Sripal is a qualified Chartered Accountant from The Institute of Chartered Accountants of India (ICAI) and a Certified Public Accountant (CPA) from AICPA.
At Simandhar he provides coaching (Live/ Recorded) for – CPA, CMA, Blockchain and its impact on Audit, US GAAP Certification, IFRS Certification, Cyber Security Certification, and Data Analytics and other certification courses.
He has also officially tied up with AICPA to provide 25 more certifications.
He has recently done an event with The Telangana Government IT secretary– Jayesh Ranjan and with Snapper technology on Blockchain which had big cryptocurrency heads like Per Lind from IOTA crypto.
He has also conducted a Blockchain event at ICAI.
He is very active on Linkedin and Facebook – Sripal Jain.
As you all know by now – While working full time I used to teach at various private coaching classes and institutes.
There came a point in my life where I felt other coaching institutes were forcefully pushing me to enroll students into Chartered Accountancy ICAI course.
Now Chartered Accountancy from ICAI is amazing a superb course but – There are literally so many students who are just not clearing.
It was something I did not like and thus I thought that if I have complete ownership, I would have more control on my teaching and on my guidance too.
I then quit those classes and started focussing on CFA, CMA coaching.
In fact, I also placed a few students who were only CPA’s (AICPA) at Deloitte, Virtusa at a salary equal to that of a Chartered Accountant from ICAI.
That gave me a lot of confidence. I knew the Indian market had a great demand for CPA’s, CMA’s, Data Analyst etc.
And that is when I discussed with my family that I wanted to start my own coaching Institute.
They all supported and that’s how I started Simandhar Education.
TIPS WHEN STARTING YOUR OWN VENTURE
1. HAVE A PURPOSE
- The purpose of Simandhar Education (my coaching class) is – To make every commerce student professionally recognized and make them job ready.
- My Goal is to make students recognized professionally.
- So if you want to start anything of your own – YOU MUST HAVE A STRONG PURPOSE.
- Without a strong purpose – You won’t be able to survive tough days and with a strong purpose, you will sail through tough days.
2. RECOGNISE A GAP IN THE MARKET
- Your service is not going to sell itself – It has to solve a problem.
- I used to teach part-time initially and did not quit my job till I felt that the goal which I started is not accomplished.
- While working full time I taught a few students CMA and CPA. They all got placed at a package that of a Chartered Accountant from ICAI.
- My students – Trupti Jain, Ahsan Khan, and others got placed at packages similar to that of a Qualified Chartered Accountant from ICAI.
- So I realized the Indian Market has a great market for – CPA (US), CMA etc.
- There is a great scope for international certifications especially American certifications because of the US-based companies in India / outside India.
- Also, the time taken to clear these certifications are less and
- One can study and work simultaneously with proper planning.
3. Have a Business Plan
- Honestly, I started without a business plan.
- My initial advantage was – I had a very good teaching career.
- So my business plan was – Correct Guidance to students, Teach them well and Place them in a good corporate.
- Today I have tied with up with – Virtusa, Deloitte, Invesco, Wells Fargo, Hitachi, Qualcomm, Microsoft and Synchrony Financial etc and provides free placements to all my students
4. Have Funds Ready
- Keeping your start-up costs low in the beginning is the best way to avoid having to take out a large business loan.
- I had my savings and I used it very prudently.
- Also, my Brother and Sister in law supported to start Simandhar.
- Be Financially stable. You do not need millions to start but you surely need money to start.
- However, if your purpose is strong, the money can be arranged.
- Even if you have to start small – Just Start.
5. Have a Good Support System
- My Brother, Sister in law and my wife – Poonam supported me greatly and they still do.
- In fact, when I decided to start Simandhar I was just engaged and was to get married in a few months.
- But Poonam supported me patiently. During our courtship period we were busy – Incorporating our company, planning courses, brainstorming on how to help students etc.
- A lot of other girls would have high expectations during the courtship period but not Poonam.
- She supported me throughout.
6. Have Experience Before Starting Your Own
- Now also if you notice, I have always been teaching even before starting my own coaching class so that means – I was popular and had students who would recommend me.
- So I suggest everyone intending to start their own – Teach at some Institutes/classes before venturing on your own.
- Build your goodwill in the market for yourself with your teaching skills.
