As a result of the COVID-19 pandemic, eLearning has become an increasingly popular method of study, with more and more people opting to learn online instead of in a traditional classroom setting.
In case you are thinking of starting an eLearning business, you need to do a few things to ensure that it is a success. First, you need to determine who the course is designed for and create high-quality course content that is engaging, well-researched, and informative.
Second, you have to start creating the content and set the price of the course. Last but not least, you have to market the course through means like social media and paid advertising.
If you want to know more, you will find a short guide to starting an eLearning business below. It will touch upon what an eLearning business is about, as well as provide you with step-by-step instructions on how to start one.
What Is an Elearning Business?
An eLearning business is an online education company that provides courses, either in the form of videos or written material, which can be accessed by students from any location. The courses can be taken at the student's convenience and usually come with a certificate upon completion, allowing the student to add the course to a CV.
You can create a course on any topic you are familiar with. It could be a property investing course, a language course, a cooking course, or anything else that you can think of. The important thing is to make sure that it is high-quality and informative.
Types of Elearning Business Models
When launching an eLearning business, you have to decide what business model you will opt for. You have three options to choose from - a model based on one-time fees, a subscription-based model, or a model that combines one of the two with add-on fees.
One-Time Fees
The one-time fees model is the most common business model for eLearning businesses. Under such a model, students pay a one-time fee to access the course. Once the fee is paid, the student has lifetime access to the course and can go through it at any time.
Such a business model is simple and easy to put into action. The disadvantage is that it might limit one's potential earnings. After all, you will not be able to charge students repeatedly.
Subscriptions
Under the subscription-based model, students pay a monthly or annual fee to access the course. The advantage of such a model is that it allows you to generate revenue on a recurring basis. The disadvantage is that it might be difficult to convince students to sign up for such a course, particularly if you decide to go with a high subscription fee.
Combination
The combination model combines one of the options listed above with add-on fees. A student might be charged add-on fees for additional features, such as one-on-one coaching or exclusive content. The advantage of the combination model is that it allows you to generate both one-time and recurring revenue. The disadvantage is that it is more complicated than the other two models, and it might be difficult for you to get people to pay for any additional features.
How to Start an Elearning Business
Now that you know what an eLearning business is and what business models you can opt for, it is time to start planning things out. Below, you will find a step-by-step guide that will help you launch a successful eLearning business.
Identifying the Target Audience
The first step is to identify the target audience for the course that you are launching. In other words, you need to think about who the course is designed for and what type of person would be interested in taking it. Doing so will help you create content that is relevant and engaging.
To give an example, a course for teenagers who are dreaming about becoming influencers will be extremely different from a course designed for people who want to invest in stocks. The language, the graphics, and the examples used will be vastly different between the two, as teenagers and aspiring stockbrokers have diverse expectations.
Establishing a Curriculum
Once you have identified the target audience, it is time to start thinking about the course curriculum. The curriculum is the backbone of the course and will determine its overall quality. Make sure to put a lot of thought into it and consult with experts in the field to ensure that the course is comprehensive and up-to-date.
For starters, you could write a list of lesson topics you want to cover. In the case of a course on becoming a social media influencer, you would probably want to start with a general introduction to different social media platforms and then move on to more specific topics, such as building a personal brand, working with other brands, and growing a following.
Creating the Content
Once you have established the curriculum, it is time to start creating the content. It can be in the form of videos, written texts, or a combination of both. Regardless of the format, make sure that it is well-researched, up-to-date, and engaging.
If you are not
experienced in video editing or writing, it might be a great idea to hire
someone who is. Alternatively, you could take some time to learn the necessary
skills. Remember that creating high-quality content is essential for the
success of any eLearning business, so make sure not to cut any corners here.
Setting the Price
Having created the content, it is time to start thinking about the price of the course. The price will depend on the type of course, its length, and the quality of the content. In general, you want to make sure that the price is neither too high nor too low.
If you charge too little, people might not take the course seriously. On the other hand, if you charge too much, you might find it difficult to convince people to sign up. A good rule of thumb is to set the price you would be willing to pay for a similar course. You should also look for similar courses on the internet and determine the price range.
Marketing
Last but not least, it is time to start marketing the course. Marketing is essential for the success of any business, so make sure not to skip it. You have many different marketing channels to choose from, such as social media, email marketing, and paid advertising. The important thing is to experiment, as well as use a combination of different channels to reach as many people as possible.
While choosing the platform that you will market the course on, think about what platforms the people that you want to target are likely to be using. For instance, if you are going to launch a course for teenagers, you might want to focus on Instagram. On the other hand, if you want to create a course for human resources specialists, you should opt for LinkedIn instead.
In Conclusion
An eLearning business can be a great way to generate income and to help people learn new things. However, starting such a business is not as easy as it might seem. In order to be successful, you will need to put a lot of thought into the course that you launch.
You will have to
establish a solid curriculum, create engaging and informative course content,
and set an attractive price. You will also need to market the course
effectively. Still, if you remain determined and patient and follow the steps
outlined above, you should be able to launch a successful eLearning business in
no time!
