as you never know the student or guardian might have a genuine clarification.

2. Be clear and precise and repeat to confirm clarity of understanding:

In most cases, I’ve noticed that we just go on explaining things in a broader perspective and we take time to get to the point. In some cases, the student or parent gets confused and hit the panic button and get a feeling that they’re paying more, resulting in them asking for discounts. Be clear and crisp in what you say and most importantly, repeat to establish clarity. That way you can avoid situations, stating you had told me earlier but now it is different.

3. Talk internally with your partner/staff to ensure everyone is on the same understanding:

This happens in most cases, where two different people attend a particular student or guardian. In such instances, it’s good to be on the same clarity in terms of the fee or package and not commit without clarity. This way an unnecessary discount waiver can be avoided. Once something is confirmed to the student or guardian, It is very difficult to go back on our word and even if we do, it would turn out to be a very awkward situation.

4. Strictly Avoid telephonic confirmations:

Be very mindful to avoid conversations about fees and packages over the phone. It is best to engage in a face to face discussion. This will help in multiple ways as a perception made when they see your institute might be different and establishes a personal connect making it easier for you to explain why the charges are fixed at that particular amount set by you.
Moreover, telephonic confirmations lead to confusions and unnecessary misunderstandings internally and externally. The last thing you need is a probable new guardian or student walking out dejected.

5. Be empathetic, not Sympathetic:

This is a very, very important aspect we should keep in mind because sometimes most of us get caught up in emotional conversations. Remember to be empathetic but stick to the course fee that you have predefined. You can probably allow a staggered instalment payment, rather than writing it off completely.

Trust me we all have emotional ups and downs, but when we run a business it is important to maintain a balance in our thoughts and decisions.

What are your best practices before giving out discounts? I’d love to hear your thoughts in the comments!

6 Tips For Effective Fee Collection From Students For Coaching Classes

6 tips for effective student fee collection for coaching classes

Fee payment and fee  collection is one of the most challenging aspects of running a coaching class business. After rendering excellent service to your students, you’re forced to wait for an indefinite time until payment is made. Without having the luxury of liquid assets and a steady cash flow, the success of a coaching class depends largely on its ability to receive payments on time.

Here are some tips that might help you to avoid late payments and allow you to better manage what you have to receive.

 

1. Stay Organized:

Fees instalments tracking definitely needs a good software, free tools like Google Sheets can be used to track your due fees. However, if you want to manage your coaching class business in a more organized way, then you may want to invest in a system specifically designed for coaching classes management like Classpro. Classpro integrates many aspects of your business into one easy-to-use system and will save you time and give your class the professional edge it requires.

 

2. Clearly Define Fees Structure:

The best advisable strategy will be charging fees for the whole duration of the course in advance by way of lump sum payment. But if your coaching class provides installment facility, then having a clearly defined installment structure with payment terms and date mentioned does come in handy.
Another strategy would be collecting the fee instalment in post-dated cheques at the time of admission and along with clear terms, if the cheque bounces then it would attract penalty.

 

3. Make a Reminder:

Be ‘proactive’ and give a call to students to remind them about the pending fee installment. Also, calling can be a good way to establish and maintain a personal connection with your students and their guardians.
Students often don’t pay fees on time simply because they’ve forgotten so sending a simple text message (SMS) a couple of days prior to a fee installment due, Provides a convenient reminder to students who are then less likely to forget.
If the student explains that he or she is having some financial issues, offer flexible payment options. Your student will appreciate your compassion and put you at the top of the list next time a payment is due. And you’re better off getting the money this way than any other – and much better off this way than not getting it at all.

 

4. Stick to the schedule:

When the student fee are overdue on payments, remember not to sound authoritative or submissive. Following up too quickly or without any pattern might appear as if you are disorganized. If you feel that manually tracking the overdue fee installments and sending reminders are a pain, then try our automated fee reminder feature.

 

5. Late Fees:

If you aren’t already charging interest on late fee payments, you definitely must begin now.
Late fees add urgency to fee payment, ensuring they don’t end up at the bottom of the bills-to-pay pile. Be sure to reference late fees in the initial fee receipt. Let your students know exactly what the late payment charge percentage is and when it applies (i.e., a 2 percent interest fee will be charged per month on late payments.) This lets the students see what additional payments they would have to make if they don’t clear that balance fee payment on time.

 

6. Be polite, yet professional:

Ensure you maintain professionalism in all your communications. One late payment incident should not be the reason you hassle the student for eternity. Use ‘Please’ and ‘Thank You’.

Following up with your students in a scheduled, process-driven manner will ensure the smooth flow of cash into your accounts without you actually having to sound like a broken record.

 

Have you had experience tackling late payments? Share them with us. We’d love to hear them.

 

Thanks to Anjan , Divya Dinesh, and Vijay Suryawanshi for reading drafts of this.