Education on a whole is an industry that is under constant expansion. Apart from regular schooling, students sign up with private tutors to get a good head start over their academics and for above average performances in academics. Multiple academies are on a raise to procure to the growing need for academic success of the students. However, the onslaught of the coronavirus all educational institutions, private or government had to be shut down and this gave rise to the current mode of education, i.e the online education. Online education did prevail even before the virus outbreak but not as a main stream of education itself. Now the coin has flipped. In India alone, the online education market is predicted to reach approximately 8.6 billion USD by the year 2026.
This sudden switch from live classroom sessions to virtual classrooms has left parents and students a bit unstable. Regardless of whether they are technically sound or no,
Your virtual tutoring platform should be able to accommodate all kinds of users. Here are a few tips on how to start a tutoring business and manage its complexities efficiently.
Tip 1: Know your target audience and competitors:
This is one of the most basic necessities of starting any kind of business. You should be aware of your target audience in order to take further steps in the right direction. This aspect will give you an insight as to what kind of application you will have to build, the course curriculum you need to draft, schedule of the classes etc. you should be fully aware of the type of audiences you are going to launch your business for and shortlist them based on criteria’s like-
4)Their main aim of undertaking this course
and many more.
Tip 2: Developing your virtual platform:
Funnily so, what might have seemed to be an extremely challenging process is actually the simplest of all. There is a misconception that the business owner has to have all the required technical knowledge and the skills to plan, develop, execute and manage his business. But this is not how it works anymore. Developing your platform using online tutoring software has gotten so much easier with the advancement in the field of technology. There are two ways in which you can go about developing your virtual platform.
1)Starting from the scratch and developing the e-learning platform by yourself or by hiring a tech team to do it for you
2)Purchasing a turnkey solution and customizing it to suit your business needs
Tip 3: Decide your course curriculum:
This step has the power to make or break your business. Education is a vast ocean of, so before you decide on which niche you want to adopt, you need to be fully prepared and aware of all the positives and negatives of it as well. Also, you need to take into consideration certain pointers that will ease your decision making process at least a little bit easier. You basically need to know about the education industry out there. What is the current best course in the market, what is its scope or growth, which is the next upcoming course you will have to watch out for? and many more such questions. Based on the answers you get to these questions, you can then think of which niche you would like to get into like, professional training, school curriculum or fine arts etc.
Tip 4: Draft a business and revenue model:
Once you have decided on your curriculum. It is time to draft your business and revenue model. A structured framework is always required to run a business and to generate revenue in an organized and a more efficient manner. Here are a couple of business models which you can study upon and see which fits your business plan the best.
1)MOOC (Massive Open Online Course):
This is a model which is used generally in all types of online tutorials. Post registering, students and teachers interact via a virtual classroom at a scheduled time slot.
2)Flipped Classroom Language Learning:
This is a model where there is a scope of active learning. The students themselves initiate their studies with the materials provided and then the tutor checks in periodically to access and provide help where and when needed.
3)Blended Language Learning:
This model helps in providing a mixture of interactive and passive learning. Language tutoring doesn’t always require a constant presence of a tutor. Through this model the tutor will be able to provide live sessions whenever needed and also provide a pre-recorded course material as well.
Moving on to the revenue part, there are multiple ways in which you can direct funds transfer to your business account. Here are the most popularly used revenue models for an online tutoring business-
1)In the form of registration or subscription fee
2)Depending on the type of class. E.g.: one-on-one or a group class
3)Depending on whether they require assistance with the study materials
4)Fees based on certification or non-certification courses
5)Hourly course charge rate
6)Charge tutors for advertising or banner publishing etc.
Tip 5: Promoting your business:
Supposedly the easiest step of all but the most complex in character. Marketing is not a breezy process, especially in the current world. You need to think about a lot of surrounding aspects before you start canvassing your virtual tutoring business. There are a few well tested and proven methods which you can also use for promotional purposes. They are-
1)Social Media Marketing: Facebook, Twitter, Pinterest etc.
2)Multimedia marketing: Google ads, pay per click
5)Content marketing: Email marketing, newsletters, blogs and many more
Hope you have the basic information to make informed decisions regarding building your own online learning platform. This is only the top 5 pointers that are of highest significance while developing a business of this magnitude. If you need any kind of assistance in the process of development or marketing, please don’t hesitate to reach out to us. We are happy to help you in any way possible.