You’ve got a great idea for an eLearning business and great plans for when you begin… but how exactly do you start?
Building an eLearning business requires both skills and dedication in order. However, that’s not all it takes to make your eLearning brand successful.
Even if you’ve planned out great eLearning videos and supplemental content, it can be challenging to know how to truly start your eLearning business.
Don’t worry.
With Streampal here to help you through every step of how to start an eLearning business, it’s never been more simple to create your own content and publishing platform.
Streampal offers all of the resources necessary to support every aspect of an eLearning business —marketing data, financial models, platform customizability, and more!
There’s no need to trudge through obstacle after obstacle on your own —simply use the knowledge and expertise that Streampal offers all of clients to begin your own journey to building a successful eLearning brand!
Our full guide on how to start your first eLearning business in 2021 has clear instructions detailing all of the steps to take, such as:
- how to select your eLearning business model
- effective eLearning video examples
- tips on how to carve out your own niche
- promotional tactics
and more!
What Exactly Is An eLearning business?
To put it simply, eLearning is a lucrative method of offering online instruction to students all around the world.
But what exactly is an eLearning business and how can you turn eLearning videos into a successful form of income?
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To being with, it’s impossible to talk about the eLearning industry in 2021 without examining the influence that COVID-19 had on online communication and the streaming industry.
Let’s be honest —2020 was a strange time for us all.
The effects of COVID-19 radically shifted everyone’s lives across the globe and completely changed our everyday habits. Adjustments to working, learning, and living had to be made in order for people to try and continue on with their lives during this stressful time.
With in-person classes becoming the necessary normal and at-home time more or less mandated, streaming services —specifically learning— saw a dramatic increase
In fact, more than 1.2 billion students worldwide had to leave their traditional classroom settings and adapt to new methods of learning.
COVID pushed people to learn new content in new ways and countless people from all different countries looked to eLearning as a way to:
- safely continue learning with COVID restrictions in place
- use time at home to learn a new marketable skill
- learn about a new craft or topic as a stress-relieving activity
…among other reasons as well.
And while 2020 saw the start of an increase in eLearning, the trend will only continue to grow in 2021.
All of the Reasons Why You Should Start Your eLearning Business
The eLearning market is projected to become a $350 billion industry by the year 2025. That’s a huge amount of potential revenue.
That’s because the benefits of using eLearning are obvious to both businesses and students alike!eLearning is convenient, easily accessible, simple, and often much cheaper than traditional classes. It also allows both students and teachers to be flexible with their time.
In fact, eLearning requires around 40-60% less student time compared to studying similar material in a classroom setting.
What’s more, an eLearning business can cover a wide range of different topics!
While currently certain subjects, such as coding or website development, are highly popular among audiences, competition can be fierce.
But don’t worry about focusing on only popular subjects oversaturated with content —putting out your own niche content can pay off big in 2021.
The eLearning industry is expanding at a rapid rate, meaning that there will be —or already is— a place in the market for every type of niche topic —even yours!
Don’t let fear of diving in stop you from starting to publish your own eLearning videos. The rewards of a successful eLearning business are worth the effort!
How To Plan Your eLearning Business Model
eLearning schools come in a variety of different models that each suit different types of students. Some models are better suited to students with lots of time and ambition on their hands while others are directed towards casual hobbyists.
When you start eLearning business model consideration, think carefully about the type of students you want to attract and the time investment each student will have to make during your courses.
There are three main eLearning business structures commonly used:
- the academy business structure
- the night school business structure
- the combined model
Each of these three models have their own advantages and disadvantages. Take a look at all three before deciding what’s best for your own eLearning business.
The Academy Model:
In the “academy model,” students pursue learning a skill for a long period of time. Instead of courses, the academy model operates more similar to a school, where learning is never finished.
The academy model helps both students and teachers. The students can keep developing their skills and renewing their plan every month, and the teacher gets a more stable, steady form of income.
Using the academy model, you can release a number of tutorial based eLearning videos that expand upon a topic. These topics would be too detailed to cover in a single course, which is why students would want to renew their access to your eLearning business.
This model keeps the students coming —and the revenue coming too!
The Night School Model:
In the “night school” model, students pay for the entirety of the course in full. The students are able to access the contents of the course and follow along the lesson plan. Generally these courses come with a final test or quiz to assess material.
For students who are interested in only learning one specific skill or topics, the night school model is effective.
Platforms such as Domestika use a night school model for their eLearning business. Students can take a class on a limited topic, such as children’s book illustrations, and pay only for the material they access.
The night school model is great for securing funds right off the bat… but not so good at keeping students around as paying customers once the course is finished.
Once a student finishes the course, there is no need for them to pay more.
