ADDING UP PROFITS
This franchise demystifies math for students.
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Kirsten Fisch is the brain behind Math Monkey, a global company that is the world's only supplemental education franchise. Kirsten has found that the concept lends itself well to multi-unit expansion because it is so simple to manage and there are very few employees. Child services is considered to be one of the fastest-growing segments in franchising. |
Business trips to India first opened Kirsten Fisch’s eyes to the potential of Vedic math, the ancient Indian system of mathematics that teaches children how to solve complex mathematical problems within seconds without the use of calculators, pencil or paper.
But Fisch—a former early childhood educator herself before entering the corporate world—saw something else in Vedic math; something that was largely amiss in the colossal $50.1 billion supplemental education industry in the United States where it seemed that worksheet-based curriculums designed to bring remedial students up to the public-school standard were often the norm.
Where was the innovation? Instead of simply preparing children to take a test, Fisch saw the opportunity to provide so much more toparents of exceptional children who are highly motivated learners. With its roots based on ancient Indian texts that can be easily applied to arithmetic, Fisch saw that Vedic math—which focuses on various properties of numbers instead of rote memorization—could grab children’s attention and give them a solid mathematical foundation that would benefit them throughout their lives.
“It’s easy to teach children how to take tests, but to teach people to have life skills is a different story,” Fisch said. “I wanted to emulate the success that educators in India have had in teaching young people how to master math.”
Today, Fisch is poised to deliver that opportunity to children across the United States and the world. She is CEO and “Top Banana” of Math Monkey Knowledge Centers, founded in September 2005 as the world’s only global supplemental education franchise dedicated to teaching children concepts based on the principles of Vedic math.
Math Monkey customers are the parents of exceptional children, ages 6 to 14. Instructors use games and puzzles to engage children in math in a way that is both fun and challenging as opposed to instruction provided in a sterile classroom environment. The first Math Monkey Knowledge Center opened as a corporate-owned location in Weston, a community in South Florida, in June 2006. Math Monkey launched its franchising program that same month.
More than 20 franchises have been awarded in Florida, Georgia, Missouri and California. Four Math Monkey Knowledge Centers are expected to open in the first quarter of 2007 in Aventura and Pinecrest, Florida; St. Louis and Atlanta.
Math Monkey hopes to award 118 franchises and open 34 locations by the end of 2007, increasing to 400 franchises sold and 300 locations open by the end of 2009. International expansion is also under way, with a Toronto-based master franchisee responsible for growth in Canada, the United Kingdom, South Africa, Australia and New Zealand. A Canadian corporate-operated center will open in Toronto in 2007.
Math Monkey targets upper-middle-class, college-educated parents of school-age children who see the benefits of supplemental education in providing the confidence and skills necessary to excel inside the classroom and beyond. Math Monkey Knowledge Centers are bright, cheerful spaces typically located in higher-profile lifestyle or strip shopping centers. The overall design of the interior space has a sleek, contemporary feel with the Math Monkey logo wallpaper treating the exterior of the modular walls.
The modular walls divide the space but do not go all the way to the ceiling. This approach helps enhance the experience for parents who are able to listen to what is going on in class without compromising the learning environment with their physical presence. Magnetic white boards line the interior of the classroom walls, facilitating an environment of inclusion and sharing for the students.
For prospective franchisees, Math Monkey not only offers an affordable, estimated initial investment range of $84,500 to $143,900, but also an easy-to-follow business model. Math Monkey’s tested system of operations; experienced executive management, outstanding academic leadership and unique brand positioning are all geared toward worldwide expansion.
“Math Monkey is not a difficult business to operate and our programs almost sell themselves. Our franchisees do not have to deal with the challenges associated with many traditional franchise concepts and it gives them a tremendous opportunity to be involved in their community,” said John Ellis, Math Monkey’s Senior Vice President for Franchise Development. “Most importantly, Math Monkey is emotionally rewarding. When you see children’s faces light up, it’s a great feeling.”
Most franchisees are expected to come from two categories: 1) individuals with an education background who take advantage of Math Monkey’s proven operational, marketing and administration systems; 2) investors looking to develop a franchise who partner with individuals with educational backgrounds.
It is estimated that more than half of franchise owners in the supplemental education industry have educational backgrounds. Ellis estimated that about 75 percent of prospective franchisees that attend Math Monkey’s Discovery Days have similar backgrounds. Bringing with them a passion to make a difference in the lives of children, such investors are expected to be an important component of Math Monkey’s brand development.
“Becoming a Math Monkey franchisee is a way for educators to control their own destiny and really see the impact of what they are doing on a day-to-day basis as far as helping children to excel in math,” Fisch said. “Individuals can also build some flexibility into their schedule that doesn’t really exist in a traditional teaching environment.”
When Math Monkey’s premier location opened in South Florida, it instantly sold out many of its classes. The same reception is expected elsewhere, driven by the passion of Math Monkey franchise owners.
“Franchising the Math Monkey concept is the only way to ensure that the individuals running our centers have the same passion, interest and emotional drive that I do,” Fisch said. “Rolling out centers and hiring managers doesn’t make the concept work. What makes it work is the love, passion and experience of our franchise partners.”
Math Monkey’s growth is expected to come from a combination of both single-unit operators and area developers. For example, Steve and Bonnie Frank have plans to open four Math Monkeys in the St. Louis area. Bonnie is a longtime educator and Steve is an attorney with an extensive background in business and real estate.
The typical Math Monkey Knowledge Center averages 1,000 to 1,200 square feet in size and features high-quality branded décor with modular interior partitions that streamline the build-out process. Initial staffing includes a center director (a role the franchise owner can assume), instructor and assistant. It is recommended that the lead instructor at each center be a state-certified teacher. All instructors are part-time employees.
“The concept lends itself well to multi-unit expansion because it is so simple to manage and there are very few employees,” Ellis said. “It is easy for an individual to own five or six Math Monkey Knowledge Centers, whereas it takes a different management skill set to run the same number of locations for something like a franchised fast-food concept.”
Child services is considered to be one of the fastest-growing segments in franchising. As a former childhood-educator-turned-CEO, Fisch said her background seems to strike a chord with prospective franchisees. They seem to realize that the company’s mission statement, part of which reads “to create an innovative and elegant franchise model that uses simple, but revolutionary concepts to transform the children of today into the thinkers of tomorrow” isn’t empty rhetoric.
“As a leader in this company, I believe prospective and current franchisees feel very comfortable that our mission to change children’s lives is not simply a statement we wrote on a piece of paper,” Fisch said. “They understand it comes from a place that has some meaning. I think that gives them great comfort.”
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