In case 2020 helped you realize that you can easily work from home and be your own boss, you might have started thinking about opening your own company. If you have various skills that you can teach other people and make money doing it, starting an eLearning business might be the best thing for you. Here are some essential steps that you need to keep in mind if you opt for this endeavor.
Research your audience
To begin with, you need to know your target audience. Is your skill something that people want to learn? How willing are they to pay for it? Then, you should look into how old they are, where they are located, and what they expect to get out of your course. Moreover, you should not overlook researching your competition. What kinds of classes do they offer and how high are their prices? How satisfied are their customers? Try to look for a unique feature that can set you apart from others.
Select the right business model
Once you are sure you have an audience that is interested in what you have to offer, you need to pick the appropriate business model. You can opt for the so-called academy model, where users can pay a monthly fee in order to access all the content you post. This approach is usually good for experts who teach a wide range of skills in one particular niche. However, as this model requires you to constantly produce new content, it might be better to go with the night-school model. This approach is much better for new businesses and those that only have one-off courses. In addition to selecting the right model, you will also need to form a legal entity, register for taxes, obtain all necessary licenses, and set up your banking accounts.
Opt for the best platform
The next step should be picking the right platform for your eLearning business. While you might think that a simple platform where you can post a single course is the best approach for a beginner, you should plan with the future in mind. Not only will a bit more sophisticated solution make it easy to upload other courses as you expand but it can also provide you with other useful features. For example, you want a platform that will allow you direct audience interaction and insight into various statistics. Furthermore, you want a clean UI/UX as well as multiple payment method options.
Build your courses
With your platform set up, it’s time to develop a course. The first thing that you want to ensure when building your course is quality. If you are not providing your customers with top-notch content, they will simply not stick around. Then, you want to decide how long the program will be and how many classes you will divide it into. Do you want to release content on a weekly basis or all at once? Is every class going to be a video or will there be some documents as well? How will you test your students? How often will you give them quizzes? Depending on what you teach, you can begin with a pre-learning quiz to see how much your customers know about the topic beforehand and then track their progress as the course goes on.
Get quality materials
To ensure all students are able to follow the course, you need to provide them with some learning materials. Making your own is a possibility but you can also look into quality RTO training resources that will make teaching much easier. There are various materials you can download and modify to fit your course in order for your students to be able to follow along and properly prepare for all the tests.
Set your prices
Another important aspect you cannot afford to overlook is setting the right price for your courses. For starters, you want to decide on your revenue goal and how much money you plan on making on a monthly basis. When you do research and see how many customers you might attract, you should be able to figure out a price that will get you to your goal. Looking into your competitors’ prices is also necessary as you don’t want to go too low or too high. Of course, you don’t want to sell yourself short or neglect all your overhead costs like the platform and the resources you’re using. If you get stuck, you can even find handy calculators online that can help you out on your path to determining the right price.
Don’t forget about marketing
Finally, while your primary audience will be the people that probably already follow you on your social media profiles, you should invest some money into marketing your eLearning business to other people who might be interested in your services. Besides sending newsletters and being active on social media and forums, you can also try advertising on YouTube and Instagram. Finally, ask satisfied customers to leave reviews and testimonials.
If you think starting an eLearning business is the right move for you, don’t skip these important steps. Good luck!