The education industry was always one of the profitable niches to start a business for decades. However, the trends in the education industry changed with the development of technology and students started adopting new methods of learning.
With easy access to the internet and electronic devices, students started to prefer to learn online rather than the traditional mode of learning. As per the latest reports, the worldwide online learning market will increase to $15.72 billion by 2021 and steadily grow by 5% over the next three years.
But why online learning is so popular:-
- Online learning is more interactive than traditional classrooms
- It allows students to learn at their own pace and convenience.
- The process of tutoring is not restricted to any location or borders
- Cost-effective than traditional classroom learning.
- Online learning saves commuting time and costs for students as well as teachers.
Impact Of COVID-19
COVID-19 pandemic had a huge impact on the way of learning. Although the trend of online tutoring already existed, it suddenly picked up the pace due to the restrictions implemented all over the world.
Online tutoring was the only option available to continue the studies during the pandemic. According to reports published on globenewswire.com, due to the COVID-19 outbreak, the online tutoring market is expected to grow and reach $2.38 billion in 2023 at a CAGR of 15.7%.
Huge Demand for Online Tutoring Platforms
Shifting to online tutoring from the traditional way of teaching using video conferencing software was not an easy setup for everyone. That’s when online tutoring platforms came into high demand. The tutors were just required to register themselves on these platforms and get hired by students looking for online tutors as per their requirements.
The students also got easy access to a community of professional tutors. Some of the popular online tutoring platforms are Preply, Cambly, Chegg Tutors, Skooli, and many more.
This trend is expected to increase in the coming years and the surge in demand has created an opportunity for new players to enter the market and become the next Amazon of the online tutoring industry.
The industry is still in its early stages and demand is not expected to slow down soon as an increasing number of students and teachers are preferring tutoring online.
Investing in an online tutoring marketplace would be a fate-changing decision for aspiring entrepreneurs who dream to become future millionaires.
How to Make a Your Online Tutoring Business Successful
Although there is no doubt that the demand for online tutoring is at its peak making online tutoring one of the top online business ideas. But making your online tutoring business successful is not a walk in the park. Entrepreneurs need to keep in check various factors to survive and succeed in the online tutoring business.
Let’ discuss some of those factors:-
- Analyze Your Competitors
Competitors analysis is one of the key strategies to keep your services unique and remain updated with the market standards. Competitors’ offerings including subject offered, pricing, marketing techniques should be analyzed beforehand.
- Choose Your Business Model
Building an innovative platform won’t translate into a successful business unless it has an equally elegant business model. Start with validating the business opportunity and choose the one that suits your business the most.
- Choose the Right Technology Solution
It is important to choose the right technology solution to build and run your online tutoring platform seamlessly. The platform should support all the essentials features and should have a user-friendly interface. One should keep the security factors in check while looking for a solution to build your online tutoring platform.
A white label solution like “Yo!Coach” would be a good option to build your online tutoring platform. Pre-integrated with several video-conferencing APIs like Lessonspace, Zoom, and Cometchat, the solution is fully customizable and GDPR Compliant.
Invest in Marketing For Business
As it was once said by Peter F. Drucker “ The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself.” To thrive and stay ahead of competitors you need to invest cleverly in branding and marketing your business.
SEO is one of the cost-effective options that entrepreneurs can opt for the promotion of their business. Apart from SEO, Google Search Ads and influencer marketing are also good options for the branding of online business and get faster results.
Conclusion
Online tutoring is one of the promising industries to start an online business. Inspiring entrepreneurs must keep the above-mentioned factors in check before stepping into this million-dollar industry to future-proof their business.