How Can You Start Your Own eLearning Business In 2021
The growing cost of university education is driving learners to look for alternative online educational platforms where they can get a high-quality education at a comparatively low cost.
This is exactly why eLearning platforms like Udemy and Coursera have emerged in the market. Talking about online courses, it doesn’t just cover traditional subjects.
The best thing about eLearning platforms is that learners can learn anything from there from maths to computer programming to craft making, all kinds of knowledge is available in these platforms.
According to Forbes, the eLearning industry is projected to reach $325 billion by 2025. Considering these data, there is no wonder more and more businesses are planning on how to start an eLearning business.
But, it’s not enough to have a billion-dollar innovative idea to establish an eLearning business. It is a combination of both innovative ideas and a stable eLearning platform that helps you to develop your innovative ideas to reality.
But, how to set up an eLearning business? What are the business models you need to adopt, the features your eLearning platform must have, and the process you need to follow to make the launch easier and effortless?
In this blog, we will be covering all these aspects so that you can launch your eLearning business quickly.
Reasons To Start An eLearning Business
An eLearning business is all about running an online learning platform about any subject you are passionate about, skilled in, a specific topic, or a combination of a lot of subjects.
eLearning business can generate money in several ways with the main one’s being:
- Selling online courses and eBooks.
- Selling subscriptions where learners get access to a different range of eLearning resources.
Whether students are interested in learning how to perform a task, develop apps, or lose those extra pounds, or to get a university-level skill, there is a course out there in the market to help them. As a business owner, this creates a brilliant business opportunity especially if you are proficient at a certain skill.
If you want to build a scalable business, build your eLearning business around the subjects that you are passionate about and give you competitive creative content so that it turns out to be a profitable venture. Running an eLearning business comes with a lot of benefits which are as follows.
Overheads Are Low
Considering the advanced technology available for educators, it is quite easy to start your eLearning business. The overheads of building and launching an eLearning platform are low as you just have to spend for the platform and hosting. It is quite easier to create online courses as well.
Provides Flexibility Of Access
Adaptive learning has become an industry standard. eLearning courses are accessible on all digital devices including desktops, laptops, tablets, smartphones so that students can learn whenever it’s convenient for them.
eLearning presents businesses with the opportunity to make thousands of sales every day. Just as eLearning is scalable as a business, it is also scalable for your learners.
Offers Personalized Learning
The preferred learning method might be different for each student. eLearning can cater to individual preferences by allowing learners to choose their way of learning and advance at their own pace.
When students have freedom about what to learn and how to learn, they will remain interested in your eLearning platform and courses.
Returns Are High
Running an eLearning platform is a lucrative business idea that brings in high returns.
Things To Keep In Mind Before Starting An Elearning Business
If you are looking for starting an eLearning business, make sure you set the right foundation. Here are some of the important things to keep in mind before starting your eLearning business.
Decide Upon The Niche
When starting your eLearning business, decide the niche you want to teach. Choose the industry you want to work in and the skills you would be able to teach.
Having clarity on all of this will guide your decisions to set up your business from building your educational brand to where to look for your target audience.
You can either choose a broader niche or a micro-niche according to the preferences of your target audience and your business goals.
Research For Customer Needs And Wants
After deciding on your niche, do research on the requirement of your target audience to look at the major problems of your customers so that you can offer the best possible solution for them.
By having a look at the social media channels and forums where your target audience engages, you can identify the unique needs of your learner base.
Whenever you find a topic that matches your niche or your skillset, you could plan how you can improve it and take it as an opportunity to create new courses on the topic.
Solve The Customer Needs By Providing A Solution
Once you understand the requirements of your target audience, you can start creating your product as a solution to solve their major needs.
This can be around the most common topic you found your target audience needs the most. Create video courses for a better engagement and you can bundle them into subscriptions so it offers more value to your end customers.
Research Your Competitors
Understanding the strength and weaknesses of your competitors and the success strategies followed by them is important for your long-term success. Checking out their eLearning platform can be a good starting point for understanding how well they are doing online.
Explore their offerings and evaluate how they do branding and marketing. Assess your competitor’s online reputation by seeing what their users are talking about them through reviews and testimonials. Also, try visiting their social media profiles to see how they engage with their customers.
Conducting a thorough competitor analysis will help you have a clearer picture of your competitors and their services so that you can position your eLearning business efficiently against them.
Understand How Platforms Like Udemy Work
The eLearning market is crowded with a plethora of options when it comes to eLearning platforms. These eLearning platforms not only feature courses from individual educators but from different educational institutions as well.
Hence, before you start with eLearning website development, have a look at how popular eLearning platforms like Udemy works.
This will help you in creating your own eLearning platform with the same features and functionality to attain a competitive edge in the industry. The working of Udemy like platforms is pretty straightforward.
Udemy as an eLearning platform allows teachers and educational institutions to create courses of their own with integrated tools. It also allows users to sign up on the platform and start searching for the courses related to their field and interest and start learning.
The promotion and distribution of online courses are handled by the platform itself. You can also follow the same approach where you connect both teachers and students to create and sell courses respectively.
Create Your Own Elearning Business Website
The final step would be to create your eLearning platform to power your eLearning offerings. There are two approaches you can follow:
- Developing your eLearning platform from scratch.
- Invest in a white label eLearning solution.
With the development from scratch approach, you must create the eLearning platform by hiring an expert development team to take up eLearning website development.
However, this can be the most elaborate approach which takes more time, effort, and of course, money. The next approach is the most viable one-use a white label solution to develop your eLearning website.
