Online education is on the rise, especially with the closure of schools and universities worldwide, followed by the COVID-19 pandemic. Over the years, factors like the cost of education, the pace of learning, high-quality teaching, etc., made learners search for alternative educational platforms instead of traditional learning. And now, with lockdowns imposed globally, education has completely transitioned to online.
The increasing popularity of online learning has paved the way for the demand for online tutoring platforms like Udemy and Coursera. Both are online learning and teaching marketplaces hosting thousands of online courses serving millions of students.
Online tutoring is predicted to grow to $325 billion by 2025, says Research and marketers. The stat gives hope to new players who would like to enter the market by launching online tutoring sites similar to Udemy or Coursera.
Without further delay, let's see how you can launch your online tutoring business.
1) Conducting market analysis and finding the target audience
Before you venture into the online tutoring business, you must perform deep market research. You can do this by analyzing the market stats for a particular country or city. This will help you find the opportunities that await in the future regarding the particular sector.
You must also find your target audience to gain insights that will assist you in making informed decisions. Understand your target audience's needs, behaviour, expectations, attrition, pain points, etc. By doing so, you make sure that you have created a successful online tutoring platform by keeping your target audience in mind.
2) Choosing your niche
The next important step is to find the right niche. Many online tutoring sites cover a wide range of topics, but you can choose a small niche to lay the first stone. For example, your online tutoring platform can host courses on technology, fitness, arts, health, personality development, or anything else.
When choosing a niche, you must be aware of your learner base's demographics like age, gender, educational preferences, etc. As your online tutoring business grows, you can integrate a broad list of topics with your learners. There are no credit points for the number of categories you offer; what matters is quality.
3) The business model is an important aspect
Another important factor that plays a crucial role in the success of your online tutoring platform is the business model you choose. If you expect a good return of investment (ROI) from your online tutoring service, you must focus on selecting a monetization strategy that suits your requirements and business goals. There are several business models that have proven to be great options in generating revenue, of which some of them are listed below.
● Commissions on paid courses
Paid courses are the easiest way to make money for your online tutoring business. Whenever a student buys a paid course from your online tutoring site, you get a share of revenue, while the rest of the money goes to the course creator who uploaded the course.
● Paid certificates
In this monetization model, the admin can associate with popular universities and educational institutions to offer online tutoring with verified course completion certificates. You can make money by providing paid certificates to your learners.
● Corporate collaboration
Collaborating with corporates to deliver specific courses or online training to employees is a great way to generate revenue with your online tutoring platform.
● Subscriptions
In this business model, you can make money through monthly subscriptions. Users pay for unlimited access to your online tutoring platforms and the courses which bring in recurring revenue for your online tutoring business.
● Affiliate model
You can feature different links for online tutoring resources like equipment or eBooks, and once the learner makes a purchase through the link, you can get the revenue out of it.
4) Integrate essential features of the online tutoring site
Having talked about the planning and monetization parts, let's move on to the must-have features of your online tutoring platform. Following are the features every successful online tutoring marketplace have.
● Easy sign up for learners and tutors
Offer an easy registration process for both learners and tutors to enter the online tutoring platform.
● Advanced search with filters
Regardless of the number of courses on your online tutoring site, learners must be able to perform an advanced search to find courses and tutors.
● Course creation tools for tutors
Teachers must be provided with the right tools for creating online courses. Attaching files, creating quizzes and assignments, and other activities must be performed seamlessly.
● Tools for learners
Offer good video players to view videos from tutors, purchase online courses within the platform, and allow to post reviews and ratings for courses.
● Dashboard
Provide users with all essential tools for profile and course management (or both learners and tutors), progress tracking, payment methods, and more.
● Secure payment integration
Integrate secure payment gateways to allow users to carry out monetary transactions in your online tutoring site.
● Admin panel
Admin panel is another essential addition that must feature relevant tools for content management, managing emails, report generation, revenue management, and statistics viewing.
● Notifications
Integrate push notifications to notify users regarding new course launches, events, existing and upcoming offers, etc.
5) Creating an online tutoring marketplace
Building an online tutoring marketplace is beneficial for the new generation of learners who want to gain convenient access to education. When it comes to developing an online tutoring site, there are several different approaches to adopt. The best way among all is to use a tutoring software or readymade script to build your online learning site with the exact same features as Udemy, along with the unique customizations you need. The exact script allows you to create an incredible online tutoring platform like Udemy instantly and innovatively.
Conclusion
Online tutoring websites are a saving grace to modern students who prefer to learn on the go. Gaining knowledge and mastering new skills has never been this easy, especially during the times of the Coronavirus outbreak. This is the best time to create your online tutoring site to join the lucrative industry.
Online tutoring platforms constantly modify their services to suit the market demand, which plays a critical role in their growth trajectory. Likewise, be ready to take up the challenges and opportunities that come your way to emerge as a successful online tutoring brand in the industry.
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