eLearning is the first foray into online education. Invented in 1998, eLearning is 22 years old! Online learning has increased in popularity in recent years to become one of the biggest trends in education.
Through its innovative technologies and flexible delivery, online learning (also referred to as remote learning) has provided an effective alternative learning option that eliminates the need to be physically in a classroom.
With the drastic changes in the concept of traditional education in the last few years, many people are now seizing the opportunity to start an online education and training business.
Thanks to advancements in technology and the availability of great learning platforms like Instancy.com, anyone can grab a piece of this lucrative pie.
Benefits of Starting an Online Training and Education Business
If you are wondering why an online training business is a great idea and why you should start yours, here are five benefits you should consider.
1. Demand is high
There’s a spike in demand. The online training sector’s projected growth in the US alone is $15.86 billion for 2021. It is no longer considered a fad – it is mainstream across all educational institutions and corporations. Learners are seeking access to quality knowledge content outside of work and school.
2. Minimal setup costs
Unlike setting up a brick-and-mortar school, you don’t need to spend a fortune to start your online education business. The business model doesn’t require expensive equipment, a fleet of vehicles, rent for premises, utility bills, insurance, and other expenses. Setting up and operating your online training business is super-easy and cost-friendly. There are useful cloud-based apps like Instancy that allow you to set up your business in minutes within your desired budget so you can break even and start turning a profit in no time.
3. Convenience
One of the alluring attractions to starting an online training and education business is that it allows you to work from home. There is no need to go in to work daily. You can design and develop courses from anywhere, anytime, and on your schedule.
The convenience drills down to your students as well. Flexibility is key to maintaining a work-life balance during 2020, and this business model is ripe with opportunities. Research shows a 25-60% retention rate for online learning.
4. Flexible work hours
Starting an online education and training business makes it possible for you to earn while working around your schedule. Whether running an online training business full-time or part-time, you can adjust your work-life balance accordingly. Very few businesses give you control of the hours you work like this one.
5. Technology
The recent advancements in technology have made it possible for online instructors to achieve the same results traditional instructors do. We have plenty of online educational tools and apps, such as Instancy, to make the process easier and hassle-free.
Technology enhances learning since you can easily send educational materials to students in various formats such as videos, pictures, audio podcasts, etc., allowing for higher engagement levels.
How to Start an Online Training Business?
The first step in the process is to make up your mind to start an online training and education business. Once you decide to move forward, you can begin the setup process.
1. Choose your niche:
The first thing to do is to consider your expertise. Because of the interest and demand in online education and training, many topic areas have brisk sales. Some topics are academic, some are corporate, and some are for the general population. Do you want to cater to a specific demographic, such as children? Take ample time to research your niche; otherwise, you may offer a course with no takers!
2. Check out the competition
When considering an online learning business, competition is good. Rarely do you want to be the first to market. It is a good idea to perform a comprehensive study of the marketplace. Research to learn about the services competitors offer and their rates. Look for any gaps in products or services as those gaps may be an area where you will stand out.
3. Decide how you are going to provide your services
Do you plan to offer your education products nationally or globally? Some businesses also decide to target the local market only. The choice is yours!
Do you want to provide a blended learning experience where students access different learning modalities, such as self-paced eLearning? Is instruction completely remote, or should students expect to spend some time in a physical classroom? Because of the pandemic, most online education businesses now prefer blended learning; i.e., you need to deliver virtual classrooms for one or more users/learners. You need to provide digital content in various formats, including video, online quizzes, audio podcasts, discussion forums, chat, and more.
4. Decide a consistent fee scale
Deciding how much to charge is probably the most challenging part of the planning process. Be objective and try to determine competitive price points. Also, consider the actual value of your course. What are students paying for similar classes? Charge too much, and you will get fewer sales. Charge too little, and you are leaving money on the table. Let’s look at one example.
At the moment, you have two types of pricing. You sell your courses, quantity one, or ala carte. The alternative is to sell a recurring membership subscription to a course or content library.
The membership subscription will be more profitable long term because this is a recurring fee!
5. Choose a name
Next, pick a name for your business. Your choice of a name matters as it is part of your brand, so consider choosing a name that sets your services apart and Google it to ensure that it’s available. It might also help to ask other people’s opinions on a name.
6. Deal with the financial and legal issues
Remember that starting an online education business is more than just a way to earn an income. It is a business, and you will have to file for the appropriate small business license in your state. Consider speaking to a small business lawyer to find out about the best way for you to file.
7. Gather the tools you need for business
If you’re starting an online business, you need to ensure that you are well-equipped to provide your students’ quality services. It’s also essential to choose a suitable online learning platform. Instancy is an excellent platform to consider.
Why choose Instancy as your training and education business learning platform?
Instancy Learning Platform and Learning Experience Platform is a powerful yet simple-to-use framework that includes five integrated products you may also deploy in a modular way as required:
1. Instancy Learning Management System (iLMS)
2. Instancy Learning Content Management System (iLCMS) and Authoring Tools
3. Instancy Mobile Learning Apps Platform for iPhone, iPod Touch, iPad, Android Phones and Tablets
4. Instancy Learning Record Store (iLRS)
5. eCommerce and Catalog Management
The Instancy software-as-a-service platform may be deployed as a branded online learning portal.
