Start Your Online Tutoring Business in 2020
The world is evolving; mobile phones, applications, social media have already transformed this world into a ‘Digital World.’ Generation Z is playing an important role in this transformation.
So what all is changing exactly? I would say, EVERYTHING!
We are spending more and more time on our mobile phones and desktop. We are shopping online, working remotely, choosing Telehealth over visiting doctors in person, and most importantly, we are ‘Learning Online.’ From gaining knowledge to imparting information, everything is being done digitally.
Online tutoring is one of the most rewarding business niches in the eLearning industry. Entrepreneurs are brainstorming and finding unique ways to invest in the industry and start an e-learning business as it promises lucrative revenue.
In this blog, we will learn how the eLearning industry is booming and why online tutoring is the best business to start in 2020.
Why Start an Online Tutoring Business?
From eBooks to eLearning, digital education has transformed the education industry in the last few years. No doubt, in a pandemic like situation, online tutoring is the only way left to continue the education services. But its also true that the e-learning industry was already growing even before the pandemic.
Here is a graph that concerns about online vs traditional learning options according to online students in the US in 2019
According to Statista, the global market for e-learning platform is expected to reach over $243 billion in 2022.
That’s whooping! Do you need more reasons to start an online tutoring business?
Well, here are a few more reasons why online tutoring is the perfect business idea to go for in 2o2o:
- Schools are closed and parents are worried about their children’s education. Additionally, the tutors are also finding ways to generate revenue amid the recession caused due to the pandemic. This is the right time to start an online tutoring business by connecting the tutors with the students through the online tutoring platform.
- College fees are rising year by year and students are now looking for alternatives. After gaining a formal college education and degree, the students often have to join courses to enhance their skill set. They now strongly believe that the cost of earning a degree online is quite less than receiving a regular college degree. However, the value of the degree remains the same in both cases.
- Employee Reskilling & Upskilling is a thing now! Especially in a pandemic situation when employees are working remotely, they are finding ways to reskill and upskill. Employers are also seizing this opportunity to encourage their employees to reskill or upskill with the help of eLearning portals.
This is also a good opportunity to build an online tutorial platform that provides training to the employees.
Opportunities in Online Tutoring Amid The Coronavirus
Businesses across the globe are suffering from heavy losses due to the Coronavirus outbreak. Surprisingly, amid the COVID-19 pandemic, as schools and institutes are closed worldwide, the education industry is quickly moving towards e-learning as a possible alternative.
Take a look at the following graph:
When we say ‘Tutoring,’ it is not just limited to teaching the regular subjects to the students. Also, when people are spending most of their time at home due to the pandemic, they are looking for opportunities to add up to their skills.
You can start an online tutoring platform based on what is in demand. There are numerous opportunities in the EduTech ecosystem and entrepreneurs need to explore these. Deciding the niche for your online tutoring business is an important step that you need to take before launching your online tutoring platform.
Top 3 Ideas For Your Online Tutoring Business
- Core Academic Subjects: This is the most basic yet popular niche in the eLearning industry. Since the students are not able to go to their school amid the Coronavirus, you can start tutoring for the core academic subjects like mathematics, social science, physics, etc, based on the following factors,
i) The subject you like the most
ii) The subject you have the most experience, qualifications or natural gifting in
iii) If you have experience in tutoring a specialized subject
2. Language Learning: You can start a tutoring platform for online language learning where students and tutors connect with each other for one-to-one sessions. It is very important to provide a personalized experience to the students as well as the tutors, so features like audio and video calls are the must-haves.
You can check here the demo for online language learning platforms built by Yo!Coach.
3. Music Training: There is a wide scope in online learning when it comes to music training. The art of music is further classified into three categories,
i) Music Instruments
You can start an online platform for music tutors and provide training for any or all of the above-mentioned segments.
How to Build an Online Tutoring Platform
There are 3 ways to start any kind of online learning platform. You can,
-code it from scratch,
-hire a developer, or
-use a ready-made software solution like Yo!Coach.
But, before you proceed with any of these, you need to understand how an online tutoring platform works. Let’s take a look at the business model of an online tutoring platform:
The two most important stakeholders of any online tutoring platform are teacher/tutor and student. As mentioned above, both of them need to get themselves registered and then they take the necessary steps to find the right match. The right tutor for the right student!
Now let’s move to the part where we understand how the online tutoring platform owner earns revenue. There can be multiple ways to earn money from online learning platforms:
- Tutors decide the price of their classes & the admin deducts a commission from it
- The admin can offer subscription-based services to the students and the admin can share the earnings with the tutors depending on factors like how many learners have enrolled in their classes
- Premium membership option can be offered to the tutors through which they can promote themselves and their classes on-site
- Another way is to run Banner Ads on the website
Read the following blog to learn about various features required for an eLearning platform: How to Start an Online Learning Platform — In-Depth Study of Business Models & Key Features