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Online education has witnessed a major rise during the period of 2019-2020. Especially after Covid 19 imposed lockdown, the online learning market has seen a massive growth rate globally with the increase in emphasis on e-learning.
The industry is expected to reach $336.98 billion globally by 2026 with an anticipated CAGR of 9.1% from 2018 to 2026.
To start a business in online education in 2020 – 2021, the main task is to choose the direction of an e-learning business of your own skills. One can start by providing educational services online, selling online courses, or by creating an online learning platform. After Analyzing the competition in online learning platforms, providing services is a better way to go.
There are various fields to choose from in order to enter the vast market of e-learning. Also, considering the current effects of COVID-19 which has impacted education on a drastic level. Schools, colleges & institutions have been shut and the only mode of learning available now are e-learning methods.
Various fields of e-learning like language learning, data & programming, marketing, graphics, design, and personal tutoring are some of the best options to choose from while opting for a suitable field.
How to pursue the above-listed options of online education
Language: Learning a new language online is one of the most common trends. Creating a new language learning platform or teaching languages online, either way is a good way to enter the online teaching industry.
Private Tutoring: Private tutoring is a great way to earn revenue, manage time, and polish your own skills while teaching. The ability to work with a personal mentor to boost your own skills is popular among young people as it provides flexibility with time.
Also checkout this report about post COVID19 business opportunities
Data & Programming: Teaching about new programming languages and data management are some great ways to start online tutoring. Creating an online platform for such purposes and also providing additional services like creating new products, developing mobile applications, administering networks, or automating business can make up for great business revenue.
Marketing: It is one of the most promising fields of all as it is a challenge to create a quality product and then market it in a competitive economy. Providing marketing advice and services online is in great demand.
Graphics: Professional photography, production of video content, directing, and music are some excellent choices for teaching online. Creating quality content along with teaching people the way to do it is a great way to earn multiple revenues.
Design: Online designing and content creation is a great field to enter for “technology artists”. Creating and providing visually appealing content, teaching content creation, and providing content services are some great business ideas.
Online Schooling: Online schooling is one of the greatest options to enter the e-learning business. This process was gaining popularity from the past years and saw an impressive hike due to the effect of covid-19. And now it is one of the best options to establish you in the market of online learning. You can create online courses, lessons, tutorial videos, etc., and start your own business.
Benefits for Learners & Students
- Saves time usually commuting
- Interactive Delivery of Education
E-learning provides freedom of choosing your subjects, time intervals in between classes, and a flexible environment of learning between the teacher and student.
It is convenient for students as well as teachers as they can schedule as they want to and attend lectures without traveling.
E-learning is the cost-effective measure of education as the cost of travel, maintenance of property are excluded. The only expense is of a data connection and a smart device.
E-learning saves time instead of teaching the same topics to different classes at different times, you can teach the same topic to all the students at the same time.
Interactive Delivery of Education
Video is the best way to learn things easily. Because videos give more clarity to students that helps them to remember things for a long time. Other tools such as games, online whiteboard, flashcards boost the learning process.
Platforms that experienced high growth in recent time
Udemy: It is an online learning platform where you can get access to multiple courses. It is the world’s most popular & fastest growing platform where you can learn almost everything and the best part of this platform is you get courses in various languages. It offers both paid & free Courses.
According to Businesswire, Udemy has scaled from $1 million to $100 million annual recurring revenue (ARR) in just five years.
Verbling: It’s an online language learning platform where you can learn foreign languages. People can connect with speakers via live audio/video chat features to learn new languages. Verbling started in 2011 & raised $3.2 billion.
BYJU’s: BYJU’s is an India based online learning platform for students. At BYJU’s app students can learn the educational concepts. Students take help ByJu to prepare for multiple competitive exams like CAT, JEE, GRE, etc. This platform offers study material in the form of videos. According to ByJu’s, they have made their revenue double in FY 2019-20 (from 1,430 cr to 2800 cr).
Cambly: It is another popular language-learning platform that connects language learners with language speaking tutors. Learners learn the language via video chat. This platform helps to increase the confidence of learners. There are thousands of tutors registered on this platform from worldwide, learners can select the tutor by using multiple parameters like country wise, language-wise, etc.
Preply: Preply is an online tutoring platform that provides tutoring services worldwide. Learners can book private tutors for multiple subjects like the English language, foreign languages, physics, and other subjects. According to Crunchbase data, online language learning startup Preply has raised $10 million.
Starting your own e-learning venture could be a very good decision if you want to grab the business opportunity. Now e-learning is the future of education. In order to launch one can either go for customer development and hire a company to build the application. Alternatively, there are ready-made products such as Yo!Coach which helps to launch E-learning ventures within a short span of time.
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