The online learning industry has been booming over the last few years. Learners are inclined toward getting an education online, as it is more convenient and hassle-free. From young school students to veterans, people from all age groups are eager to acquire new skills in order to enhance their knowledge and excel in their careers. All these factors have hugely contributed to the rising demand for online academies. The features and functionalities offered by various online academy platforms facilitate and diversify the learning process, making it more interactive and collaborative.
The online education sector is growing at a rapid rate and opening doors for various other subsectors of the online education industry to flourish. One such growing domain is that of online academy platforms. Let’s see the reasons why one should start an online academy.
Till now, we have discussed various reasons to start an online academy, and these reasons may have inspired you to launch your own online academy. Having at least a basic understanding of how to create an online academy is crucial for building a profitable and successful platform. Below mentioned are some of the important steps you need to follow, to build a fully functional online academy platform.
It is said, "do your research, and then research more to get a desirable reward." It is very crucial to get an in-depth understanding of your target market, audience, and competitors.
A robust business model sets the blueprint for the operation and road map of your online academy business and growth. The business model of an online tutoring platform can vary depending on the target market, the type of services you provide, and your platform’s goals. Following are some of the business models to generate revenue. Online academy owners can offer different types of classes to learners, and in return, charge fees.
As we have already discussed, an online academy can offer numerous lucrative revenue options. The next step is to finalize your revenue options. The revenue streams of an online academy platform are mentioned below:
Once you are done with the research and your business model, revenue streams are set, and the next step is to choose the right eLearning method for your online academy.
Choose the eLearning method that would best suit the needs of learners on your platform. Most eLearning methods are either synchronous or asynchronous in nature. Let’s see the difference between asynchronous and synchronous learning methods in detail.
It is quite easy to create your online academy and start earning money. There are numerous online tutoring solutions available in the market, but each one of them is different and offers unique features. Therefore, it is of utmost importance to choose the best development solution for your online academy. Depending on the features and functionalities you want on your platform, you need to choose the solution that will fulfil your business needs. You can opt for a ready-made solution or develop a platform from scratch.
A ready-made solution is a great, budget-friendly option that lets you build your online platform quickly and without hassles. This solution may come pre-integrated with popular video conferencing APIs and other collaborative tools. This is the best solution for synchronous learning, whereas for asynchronous learning a version with more features may be ideal. Now that you have enough information on how you can build your own online academy effortlessly, the next important step is to market your platform. Let’s see how you can achieve that.
In this massive market of various online tutoring platforms, how does a potential learner or tutor find you? Obviously, creating an online academy won't be enough. Your online academy should be easily discoverable for you to have the maximum chance of success. To achieve this, you can market your online academy through:
We have covered everything you needed to know about starting your online academy in six easy steps. This article will help you kick-start your online academy business hassle-free.
The online education industry is growing rapidly and will continue to offer various lucrative opportunities for budding "edupreneurs." Making that first move to create your own online academy may seem daunting. A significant mental barrier, among others, may be the technical headache involved in starting your own online learning platform.
The image within the body of the text has been created/supplied by the author.
Yo!Coach is a fully customizable, and white-label solution to build an online tutoring and consultation platform like Preply, Cambly, Italki etc. The software is pre-integerted with video conferencing APIs like Zoom, Atomchat and Lessonspace
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