The growing popularity of eLearning platforms is one of the brightest instances of digitized learning. According to a report by Allied Market Research, the global eLearning market is expected to reach $840.11 Billion by 2030, registering a CAGR of 17.5% from 2021 to 2030. In this article, we discuss the 5 steps of starting an online tutoring business in detail, but first, let us give a brief overview of online tutoring.
Online tutoring is a process of teaching students/learners virtually through a webcam. The tutoring can vary from one-to-one to group sessions. Additionally, the teachers and students can connect with each other from geographically diverse locations.
The tutoring industry is growing exponentially in the wake of Covid-19. Therefore, before starting an online tutoring business, it is crucial to determine your market niche. But how do you do that? You need to identify tutoring segments where demand exceeds supply. Excess demand will aid in establishing your tutoring business online and will set you on the path to higher profit margins. That said, some of the on-demand online tutoring services are as follows:
By defining your niche, you will have a clear vision and understanding of the audience you are targeting. And, once established, you can also expand into adjacent markets.
By analyzing the market, you can choose which part of it you want to focus on. For example, who will be interested in your tutoring business? You can start with the basic demographics like:
And, then examine other factors that define your target market. While you validate your idea through market research, it is pivotal to analyze the competitors and market leaders, their USPs, customer segments, and their motivation. A few of the top players in the online tutoring space are showcased in the graphic below:
Before getting started with running an online tutoring business, it is crucial to complete the legalities associated with it. This includes:
Note: The most common doubt most tutoring startups have is whether a license is needed or not. The answer is no, a license is not required to run an online tutoring business.
Purchase a domain name that represents your tutoring business and create a supporting marketplace. This will not only be a place to send prospects who want to learn about your tutoring business but will also serve as a portal for supplemental content that your students will need access to.
To ease the process of marketplace creation, you can either opt for a readymade online tutoring solution or choose to develop it from the scratch.
An online tutoring platform is said to be custom-built when it is tailored as per the requirements of the business or the entrepreneur. Such a platform is built from scratch and provides the flexibility of:
However, the cost and time of development depend on the complexity of the functionality to be incorporated.
Choosing a pre-built software like Yo!Coach can aid in launching your online tutoring platform. You just need to buy, install and start using the platform. It is simple to use and offers 12 months of free technical support. A few other factors contributing to the success of online tutoring platforms built from it are:
Building an online tutoring platform will not suffice as you will need students and teachers as well. To spread awareness, you will need to focus on marketing strategies too. Listed below are a few marketing tactics for your newly launched online tutoring business:
Note: You get a basic digital marketing services package free with Yo!Coach GoCustom.
Online tutoring will continue to remain on an upward trajectory worldwide. And, with the increasing competition, it is essential to choose the right solution to launch a feature-rich online tutoring platform. Hence, Yo!Coach is the solution that can be used to build an online tutoring platform as it comes with an array of features and functionalities.
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