Not only this is efficient and takes less time and effort, but it is also cost-effective. We will be looking into this in detail in the upcoming section.
Elearning Website Development – Must-have Features
If you are looking for how to develop an eLearning website, there are some of the essential features you must integrate. Here is what you need to include in your eLearning website development.
User Profile Management
The first time your students come to your eLearning platform, they must register and create their profile with their email, phone number, or even social logins. Social sign up is one of the fast, convenient, and widely used methods.
User profile management also allows students to update their personal information, view their active and completed courses, view information about certifications, purchase history, settings page, etc.
Whereas the teachers’ profile must have an information page with their personal and professional information and a list of added courses.
Advanced Search Filters
Another important feature you must integrate into your eLearning platform is the search filter that allows your users to browse through the catalog of courses and find their favorite courses. eLearning platforms must feature a search bar that contains filters by price, level, language, ratings, etc.
Create And Sell Courses
Integrate features that allow teachers to create and sell their courses in different formats like podcasts, videos, interactive digital textbooks, recordings, videos to help to engage students.
Tutor Dashboard And Analytics
The tutor dashboard allows teachers to track the courses they have added, the total number of enrolled students, view ratings, traffic, and the total earnings made.
Inbuilt Payment Gateways
Allow your students to conveniently pay for your online courses on the platform itself. Integrate secure payment gateways to allow your users to pay through debit cards, credit cards, Stripe, PayPal, etc.
Multiple Language Support
Make sure you include multiple language support in your eLearning platform so that your global users can view the platform in their own language.
Notifications And Reminders
Integrate notifications to inform your users about your new courses, recommendations, events, or updates.
Integrate an admin dashboard so that administrators can manage both users and content on your eLearning platform, edit, delete or modify the courses, manage notifications, monetization, check statistic reports, and handle newsletters.
Offer 24/7 customer support to your users, both students and tutors so that you can address the issues and concerns they face.
Different Approaches To Developing An Elearning Website
The main aspect of starting an eLearning business is creating an online presence. When it comes to building an eLearning platform, there are different approaches which are as follows.
Develop From Scratch
Developing an eLearning website from the scratch is an elaborate way of building and launching your eLearning platform. In this approach, you take full ownership of the projects and it is best suited for large-scale eLearning websites.
An in-house development team must be in charge of the entire development process. The team would be solely responsible for planning, designing, developing, testing, and maintaining your eLearning platform.
The development team you choose must be proficient in different tech stacks to add customized features and modify the coding whenever required. The flexibility, customizability, scalability, etc. completely depends on the skills of your tech team.
However, the time required to develop a full-fledged eLearning website is more as it involves several modules including building the eLearning platform, setting up the server, hosting the website, etc. The overall cost of developing an eLearning platform from scratch will be more.
Choose A Saas Elearning Solution
If you are looking or building your eLearning platform through readymade solutions, you can consider SaaS-based eLearning solutions.
However, you won’t be responsible for the coding, the SaaS vendors will do all the coding and you can purchase it from them and set up your eLearning website.
The hosting will also be completely managed by the SaaS vendors, but you must have a basic understanding of how to operate and set up your eLearning website.
SaaS eLearning services come with many built-in features but it has many limitations as well. For example, you won’t be able to add or remove any additional features as you don’t have access to the source code.
Additionally, you will have to pay more money if you want to integrate additional API’s to your eLearning website. The scalability is limited in SaaS solutions as you are restricted to the given server capacity. The overall cost of developing your eLearning platform using a SaaS solution is based on subscriptions.
You don’t have to pay for the development cost as you would be paying recurring charges to keep using the software. If you want to add any additional advanced features, the SaaS vendors will charge you an extra amount for development.
Choose A Self-hosted White Label Solution
If you are looking for how to develop an eLearning website without any coding skills, self-hosted white-label solutions are best suited.
White label solutions are the simplest, suitable, and flexible option to build an eLearning platform. These self-hosted white label solutions are highly scalable as well.
If you want a readymade website without any coding skills, these solutions are best suitable for you. These solutions are considered as the most suitable, flexible, and easy option to create an e-learning platform.
These self-hosted scripts are highly scalable. You can upscale your website by adding integrated authoring tools, LMS platforms, and payment gateways according to your requirements.
As you have the source code, you can edit and modify it. You can also add new features or remove any feature on the website if you have some coding knowledge.
The cost of development is negligible as you have to buy the full-fledged script with just a one-time payment. As you have access to the source code, you can customize your eLearning website for an additional cost.
Starting An Elearning Business Using A White Label Solution
If you want to launch your own eLearning platform, SmartSchool can be one of the go-to use of white label solutions. SmartSchool provides state-of-the-art Ed-tech software to launch your own tutorial business.
Smart School will handle all the technical details of building and launching your eLearning platform. You can use our white-label solution to launch your eLearning website with your own brand identity.
Smart School also provides a comprehensive admin panel and analytics tools with in-built SEO on your eLearning development. Smart School can be accessed via mobile apps.
Including Android and iOS. So, how can I make money out of the e-learning platform? Smart School provides multiple payment gateways and monetization channels to enable you to make good money with this eLearning management system. So, what are you waiting for, go ahead and set up your own eLearning platform in minutes.
Starting an eLearning business is a lucrative business idea and allows both students and teachers to stay connected with their school community making two-way communication easy and convenient.
An easy to use eLearning platform must focus on involving both students and tutors to take advantage of the platform. Once you have launched your eLearning platform, start delivering great content through it. If you need any expert guidance and assistance in creating and launching your eLearning business, please get in touch with us. Our team is here to help you.