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With everything going online across the entire world, there is a considerable change in customer behaviour leading to the enormous popularity of eCommerce and eLearning businesses.
eLearning is among the top trends that have picked up swiftly in this digital age. It is flourishing and creating new possibilities for the market leaders as it offers ease and flexibility to its end-users.
As per an online study conducted by Guru99.com, the eLearning industry has grown by 900% globally. Since its inception, the online learning market fact suggests that by 2025 to hit the $325 billion mark with over two decades. E-learning takes 40% to 60% lesser time for employees and students than conventional learning. The majority of companies are gradually shifting to e-learning.
If you are someone with vast knowledge to share with the masses along with the entrepreneurial spark, you must know about online learning.
Well, setting up a business is no piece of cake. Likewise, establishing an eLearning business too can be demanding, only if you are not starting the right way.
In this blog, we shall determine the concept along with a step-by-step plan that can help you with your dream of starting an eLearning business successfully.
Get in touch with us and learn how we can help you achieve your goals and objectives.
Also referred to as online learning, it is a type of distance learning that does not occur in the traditional classroom where a physical teacher moderates and regulates information.
To put it simply, the delivery of learning through digital resources, like computers, smartphones, and alike.
Online learning furnishes you with the convenience of learning from anywhere and anytime, enabling you to achieve beyond modern learning peripheries. Other advantages include flexibility, independence, better time management, and improved self-motivation.
The eLearning is ubiquitous by institutions, schools, and corporations worldwide. On the other hand, the cons include more work for students, and it requires a lot of self-drive and lesser social interactions.
Thanks to CoVID-19 and the pandemic, the world slowly shifted from its traditional form of learning to eLearning.
Thus, the demand for more and more eLearning platforms has emanated. This is where the position of the eLearning business becomes even more vital in today's world.
An eLearning business provides a platform for teachers and students to communicate online.
Some leading eLearning platforms include: Udemy, Coursera, BYJU'S, GradeUp, TestBook, Toppr, and the list is endless!
COVID-19 has startled our method to work, learning, and entertainment. Physical classes have become a distant memory for many of us, making the world shift to eLearning platforms.
Not to doubt that the future of education lies in educational technology, and eLearning will eventually overtake the physical classroom form of education.
The eLearning industry is continuously growing, yielding a lot of revenue for companies.
Let us see a few of the reasons that would help you in making the right decision:
These beneficial reasons have contributed to a rise in 3 types of learners:
Now that we know about the importance of eLearning in today’s world, the eLearning industry insights, and the growth prospects, let us now learn the magic formula of setting up a successful eLearning business.
The foremost step is to specify your target audience.
To identify your target audience, you will have to perform thorough research. The best practice is to find the answers to the following questions about your target audience.
Ask questions like:
The answers to these questions will differ depending on your niche and what you teach.
The next step is to focus on the core content that your audience would most desire. That is, identify the specific lessons your audience needs the most.
It will help you ensure your customers are satisfied and help you to attract new customers.
Let’s say you’re building an eLearning business for creative freelancers. You might create your core lessons around:
Using this information and keeping your target audience in mind, you can decide about your core content based on trends and the niche you are targeting. You can finalize more than one core content with a different cluster of the target audience.
We suggest you assemble a few lessons and courses for each core content before launching your platform.
To yield a high success rate, make sure your content quality is top-notch and gives worth to the learner. Generally, the first impression is a make or break the success of your eLearning platform.
Next is to decide, where will you build your eLearning business, on which platform and using which technology?
As per our extensive research and study, we recommend you use a video monetization platform.
The principal reason for using video is that it is the most effective way of teaching people remotely. It allows you to convey intricate details easily.
Also, we advise opting for a platform that is an open-source content management system (CMS) used worldwide. Open-source platforms offer a flexible and customizable design catering to your specific requirements.
The platform you choose must allow you to:
Next, we need to decide how to set prices for your eLearning business.
The primary objective of every business is to make a profit, and for that, you need to price your courses smartly. It should not be pricey that no one registers, and neither should it be too low that your expenses are not covered.
The price of courses can vary based on underlying factors like:
You may also want to perform competitor analysis to find the fees of similar courses on your competitor's platforms.
Alternatively, in the beginning, you can offer lesser pricing than your competition or give discount coupons to get more user engagement and settle in the market.
The final step is to market your eLearning business.
No matter how good your platform is, you cannot be successful without good marketing.
There are thousands of eLearning platforms in the market present already, and the competition is fierce. Hence, it is necessary to make yourself heard to the audience with the help of the right marketing strategies.
You can promote your brand aggressively using one or a combination of the following techniques:
The competition in the online learning platform business is fiercer than ever. And to stand out in the market, we need to ensure that our platform delivers an engaging user experience by adding creativity to the dull & monotonous subjects.
While eLearning provides the users with anytime anywhere knowledge, it comes with a set of distractions or lack of motivation.
Hence, it is essential to provide them with an immersive learning experience that matches their interests and aligns with their specific goals.
Technology is evolving at an unprecedented rate with new gadgets, software, and digital innovations coming to market now and then. It gets tough to choose the best technology that could help to amplify the eLearning business.
Attending eLearning events and technical conferences, reading blogs, and case studies based on technologies can offer help with the latest trends.
COVID-19 has adjusted the way people live, learn, and do everything differently. Thus, there has never been a better time to start an eLearning business.
Online learning is the need of the hour, and people globally are increasingly leaning on eLearning methods.
We hope this article served as a valuable resource for entrepreneurs planning to start their eLearning platform, as it is paramount to consider the challenges and technical know-how involved.
If you are looking to develop your own online learning web app or website, Iotasol offers a dedicated team of experienced developers that are talented and known to build best in class digital platforms. We are the best in the market with extensive experience of using various technologies for 12 years now! Contact us today to get a FREE Business Analysis.
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