Instancy’s multi-tenant architecture enables learning organizations to create multiple sites for = training business clients and reseller partners.
Instancy Learning Management System (iLMS)
Instancy’s iLMS lets you plan, manage, deliver, and evaluate personalized and blended learning programs. Whether you’re working with eLearning, classroom training, webinars, video tutorials, or informal learning, Instancy’s system gives you the ease, flexibility, automation, and capabilities you need.
Key Features:
1. Design your learning portal and sub-portals the way you want
2. Deliver eLearning, blended learning, assessments, and performance support
3. Manage the calendar of events and classroom training
4. Deliver and manage virtual classroom training
5. Engage your learners with social learning and provide the ability for knowledge collaboration
6. Manage skill-competency based learning
7. Manage learning assignments, reports, and analytics
8. Deliver and track Experience API (xAPI), SCORM, and AICC (eLearning standards) course packages
9. Leverage Instancy’s Application Programming Interface (API) to create a seamless workflow between iLMS and other applications.
Related Read: 11 REASONS WHY OPTING FOR AN LMS IS A SMART DECISION FOR YOUR ORGANIZATION
Instancy Learning Content Management System (iLCMS) and Authoring Tools
Speed up content production for eLearning and instructor-led courseware with reusable learning objects to enhance learning effectiveness and reduce training project costs with our robust framework.
Instancy Learning Content Management System (iLCMS) offers collaborative content publishing workflows that allow you to coordinate the tasks of multiple contributors and reviewers across the content supply chain.
Manage content submissions from numerous sources, expedite updates, and ensure the right individuals’ published content routes in the proper format.
Key Features:
1. Manage your source content in a single repository and update as needed in Instancy’s Learning Object Repository (iLOR).
2. Create powerful eLearning content rapidly and cost-effectively with Instancy’s web-based eLearning Authoring Suite.
3. Multiuser and collaborative author and reviewer workflows
Effortlessly convert your MS-Word documents into engaging eLearning content using Instancy MS-Word storyboard to the eLearning conversion tool
4. Convert your existing MS-PowerPoint presentations into engaging eLearning content using Instancy MS-PowerPoint to the eLearning conversion tool
5. Create online assessments and surveys
6. Sequencing rules to personalize content delivery
7. Automate the complete workflow for creating, delivering, and managing test preparations
8. Training event management and blended learning
9. eLearning standards (SCORM, AICC, xAPI) support
10. Media resource management
11. Multi-language support to localize learning content
Instancy Mobile Learning Apps for Your Training & Education Business
Empower your customers. Deliver learning and on mobile platforms.
Instancy Mobile Learning App Platform™ enables you to create, manage, and deliver mobile learning to multiple mobile devices from within one integrated Learning Management System (LMS).
Key Features:
1. Mobile learning management system
2. Distribute learning content on native apps (iOS and Android)
3. Design wizard to configure the native apps
4. Create and deliver mobile learning content
5. Event management and registration workflows
6. Quizzes & assessments
7. Online surveys
8. Document sharing
9. Create audio and video content library
10. Enable your learners to purchase from their mobile device
11. User management
12. Reports & analytics on learning progress
13. Access content and assignments offline
14. Track offline and synch learner experience and progress using experience API (xAPI) within Instancy native learning apps
eCommerce and Catalog Management
Merchandize your training and educational offerings and digital content through various eCommerce and payment options. Instancy eCommerce management system integrates with multiple payment gateways, including PayPal, Stripe, and Authorize.Net, and comes with an integrated shopping cart interface.
Key Features:
1. Create a catalog of training and education resources
2. Manage eCommerce transactions for eLearning courses, virtual classrooms, video, online assessments, exam preparation packages, learning tracks/packages, shippable products, and more
3. Enable classroom and training event registration and payments
4. Enable eCommerce based recurring payments or membership subscriptions
5. Enable multiple offline payments and approval workflows
Support discounts and coupons
6. Email notifications to end-users and administrators
Monthly sales reports
7. Integrate your catalog listing with your web site, including single single-on
Instancy Learning Record Store (iLRS) and Experience API Integration
The Instancy Learning Record Store (iLRS) is a cloud-based web application that receives and stores real-time learning activity statements generated by the Experience API, whether that content or applications are inside or outside the Instancy Platform.
The Experience API and Instancy LRS allow you to track learning activities anywhere and everywhere – web browsers, mobile apps, simulations, performance support, social learning, business applications, and more. You can follow any action, store the information into Instancy LRS, and generate meaningful reports.
Key Features:
1. Repository of learning activities ranging from formal eLearning courses, performance support, training simulations, and games to informal learning activities such as learner-generated content, learning sharing, and online discussions
2. Learning analytics, dashboards, and reports across all learning activities, including assignments, course progress, completion, assessment, surveys, and certifications
3. Out-of-box integration with Instancy Learning Management System (iLMS) and Instancy Learning Content Management System (iLCMS)
4. Receive xAPI data from external sources and OAuth integration
Find out more about the Instancy Learning Platform with a demo and free trial by clicking https://www.instancy.com/schedule-meeting.html. You’ll be amazed at the ease with which you get up and running. The Instancy Support Team is here for you – we want you to succeed.
