Planning To Start An E-learning Business? Here is what you need to know!
COVID-19 has affected the business all around the world. People are still wondering ‘what just happened?’ But, fortunately, there are a few industries that are experiencing a boom! The E-learning industry is one of them.
Since all the schools and colleges are closed due to the outbreak, educational institutions are encouraged to use online mode of learning so that education of the millions of the students do not suffer. Along with the students, many employees working from home are also keen to utilize this lockdown time by upskilling through online employee training courses.
Many entrepreneurs are already moving forward to make the best out of this opportunity, by investing in the industry.
As per statistics shared by Forbes, the global e-learning market is expected to reach $325 billion by 2025.
Do you think 2020 is the best time to invest in a business like e-learning?
In this blog, I will be talking about all the factors that you need to consider before starting an e-learning business like Udemy. By the time you finish reading this blog, you will have a better understanding of the E-learning industry.
So let’s go!
How does E-learning platforms work?
Before you plan to invest in developing an e-learning platform like Udemy, you need to understand all the factors that it revolves around. Let’s take a look at the business model canvas of online learning platform by FATbit Technologies:
Suggested Read: How To Build An E-learning Website Like Udemy or Coursera
Business Model of an Online Learning Platform
There are usually two types of business models that you can choose from:
i) Academy Model: For a school type of learning experience.
ii) Night School Model: For a fixed curriculum where the progress is tracked by tests and quizzes.
Following is the basic business model of an online learning platform to understand how a platform like Udemy works:
Revenue Model of an Online Learning Platform
The most important part of doing any business is revenue and profits. Right? We start doing business to earn something out of it. So, now w will be discussing how you can earn from an online learning platform.
Just like the business model, there are two possible revenue models as well:
i) Affiliate Model: Where you earn when the student purchases the study material offered by you.
ii) Corporate Model: When you charge from an organization for training its employees.
Want to learn about more ideas for an online learning or consultation business?
Read Top 8 Most Profitable Niches for Online learning & Consultation Business during Covid-19 Lockdown