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The time from March 2020 onwards has been one of the most challenging times for the world owing to the COVID-19 pandemic. However, during that time, the online world burst open. As a result, many businesses managed to find their way online, and EdTech and...
The time from March 2020 onwards has been one of the most challenging times for the world owing to the COVID-19 pandemic. However, during that time, the online world burst open. As a result, many businesses managed to find their way online, and EdTech and tutoring witnessed unprecedented growth. With over 1.2 billion students confined using remote learning, EdTech and online tutoring startups raised $18.66 Billion as investments with an average annual ROI of 12-50%.
This outlandish figure makes the quote from the Joker entirely accurate, which says, “If you are good at something, never do it for free.” So, if you are one of the people who has been commendable at their job, it’s time to put it to good use and tutor others on it with your very own online tutoring business.
With the burst of online studying platforms, one way is to use the pre-existing online tutoring platforms to get initial traction. Or you can go all-in for building your own platform and then take it forward from there.
Ready-made learning portals are definitely a less costly and faster-to-go-live option. Still, they are a rare choice as they address only limited standard learning needs and won’t bring you a sound competitive advantage. In their turn, tailored eLearning portals are best suited for ambitious EdTech entrepreneurs. Though from-scratch eLearning development requires more time and investments, it’s not always about spending a fortune. The implementation costs of a learning portal range from $15,000 to $100,000 depending on the chosen tech stack, the number and complexity of integrations, and other aspects.
So, what are the steps to start an online tutoring business? Read on:
The first step is to analyze and understand what you are getting into. While it is easy to think you just have to speak to the camera and put educational content out there, it can become very tedious. Planning your lessons, the flow, and how you are going to present it can be nerve-wracking.
So, make sure that you understand what starting an online tutoring entails.
After you have covered all the bases, you will have to make a business plan. This will involve your income stream, the setup and operating costs, the resources required, the operation plan, and every other aspect of the business.
If you are planning to build your own EdTech product, you have to prepare the company overview, the executive summary, and the sales forecast up to the next five years to raise investments. So, make sure to prepare a business plan before just jumping in.
The education field is as vast as the galaxies in the universe. So, make sure that you define your niche very precisely. Check how the demand is, what the career graph is, and then specify your niche. One of the biggest reasons startups fail is the lack of product-market fit, wherein your product solves an actual problem.
You can go generic and evergreen subjects or something highly defined for a specific type of person. But, first, understand your own, and then decide what you want to teach.
Define your target audience based on the topic of study. Understand what makes your audience tick, what questions they need answering, and the topics of that particular skill someone is searching for. Create a persona of your ideal student/customer, and then search for those people online. You can find them on social media platforms, subject boards, and a lot of other places.
After defining all of that, you need to see who else is doing the same thing as you. While EdTech is vast, the actual breadth and depth of many startups remain the same. So, make sure you factor in what your competitors offer academically, resource-wise, and in teaching.
After a proper competitor analysis, you will define the discerning factors that you will offer from them. And this would be your USP. But, unfortunately, you need to abide by the “more for less” ideology in today’s fast-paced world.
People want more of everything as compared to the price they pay. Make sure that the differences are tangible so that they can make the difference in a purchase decision.
Now, you need to decide how you will accept payment. You can either use the existing payment gateways and add them to your website for a small monthly fee, or you can use other modes of payment.
Define your payment model by factoring in the platform fee, payment gateway fee, and all other resources utilized. Make sure that you keep it competitive enough to get noticed by the users and your competitor but high enough to profit.
Finally, it’s time to create the content that you want to teach. Again, use the business plan to understand what you want to include in the video and what you want to share as resources with the course. Be creative, descriptive, and informative, but don’t go overly cryptic or use too much jargon as not many people would understand their references.
Post creating the content, you need it to reach other people to drive the business towards turning a profit. Enter social media. Use your social media platforms to set up a business page and promote your content as tastefully as possible without being banned or restricted for posting on a platform.
After your own business has done well on its own, you would naturally want to expand your horizons. To do that, you will have to register on other teaching platforms and then try to start driving business from there as well. Expanding on to other mainstream platforms helps you get in front of a predefined audience type that will find you only if they are interested in the topic.
With a pegged market to reach a valuation of $350 Billion by 2025, it is pretty easy to understand that online tutoring is here to stay. Depending on what you offer to your students, you can quickly turn your skills into your income with an online tutoring business with low investments.
So, yes! Online tutoring is an excellent business!
MyPrivateTutor is an online marketplace for all kinds of tutoring and learning services. We provide a platform to help learners find home tutors, online tutors, expert trainers,tutorial centers, training institutes and online tutoring schools. Learners can also find local classes, workshops, online courses and tutorials on a huge variety of topics. We operate in 12 countries worldwide and our community of learners, teachers and training businesses numbers over 200,000. We provide an opportunity for individual tutors and tutoring businesses to promote and grow their business.
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