How To Launch An eLearning Business?

The COVID-19 pandemic has caused the eLearning industry to develop leaps and bounds, with the market expected to reach $375 billion by 2026. The online learning market is constantly growing, generating a lot of revenue. It is exciting news for educators across the world to start their entrepreneurial journey of running an eLearning business.

If you are an educator with valid expertise and passionate about tutoring online, you can consider turning your passion into a full-fledged business. But where and how to begin.

Let's make it clear first. Starting an online learning business can be tough, but it can be an easy feat if you are starting the right way.

This blog has a step-by-step plan to create an eLearning business with guaranteed success.

Choose the best business model before starting your eLearning business

The business model is a fundamental step from which you can proceed to create an eLearning platform.

Here are three main business models you can consider implementing:

Night school model

At its core, night school is a business model inspired by night classes offered at local community colleges. People visit these types of classes to pick up skills to help get a job. The simple business model allows learners to pay for accessing the course, which teaches them specific skills, and students can learn at their own pace.

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Udemy is one of the examples of eLearning platforms that follow this business model. Users can log in, search for and select an online course, and enrol by making payments. Learners can contact tutors when they need help.

The academy business model

The business model focuses on creating a comprehensive school where students learn different types of skills they require to achieve a specific goal.

For example, when students enrol in an academy, say a sports school, they don't focus on just one skill. Instead, students come out with well-rounded training in several aspects related to a sport.

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The academy eLearning model works just like a Netflix subscription. Learners get access to a vast library of lessons and courses. They are free to pick what to learn and build their education.

Combined model

The combined business model takes advantage of two business models- The night school and the academy model. It works this way- The monetization strategy is taken from the academy model- the subscription fee. But at the same time, users can buy additional courses, lessons, etc., for separate payments.

Steps on starting an eLearning business

Here is a sample actionable plan to complete the development of your eLearning platform faster and more efficiently.

Determine your target audience

Understanding your target audience and how to provide the best tailor-made service is the first step to growing a successful eLearning business. Consider the factors like age, location, main pain points they face in eLearning, etc.

Draft a brief business plan with features

Prepare a sample document with a detailed description of the eLearning platform you want to build, its main features, specifications, monetization, and other important aspects.

Determine the roles of users

Decide how many users will be actively accessing your platform. For example, an eLearning marketplace like Udemy can have 3 types of users - student, tutor, and admin.

Conduct a market analysis and analyze competitors

Perform deep market research to find your competitor's eLearning platforms, the features they have, the approaches they leverage, and the results it brings. Figure out which of these things you would adopt for your business and what you would avoid.

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Design phase

Analyze the business plan once again to prototype the project and create MVP.

Developing your eLearning platform

White label or readymade software solutions help Edutech businesses to create a fully functional eLearning site like Udemy without having to build from scratch. Choose an eLearning software to create your eLearning website design for live classes and self-paced courses. If you are looking for the best solution, Pinlearn is a professional readymade eLearning software tailor-made to power both live classes and self-paced courses. An eLearning marketplace software connects students and tutors to create the best online learning environment. It is one of the quickest and cost-effective approaches you can adopt to create your eLearning platform.

Choose right pricing for your courses

Every online teaching business aims to grow to a profitable venture and to achieve that, you have to choose smart pricing. It should not be too pricey that no student enrolls for your courses, and it should not be too low that it won't cover your expenses.

The pricing courses can differ based on certain factors like length of the course, complexity, value it offers, and more. The best way to price your course is to start with a market analysis to understand the pricing adopted by similar eLearning platforms. You can give discounts to create a position in the industry at the start.

Market your eLearning business

Regardless of how great your eLearning platform and offerings are; you cannot grow your business without carefully crafted promotion strategies. Instead, there is an endless list of Edutech businesses that are already pioneering the industry. Hence, to make space among the crowded industry, you must adopt smart marketing tactics to make yourself visible to your target market.

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You must also establish an agile presence on social networks and run ad campaigns on search engines, Facebook, and LinkedIn. Start blog posts, newsletters, etc., to engage your target learners with significant information they would love to enjoy. You can also consider partnering with educational institutions to sell your eLearning products.

Conclusion

eLearning marketplace platforms offer online education and training on different skills for learners across the world. The only thing to keep in mind is that being a highly competitive industry, starting an eLearning business requires you to provide exceptional features for the great online eLearning experience learners desire.

To start an eLearning business, decide on the main idea first, choose the type of eLearning website, and think over the value you would offer to your learners. Then comes the search for a technical partner- It is best to choose an experienced solution provider, preferably a solution that can save you from the hassles of developing your website from scratch. With that, your eLearning project will be as flexible as possible to any modifications and scaling.

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