Create An Online Tutoring Platform
The EdTech industry has seen a significant boom in the last decade. Teachers and students have rapidly accepted this new trend, as it helps them to be more efficient in their day-to-day routines. From school students to working professionals, everyone has this desire for self-learning and entrepreneurs are capitalizing on this, generating a business opportunity out of it. On top of this, the pandemic has also been a catalyst for change, accelerating the build of things that were already underway.
From LMSs to tutoring apps and platforms doing more of the heavy lifting, EdTech actually went mainstream in 2020. The 22% growth of the EdTech market in the first quarter of 2020 was no surprise. However, the buoyant 19.9% CAGR through 2027 signifies that the trend is here to stay. No wonder, investors are increasingly turning toward this industry, as it has a lot of room for innovative entrepreneurs to enter and succeed, unlike most industries.
If you need more reasons, here are some more for why one should start an online school:
Spike In Demand
Prior to the outbreak of COVID-19, online education was experiencing modest, yet steady growth. The National Center for Education Statistics reports that 34.7% of college students in 2018 and 33.1% in 2017 were enrolled in at least one online course, which is not much, but it is still an upward trend. This increased demand for online education causes greater demand for high-quality online courses, well-established processes, and the creation of virtual classrooms.
The demand for online schools has observed an enormous spike post the pandemic outbreak. School closures in more than 188 countries have forced more than 1.7 billion learners to switch to online tutoring. The insane numbers certainly speak for the demand and the future prospects of online schools make it an ideal opportunity to venture into.
Minimal Setup Cost
Setting up an online school does not demand a tidy sum of money. Unlike other on-demand businesses, it does not require any expenditure on expensive equipment, inventory, rent, utilities, etc. All one needs to set up an online school is an off-the-shelf tutoring software that is super simple and cost-effective.
Not just for budding entrepreneurs, launching an online school is an alluring business opportunity for offline tutors as well. They can reach a broader student population with the help of an online platform, instead of being limited to students in the same region or country. It will help them open doors to a new world of knowledge and gain diverse experience.
Flexible For Tutors
Online schools give convenience to tutors to fine-tune their teaching schedule as per their availability. Tutors can fit their teaching schedule around their work and family commitments, rather than the other way round. This ease and benefit for tutors make it more enticing for traditional tutors to switch to online and start tutoring online.
EdTech Startups And Their Promising Journeys
If you are still not convinced by this growing trend, let’s have a look at a few EdTech startups that leveraged the momentum and made a mark in the industry:
This is a leadership development platform launched in 2016, providing one-to-one coaching for working professionals. It matches professionals with coaches using machine learning and evidence-based assessments. With a total of five rounds of funding, BetterUp has raised a total of $269.8 million. The startup received its last round of funding recently, in February 2021.
Cluey is an online platform founded in 2017, offering tutoring programs for students ranging from elementary to high school levels. The company has raised a total of $20 million in funding from Thorney Investment and Allectus Capital. The startup also made a debut on the Australian Stock Exchange on December 9, 2020. Cluey’s growth plans include increasing student enrollments and developing market growth opportunities.
Joining The Bandwagon
That being said, starting any business is a huge decision that requires careful planning and precise execution. Having the proper knowledge and using the right tools may help you turn your business venture into a successful and profitable one. Make sure you take your time, get into the market, and decide on feature-rich software to build an online school. Choosing the right software will help you with the exact tools to aid and enhance the delivery and management of online tutoring.
It will help you create a rich learning environment that simulates a classroom experience, where teachers and students can interact, take part in discussions, and indulge in collaborative projects. A software with both basic and advanced functionalities integrated into it, like live sessions, analytics, payment processing, and many more will definitely make your business a successful one.
The education industry is already ahead of the game and remote tutoring is increasingly becoming prevalent in the coming years. The dramatic change in the education industry has opened limitless opportunities for education service providers and there are a number of reasons for budding entrepreneurs to take a leap of faith into the online tutoring world.