7. Invest In Good Infrastructure
- I saved money while working at various companies. Also, my brother and sister in law supported me.
- So when the time came to invest for the right purpose I did a cost-benefit analysis and did invest.
- I had to invest in Franchise cost (Becker Institute as it’s the best in my opinion), infrastructure and the facilities.
- We are tied up with Becker professional education, USA and so the product they deliver is of superior quality and our success have largely been attributed to Becker professional education the USA
- We would recommend that starting an institute always requires PATIENCE and one needs to be even more patient in starting anything which is international.
- We have also tied up with AICPA for 25 plus certifications like – Blockchain, Cybersecurity, Data Analytics, IFRS and US GAAP
8. Go The Extra Mile
- I have literally visited each and every corporate and encouraged them to interview my students for the opportunities they have.
- I DO NOT charge any hiring or referral fees from my students or from the corporates, it is all out of the need to help and make a difference. Today we are tied up with Various MNCs.
- I only do this so that my students who put in the efforts (and money and hope!) get the right job opportunity.
9. Have a Bigger Vision
- Apart from helping students – My vision is to help Corporates too who are currently facing high attrition and skill gap across every level.
- We are planning to launch a grooming school in the future and make all the commerce employees job-ready by providing them with the required skills.
- Apart from CPA and CMA USA, we have provided training in – Blockchain, Data Analytics, Cyber Security and Big data certifications, we are also tied up with AICPA for the same.
- Having new goals and vision keeps me on track!
10. Do Not Scare Of Competition
- I knew I have tough competition but I always believed that – Quality is something which will win in any market.
- At Simandhar I have made it clear to focus only on QUALITY.
11. Dedicate Your Entire Time For Welfare Of Students:
- Biggest advise I could give is – Dedicate your entire time for the welfare of your students.
- I always followed this funda whether I was teaching at someone else’s class or my class.
- I used (and still do) to answer each and every question they asked me.
- I used (and still do) to give attention to every student and all of this made me popular among students.
- In a class, we tend to concentrate only on a few students and other students get ignored. So give your best to focus on every student.
- I always remind myself that every student attending my class has a dream and I am responsible for that dream (to an extent if not entirely).
12. Take Into Account Customer/ Student Feedback
- I think the delivery of a lecture is very important in any institute.
- More importantly, you should take regular feedback from students on what they expect and what are their concerns.
- My focus is more on students than money and that’s my success Mantra.
13. Hire The Right Team Members:
- Have a team of passionate professors who have the same goals as you.
- This will help in the overall goal of your coaching class.
14. Make Use Of Appropriate Teaching Tools:
- As mentioned above have appropriate teaching tools.
- I realized that many of my students are working professionals from India, US etc so I invested in – Online Teaching Tools and Recorded video lectures.
- So many of my students are now from the US, in Canada, Manila, UAE, Singapore etc.
- Effective teaching tools or techniques must work for the benefit of the teacher.
- The same is true in case of coaching center as well – Besides usual markers or whiteboards, you can use other innovative tools for teaching like charts, working models, online help or support from other experts of the same industry and so on.
15. Do Not Compromise On Quality:
- Few teachers want to – Grab money but in return, they fail to deliver quality education that students want.
- Make sure that the students who have enrolled in your coaching center receive a quality education and superb teaching ambiance.
- And for that, you and your fellow tutor need to be updated.
- So constantly upgrade your knowledge/fellow tutors knowledge of the subjects concerned.
- The Internet is a vast resource of information and you can make use of it.
- Else, you can talk to experienced teachers or other experts who are closely associated with coaching business and take their suggestions from time to time.
16. Fix Low Tuition Fee Initially:
- Other institutes used to charge 132000 INR for CPA and 81600 for CMA USA. We used to charge 109000 INR for CPA and 75000 for CMA.
- We are the only institute who provide Live classes in India for International certifications.
- We also give discounts provided the students crack their exams in the first attempt.
17. Marketing Techniques:
- Of course, you need to have a good website, a Facebook page, Linkedin Page – This gives you a Virtual Identity.
- Tell your students who have passed to post an honest feedback on social media and also on your website.
- Honestly, the only way to get more students is through your current students – Word of Mouth.
- You may put advertisements everywhere but if your teaching is not benefitting your current students then trust me no one will recommend you.
- So you should make sure your students succeed and be consistent with it.