One of the most impactful outcomes of digitization is the emergence of the e-learning sector. The growing demand for learning from the comfort of home, availability of electronic resources, easy access to diverse e-learning content – these are some of the driving factors behind the rising number of e-learning business entities.
As stated in a recent report, the global e-learning market is set to surpass US $450 billion by 2026 and with this promising growth scope, more and more new entrants are exploring the opportunities this sector offers. While every other one is opening their own e-learning business, starting it in the right way to make the best out of it is a whole different thing. So, to help you with this, we are going to discuss how to start an e-learning business in 2022 in this blog. But first, let’s give you an overview of the basics.
What is an E-learning Business?
The delivery of learning through digital resources is known as e-learning. It allows you to learn from anywhere and at any time, allowing you to go beyond traditional learning constraints. Institutions, schools, and organizations all across the world are adopting this fast-paced learning method.
The need for more and more e-learning platforms has developed as the paradigm shifts from traditional learning to e-learning; here is where the function of the e-learning business has become even more crucial. An e-learning company provides an online communication platform for both teachers and students. Udemy, Coursera, and edX are some of the most popular e-learning platforms.
Why Start an E-learning Business?
The success stories of Udemy and Coursera, which are at the forefront of the e-learning business, are inspiring. Despite being created in 2009, Coursera’s yearly income is over $775 billion, but Udemy entered the sector considerably later and now generates an estimated $293 billion in sales each year.
Here are a few reasons that can assist you in making the best decision possible:
- This is a very profitable industry with a lot of room for growth
- Many people all over the world are drawn to the flexible way of learning
- Budget-friendly to start
- High ROI if done right
- Promising future with the growing demand
- Can target global audience irrespective of your location
- Easy to scale
Next we will know how you can start an e-learning business in 2022.
Guide to Start an E-learning Business: Steps to Follow
1. Know Your Market and Define Your Segment
When discussing how to establish an e-learning business, it’s critical to research your industry in an easy-to-understand and thorough manner. Look at what’s working in the market, the flaws, the pitfalls, and other factors, and then come up with a unique solution.
You could make e-learning courses on diverse areas:
- Subject-specific courses
- General knowledge sharing
- DIY Courses
- Professional Courses
- Soft skills
And the list goes on.
Over time, the business persons in this sector are able to develop solutions that are both entertaining and have a strong e-learning business model that allows you to make high profit. To start in the right way –
- Know the present market, which topics/course types are high on demand. For instance, marketing, soft skills, Finance – these are some of the highly sought-after areas worth exploring if your content is informative. Similarly, creative areas like photography, art, and others are also high on demand
- Once you are done with knowing the e-learning market, you need to decide on the topic/topics you will be focusing on. You can decide on the basis of your expertise/niche or, choose to hire people with specific expertise
2. Know Your Audience
Your target audience are your future customers. You must do your audience research and target the right segments to make all your hard work worthy. Doing this step right will ensure that your focus is on the potential audience/prospects, and there are higher chances of customer acquisition, customer retention and smooth lead nurturing.
Answering the following questions will make it easier for you to build an e-learning business that makes money and resonates with your target audience.
- Is there a specific set of audiences you’ll be serving, or will it be the entire public?
- What aspects of your e-learning business strategy would learners notice that distinguish you from the competition?
- What is your company’s competitive selling strategy?
- Do you require any e-learning facilitators to interact with them directly?
- What characteristics would make your company the greatest option for your customers?
- Would the courses you’d be taking have to be purchased, and if so, how much would they cost?
- What are the competitive advantages of the determined costs?
3. Widen the Scope of Your E-learning Courses/Materials
When creating an e-learning business proposal, make sure that everything is adequately described so that the reader understands the text’s main premise, as well as the material presented and how it is planned. The following are some of the most prevalent pointers to emphasize on:
- The content’s and representation’s primary focal areas
- The content’s scope and importance
- The competition’s content style and quality
- The most remarkable aspect of your content strategy to encourage your target audience to make purchase/become your customers
These principles will assist learners in analyzing content, instructional patterns, and course patterns in order to make better decisions.
4. Choose an E-learning Platform
Once you are done with the initial planning and completing the above steps, now it’s time to launch your e-learning platform. Choose an e-learning platform provider that provides tailor-made e-learning solutions that meet your business criteria.
To ease your task, here we have listed out what to look for while choosing an e-learning platform provider and how to ensure it’s the right decision –
- It offers a comprehensive solution to launch your own branded e-learning app/website
- Provides on-demand learning solutions where you can create and categorize on-demand content along with downloadable course materials of various forms easily
- Offers live streaming solutions for real-time tutorials, courses, Q/A, discussions, doubt clearing and more
- There are multiple monetization models such as pay per view, subscription based etc. for varying course durations and types like monthly, yearly, one-time etc.
- Lets you easily integrate various learning management systems (LMS)/tools/platforms
- Offers a dedicated solution to create an e-learning store with study materials, courses, and relevant content for any customer to purchase
- Lets you add content partners so that you can easily keep diverse e-learning content on your store
- Comes with robust security
Also, have a clear idea about the platform launching process. Always go for an e-learning platform provider where you need minimal technicalities so that it’s easy to launch, maintain and modify even without an in-house technical team.
While the above mentioned steps have mostly covered the guide you need to follow to launch an e-learning business, there are things to do even after launching your business like regular market analysis, content updating, analyzing the important KPIs like recurring revenue, customer acquisition or churn rate, customer life cycle values etc. However, choosing the right e-learning platform provider will streamline all these to let you run your e-learning business smoothly and successfully.
Muvi’s e-learning solution is exactly what you require to build a strong and impactful e-learning business. Not only it covers all the above-mentioned pointers but also comes with the least technicalities to make each task no less than a cakewalk! Take a 14-day free Muvi trial today to learn more (no credit card needed)!