Kick-Start Your eLearning Entrepreneurial Journey
The eLearning industry is growing rapidly all over the world. According to recent reports, the global online tutoring market was valued at $21,152.1 million in 2021 and is estimated to reach $90,710.5 million in the year 2030. The market is anticipated to register a CAGR of 17.6% during the forecast period (2021–2030).
This growth is being driven by a number of factors, like the rising penetration of smart devices, the availability of high-speed 5G internet connections, and the increasing consumer awareness regarding the importance of education worldwide. Additionally, the surge in the use of Artificial Intelligence, gamification, and machine learning in the eLearning sector, and their increasing affordability and accessibility, is also driving growth in the market.
Why Is Online Tutoring In Demand?
A wide range of web-based learning assistance technologies have dotted the rapidly evolving online tutoring market. The rise in the number of tech-savvy students who are using a wide range of mobile devices and advanced technologies to meet their learning needs is propelling the demand for online tutoring platforms.
Online tutoring also gained popularity as it helped take the burden off mainstream education. The rapid strides in the online tutoring market have come mainly from web-based classrooms, making online learning platforms student-teacher compatible. The high value of personalization and collaboration in learning is also attracting learners to online learning and creating more demand.
Also, the rapid rise in awareness about the benefits of digital learning among the target student population has been cementing the revenue potential in eLearning. In the present scenario, online tutoring is witnessing immense popularity and demand. Furthermore, for budding entrepreneurs, it is among the most lucrative of prospects. This article lists the five major reasons to start an independent tutoring business and reap maximum benefits. Let’s dive in.
5 Major Reasons To Start An Online Tutoring Business
1. Minimal Setup Cost
Setting up an online business is comparatively cheaper than setting up a brick-and-mortar business, in terms of starting up costs and overhead expenses. Launching an independent online tutoring platform doesn’t demand a massive investment. You have to simply choose a solution (custom-built or ready-made) and you are good to go. The cost of creating such a platform also depends largely on the features and functionalities you want to offer on your platform. It is important to have the essential standard features popular in the industry and unique ones that will be the USP of your tutoring platform.
Creating your own online tutoring marketplace can be extremely easy and cost-effective if you opt for a reliable ready-made solution. You can always choose from the wide range of ready-made solutions available in the market to set up your business without much hassle. And most importantly, it lets you build your platform within your desired budget so that you can start getting a profit much faster.
2. Demand For Personalized Learning
Employing a rigid, one-size-fits-all approach to learning ignores the fact that individuals come with different learning styles. This is where personalization comes into play. Personalization supports the idea of providing tailored learning experiences and is becoming highly popular. Personalized online courses play an important role in the interest of the learners and is an incentive with which to attract students.
Online tutoring can accommodate a variety of learning styles, so learners can learn in the way that works best for them. Also, personalization aids with user engagement and retention, increasing the popularity of your platform. Online tutoring platforms can store learners’ data, including their personal information and interaction with course content, to incorporate personalization on their platform.
3. Potential Access To Global Market
With the advancements in technology and worldwide penetration of the internet, businesses can reach global audiences with their eLearning platforms. An online tutoring platform can bridge the gap between tutors and learners by breaking the geographical barrier. Learners can easily get knowledge from subject experts located in any corner of the world while sitting comfortably in their homes. This creates a huge demand for such online tutoring platforms among learners.
For entrepreneurs, launching a platform that can serve globally provides a huge Return On Investment. Once you go global, you can gain access to new markets and potential revenue opportunities. It increases your platform’s accessibility, thus attracting more learners to the platform. Hence, we can say that for entrepreneurs who want to create a big impact by reaching a larger number of learners, setting up an independent tutoring business is the way to go.
4. Convenience And Flexibility
Unlike a brick-and-mortar business, where someone has to be present at all times, an online business allows you to run your tutoring business from anywhere. This flexibility gives you the freedom to live and work from anywhere around the world, and your business will not be tied to just one physical location. Thus, going online provides you with a great work-life balance.
5. Multiple Revenue Generation Channels
Considering the growth and popularity of online tutoring platforms, it is anticipated that starting your own tutoring platform will provide lucrative revenue-generating opportunities. It opens doors to multiple revenue streams, which is sometimes not possible in an offline business model. Here are a few revenue channels you can adopt in order to gain good revenue:
- Membership or subscription fee
- Commission fee
- An exclusive fee structure for one-to-one and one-to-many classes
- Different charges for certifications and course materials, etc.
- Advertisement and listing fee
How To Build An Independent Online Tutoring Platform
An independent online tutoring platform can be built and launched in many ways. However, one of the most cost-effective and hassle-free ways to get the job done is to opt for a ready-made software solution. Ready-made solutions let you launch your business ideas in the minimum time and are more cost-effective in comparison to building your platform from scratch. There are many ready-made software solutions that can help you start your online tutoring business with much ease. You can consider the following points while selecting the ready-made software:
- Is it white label?
- Is it fully customizable?
- Is it pre-integrated with video conferencing API?
- Is it user-friendly and scalable?
- Reviews and the number of platforms powered by the software