Starting An eLearning Business
eLearning is one of the fastest-growing businesses in the world; and, in 2020, COVID-19 add fuel to it. The old infrastructure of the education system lost its supremacy. Everyone now knows that the online learning platform is not only a possible step but it is very useful as an offline school. In 2019, the eLearning market reached 200 billion USD. It is anticipated that the market will surpass 375 billion USD within the next five years. So, it is time to start an eLearning business if you have adequate knowledge and enough budget.
What Is An eLearning Business?
The full meaning of eLearning is "electronic learning." It is a learning system that follows a typical educational curriculum, but the teacher and student meet online using digital resources. They use computers, tabs, smartphones, etc., to conduct and participate in class. And an eLearning business is a business that creates an educational platform. The main objectives of an eLearning system are to:
- Create a platform between instructors and students
- Manage the platform
- Enroll students
- Provide learning materials
The business mainly earns a profit from selling an eBook, courses, student subscriptions, or enrollments.
Types Of eLearning
There are two main types of this distant learning system: synchronous eLearning and asynchronous eLearning.
Synchronous eLearning
Synchronous eLearning is a real-time system. The students and the teacher communicate at the same time from their location. It’s like a traditional school environment, the only difference is nobody is present in person. Everyone attends a virtual class via their electronic devices.
Synchronous eLearning needs:
- A virtual classroom
- A system with audio and video communication
- An instant messaging option
Example Of A Synchronous eLearning System
In this pandemic situation, many countries run their schooling system (or university) through different virtual platforms. Google Meet and Zoom are the two most used applications. The way teachers and students communicate through these platforms is the best example of synchronous eLearning systems.
Asynchronous eLearning
Asynchronous eLearning is not a real-time system. A platform is created where instructors upload the teaching materials, such as audio and video files, or PDF books, blogs, etc., and students can download those materials if they have subscriptions to the sites. After successfully completing a course, many systems provide a certificate. The students can contact their instructor via email or discussion forums. Many people prefer asynchronous eLearning over synchronous eLearning because of time freedom. Students can learn from this system at their preferred time and also in their preferred way. Sometimes, many platforms offer free courses as well as trial sessions.
Check: The Top Learning Management Systems
Asynchronous eLearning needs:
- A virtual platform for instructors and students
- Effective course materials
- A tidy interface
- Student evaluation system
Example Of An Asynchronous eLearning System
Google Classroom, Mindflash, Moodle, Canvas, etc., are the most prominent examples of asynchronous eLearning systems. There are also various websites that provide this type of learning system. Khan Academy is the oldest and most famous.
Which Type Is Better For An eLearning Business?
In this changing world, people try to come out from a stereotypical learning system and want to learn new things as per their choice. But they also like time freedom. So, I think it’s best to start an asynchronous eLearning business because other than real-time communication, it has no other disadvantages when compared to synchronous eLearning systems; and, many learners do not need this type of communication. And besides, asynchronous eLearning provides some useful features that learners love to have.
Asynchronous eLearning provides flexibility, as the platform is easy to create and the forum is static.
Why Should You Start This Business?
As I said earlier, the worth of this business is growing day by day because of the increasing number of users; the job market also appreciates skill rather than academic results. And this type, of course, helps to build mastery. And if learners take a course online, it will save them time and money. So, this business has a target customer. Besides, there are other benefits to this business.
The Capital Is Low
You can start an eLearning business with low capital. You need to build and launch an eLearning platform. If you are a coder, it will be a great advantage for you. And if you are not, then don’t worry. There are so many professionals out there waiting to help you. You can buy software with a small budget. Your maximum capital is required for hosting the website. Other than that, there is no other expensive field you need to worry about in your business.
Static Website
With asynchronous eLearning systems, you need to build a static website. You have to upload courses according to the subject. And there is no need to change the website frequently. There will be an option for an adding course. So, if a new course comes, you only need to add that course.
Profit Is Greater Than The Risk
If you have an effective platform and help learners with unique and useful courses, your website can get so much attention. Of course, you have to focus on marketing also. You need to advertise your site to reach out to the user. And once your website gets attention, you will have many subscribers. Therefore, you can easily cover your website hosting cost and have much profit.
Obviously, there will be a risk, but with less capital and less effort, you can not find any other business like this.
The Critical Requirement Of Starting An Online Learning Business
Foundation is an essential element when starting a business. So, you need to have a solid idea about your foundation and make sure your planning is perfect and solidly built. And to do so, focus on some key points.
Understand The market
First, research which areas you want to cover. You need solid subject knowledge to start the business. Understanding user demand is the first step in starting a business. You should find which course people love to learn and if you have knowledge in that subject or not.
Do Research
Examine what others are doing in that field (i.e., what are their starting steps and how do they continue in this business). Try to learn from them and then try to build your concept. Always try to do something new, otherwise, your website will not attract users.
Website Design
Website design is one of the essential key factors in starting your eLearning business. The users first see your appearance; it is vital to building their trust. And after the design, you should have control features for the users and courses. You need a module for adding courses and students.
Understand The Risks
You need to learn what types of risks you might face and prepare a plan to mitigate those risks. The probable risks you may face after starting the business are:
- Not getting enough users
- Your management system is not working properly
To avoid this risk, you need a proper marketing plan. And make sure you buy your software from a company that gives support for a few months. If any problem arises, you can get help from them. And lastly, about budget, save some money before starting the business.
Conclusion
An eLearning business is an easy and profitable business if you have the proper knowledge, but it is also a competitive market. You need an appropriate business plan in order to stand out in the field. Also, don’t use too much of your budget purchasing software because you need money for website hosting.
