8 Success Tips For eLearning Startups
Regardless of their eLearning expertise, new eLearning startup CEOs should be aware that their job role isn’t more confined than a CTO’s or a CLO’s in an “official” organization. Knowing and dominating your eLearning niches, as well as having specialized eLearning services and tools, are not enough for creating a successful eLearning startup. So, are there any success tips for eLearning startups? Of course; here they are:
- Create a strong community.
The more you dedicate yourself to your goal, the more benefits you reap. Most eLearning startups rely only on networking with professionals in the eLearning industry. However, blogging about the subject matter, attending professional development eLearning events, or even sponsoring eLearning conferences can generate a new pool of customers. Spending money on online marketing (or any other marketing for that matter) may not be helpful if you aren’t recognized in the industry. Focus on creating a strong internet-working community which will help new comers grow quickly.
- Know which of your ideas pass the litmus test.
Is your product a must-have eLearning solution? Or is it an enhancing one to an existing product? How can you hire people who share the same passion as you? These questions need to be answered before your even start creating your business model; once you answer them, you can contact an eLearning consultant.
- A good eLearning idea fetches a good investor.
Networking is the primary source of your investment partners. Once you start showcasing your product within business circles, the high quality investors will find a way to reach you. eLearning startups have been growing rapidly worldwide and especially in the Asia-Pacific region, hence now it’s the perfect time to create and grow your startup company. Some good selling ideas for startups include implementing eLearning portals, Learning Management System support, cloud Learning Management Systems, and authoring services.
- Spend slowly and wisely.
The last thing you want to do with your eLearning startup is to go bankrupt. Although there is a good market for eLearning business, it is in your best interest to ensure that you spend only on basic operations. Knowing the spending gears will make your business prosperous. Affiliate marketing, conference sponsorship, and webinar hosting are some safe ways to make the most of your limited investment.
- Outsource eLearning services to save on hiring costs.
Don’t hire until you have a healthy cash flow. Most eLearning startups are made up from scratch by sole freelancers. Calculate your expenses carefully and hire some freelancers based overseas; this will offer you a wide range of options and specialties. Maintaining a good strategic relationship with other freelancers can help your startup grow and expand in long term: Most non-core operations can be outsourced, offering a significant cost reduction.
- Negotiating will not kill your startup.
Don’t be afraid to negotiate the pricing of your service or product; always have some flexibility in your contract. Be the equal partner of the project, making sure you keep time, cost, quality, and in house productivity interrelated. Not negotiating certain requirements may land up heavy on your budget and you may also end up subcontracting your project. Unfortunately, it is very common in the industry to see changing requirements and a lack of middle staff to fully understand these requirements. Hire an expert who can translate the requirements and map them to new deliverables.
- Wait until hire full-time staff.
Full-time staff adds a lot of value to your startup, however hiring does not give you any competitive edge unless you are actually making money. Hiring comes with many legal constraints and, with more staff operations in house, you will feel the profit drain easily. Hiring interns and freelance staff can help your startup get into shape; once you’re confident that your eLearning startup can make profits to hire operational staff, you can make the move wisely. Hire the people who share your passion, i.e. to grow and make your startup profitable.
- Kick-start with a great eLearning product or eLearning service.
Many eLearning startups gained momentum with the growing demand for online learning. The majority of eLearning startups provide services concerning Learning Management System implementation and maintenance, while mobile and cloud learning products and services are also very well received by the market. Courseware engineering, support related services, and Learning Management System hosting are some other pioneer sources to rocket launch your startup.
Make your eLearning startup be visible and well recognized within the eLearning industry: Making your startup a viable target of acquisition can land you up for multimillion deals.