Start your own online business academy
The online education industry has been booming for the past few years. Students are leaning towards online education because it is more convenient and hassle-free. From young students to veterans, people of all ages are eager to acquire new skills to expand their knowledge and excel in their careers. All these factors have contributed immensely to the growing demand for online academies. The features and functions offered by various online academic platforms facilitate and diversify the learning process, making it more interactive and collaborative.
Why now is the time to create an online academy
The online education sector is growing at a rapid pace and is opening the door for various other sub-sectors of the online education industry to flourish. One such growing domain is online academic platforms. Let’s look at the reasons why one should start an online academy.
- Massive market growth
According to reports, the global eLearning market was valued at USD 166.52 billion in 2020 and is expected to reach USD 325.51 billion by 2025, growing at a CAGR of 14.7% during the forecast period (2020-2025). As the e-learning industry grows rapidly, so does the demand for platforms that can meet the needs of learners and offer lucrative business opportunities for budding “educators”.
- It requires minimal investment
Setting up your own online academy requires minimal investment in terms of money and time compared to an offline brick-and-mortar academy.
- Offer multiple income options
Online academy platforms provide business owners with a number of lucrative earning opportunities that may not be possible in an offline environment. From commissions to subscription fees, there are several ways business owners can make money through an online academy.
- Provides global reach
An online academy can meet the needs of students from all over the world and consequently increase the income of the online academy.
- No limits on expertise
In the online academy, there are no limits on the expertise of tutors and courses. So you can offer courses from French, economics and mathematics to calligraphy and coding in your online academy.
- Convenience for lecturers and students
Tutors can effortlessly connect with students from around the world, while students can access world-class teachers for their learning needs through the online academy.
How to Build an Online Academy: A Step-by-Step Guide
So far we have discussed various reasons to start an online academy and these reasons may have inspired you to start your own online academy. Having at least a basic understanding of how to create an online academy is essential to building a profitable and successful platform. Below are some of the important steps you need to follow to build a fully functional online academy platform.
1. Define your target market
They say “do your research and then research more to get the reward you want.” It is very important that you have an in-depth understanding of your target market, audience and competitors.
- Find out who your target group is and what their needs and problems are. Learn more about your target audience by gathering information about their age, gender, preferences, income, occupation, etc. This will help you tailor your online academy platform to meet your audience’s needs and address their pain points.
- Learn about different niches and different business models popular in your industry.
- In order to make your online academy a profitable business venture, you need to collect important data and insights. For example, according to reports, more than 17 million people are enrolled in online education in the US. This kind of data can help you make strategic business decisions.
- Additionally, knowing current market trends like artificial intelligence (AI), machine learning, gamification, etc. and implementing them in your online academy can give you a competitive edge.
2. Decide on a business plan
A robust business model lays out a plan for the operation and roadmap of your online academy business and growth. The business model of an online learning platform can vary depending on the target market, the type of services you provide, and the goals of your platform. Below are some business models for generating income. Online academy owners can offer different types of courses to students and charge fees in return.
- Individual courses
In this type of setting, students have one-on-one courses available.
- Group classes
In group classes, students enroll in a group. The class starts and ends at the same time.
- Live courses
In this setting, students and tutors meet in real-time so they can ask questions and get real-time feedback.
- Courses based on courses
The courses include pre-recorded tutor content that students can access anytime, anywhere. They can start lessons at their convenience and learn at their own pace.
3. Complete the income streams
As we have already discussed, an online academy can offer a number of lucrative income opportunities. The next step is to finalize your income options. The income from the online academic platform is shown below:
- Commission fees
Online academy owners can charge a certain percentage of the amount from tutor fees after successful enrollment of students.
- Subscription fee
Students can pay a monthly or annual subscription for the courses they wish to enroll in.
- Membership fee
Students can pay a membership fee for a period of time and have access to the platform for the duration of the membership.
- Certification fee
Students have to pay a certain amount as a fee to get the certification.
- Advertising fee
Online academy owners can charge tutors a fee for listing them on their platform.
Once you’re done with your research and your business model, your revenue streams are set and the next step is choosing the right eLearning method for your online academy.
4. Choose the right eLearning method
Choose the eLearning method that best suits the needs of learners on your platform. Most eLearning methods are either synchronous or asynchronous. Let’s take a closer look at the difference between asynchronous and synchronous learning methods.
5. Choose a solution for building your online academy
It is quite easy to create an online academy and start making money. There are many online tutoring solutions available in the market, but each one is different and offers unique features. Therefore, it is of utmost importance to choose the best development solution for your online academy. Depending on the features and functionality you require in your platform, you need to choose a solution that will meet your business needs. You can opt for an off-the-shelf solution or create a platform from scratch.
The out-of-the-box solution is a great, affordable option that allows you to build an online platform quickly and without hassle. This solution can be pre-integrated with popular video conferencing APIs and other collaboration tools. This is the best solution for synchronous learning, while for asynchronous learning a multi-featured version may be ideal. Now that you have enough information on how to effortlessly build your own online academy, the next important step is to market your platform. Let’s see how you can achieve this.
6. Promote your online academy
In this huge market of different online tutoring platforms, how does a potential student or tutor find you? Obviously, creating an online academy will not be enough. Your online academy should be easily discoverable to give you the best chance of success. To achieve this, you can promote your online academy through:
- Optimization for search engines
Optimize your online academy for search engines so that it appears at the top of search results for relevant keywords.
- Social media
Create an online presence on social media platforms like Facebook, Twitter, Instagram, etc. to promote your platform and connect directly with prospective students and their parents.
- Referral marketing
You can encourage existing students and satisfied parents to recommend your online academy to their friends and family.
- Other channels
Promote your online academy through various other channels like email and SMS marketing, blogs, paid ads, etc.
We’ve covered everything you need to know about starting your online academy in six easy steps. This article will help you start your online academy business without any problems.
The online education industry is growing rapidly and will continue to offer a variety of lucrative opportunities for budding edupreneurs. Taking the first step to creating your own online academy can seem daunting. Among other things, a significant mental barrier can be the technical headache associated with launching your own online learning platform.
Thanks for the pictures:
The image in the body of the text was created/supplied by the author.