The Combined Model:
Why not get the best of both worlds and combine both the academy and the night school model?
The combined model maximizes the potential for revenue and offers content to suit a greater number of students.
In this eLearning business model, use:
- the academy model as your lesson base
- the night school model to offer supplemental lessons and materials
- both models to get an even higher income!
By offering both model types, students can be more flexible with the material they choose to learn and the time they invest in their studies.
The combined model lets students pay for what they want, learn the topics they want, and improve their skills —which will end up benefiting you and your eLearning business the most!
Simple Steps To Start eLearning Businesses
Create a detailed image of the average student you anticipate signing up for your class —their age, gender, location, desired skill set, and goals.
It’s important to remember that this person is going to be someone especially motivated to pay for premium content. Think about what might motivate this target audience to subscribe to your eLearning videos.
To determine this key demographic information, you can use different types of data and analytics, such as the resources offered by Streampal.
Or, you can interact directly with your audience and build your connection with them while uncovering some key demographic data.
Determining your target audience can help you build more effective eLearning videos and ensure that your customers keep coming back to your content.
eLearning is an ever-expanding industry that offers space for content creators of nearly every background. Don’t doubt whether or not there is a space for your content — in fact, part of the appeal of working with Streampal to build your own streaming platform is that it guarantees a space to effectively publish your content.
Determine what niche you’ll be working in —fitness, health, coding, or anything in between— then get to work developing the topics that you’ll cover in your lessons.
Your core content will be based around the skills that your students are searching for. By having a clear image of what topics your eLearning videos will focus on, you can easily plan lessons and draw in customers.
It’s a good idea to determine the specific, achievable goals that your students can work towards during the duration of your course.
Regardless of the niche you decide upon, all of your lessons should include a combination of both small, daily goals and big, overarching goals. This helps motivate the student and keeps them happily subscribed to your eLearning platform.
After deciding what content you’re going to cover in your eLearning videos, it’s time to get started on making the videos. All of the materials need to flow seamlessly into the next lesson and be easy for your students to follow.
To begin with, separate all of you ideas into distinct modules and determine what the goal of each course is.
Then, break down that goal into individual lessons that will slowly help the student achieve their goals.
Be sure to make the first lesson of every course truly pop —this can help ensure that customers remain satisfied and keep on coming back.
While you don’t necessarily need to highest quality equipment —even your iPhone will do! Use all of your resources to make your material engaging and exciting to watch.
It might be tempting to jump right onto an existing eLearning platform…
…but there are countless reasons why that’s simply just not a good idea for you and your budding eLearning business.
While popular eLearning choices such as Udemy or Skillshare might tempt you with their established platform and brand image, your own brand will be able to grow so much more away from the shadow of a big company.
These big platforms can control multiple aspects of your eLearning business —revenue, customizability, content restrictions— that can restrict your freedom as a content creator.
By choosing to monetize your eLearning videos on your own platform, the power is in your hands!
Streampal provides creators with the platform and assistance required to expand their eLearning business, including:
- simple payment models
- creative flexibility and platform customization
- marketing assistance
- live streaming capabilities
- and more!
Visit us online to continue exploring the full range of benefits we offer our users and tips on how to genuinely grow your business!
Earning an income is one of the biggest focus on any business, including an eLearning business.
It’s important to set the right price for your content; however, finding the magic number that reels customers in while still giving you amply revenue can be a challenge.
First, determine what eLearning business structure you’ll be using; the night school, academy, or combined model.
Make a note of how many followers you have (or anticipate to reach). This can be either a combined list from all different social media platforms or the average number of followers from the platforms.
From that number, figure out your conversation rates. Generally the conversation rate is between 2 and 5% of your total followers.
Check out the listed prices for competitors and make sure that your rate is comparable. The type of niche industry that you plan on publishing content in can greatly effect the average subscription price.
After considering all of these factors and finding out the price that works best for you, it’s time to move on to the next step.
Your content is created, your pricing is set, your ideal customer is envisioned…
Now what?
It’s time to promote, promote, and promote.
Marketing is one of the most effective ways to build up your business and expand your audience. No idea where to start with promoting?
There are countless different ways you can market your material, including:
- emails
- newsletters
- social media
- online forums
- and other media platforms, such as YouTube
Knowing how to create a marketing campaign that guarantees good results can be downright challenging. Luckily, if you partner with Streampal, key data and analytics will be provided to help you better promote your eLearning business.
That means more customers and more ways to monetize your videos!
Conclusion:
There’s no better time than the present to start building your eLearning business. That’s because Streampal makes it easier than ever to upload eLearning videos to your own independent platform and monetize your content.
So, don’t wait —2021 is the year for you to build your brand and develop your own niche market.
Start now and watch as your audience numbers —and earnings— grow!
