The global eLearning market is expected to grow to $325 billion by 2025. This growth is riding on the demand for large volume education at a low cost, falling price of creating online learning solutions and the convenience of online learning. This article will help set you in the right direction and make sure you don’t have any missteps. If you need some inspiration, here are some business ideas to help you get started.
1. Have a business model
The first step you need to take is to understand what industry you’re going to be in. It helps if you are already in an industry which fits the eLearning space. Otherwise you will need to make sure you understand the industry before starting a business. Some industries which fit well with eLearning are education, how-tos and information technology. Once you are clear on what you want to offer customers it’s important to have a real business plan in place. This goes beyond day to day operations but includes planning for 6-12 months at a time. Here are some of the important questions you should be asking yourself.
- How will you generate customers?
- Do you have a budget for at least the next 6 months?
- What can you offer in comparison with the industry?
2. Sort out your legal needs
One of the first things you need to do when starting a business is decide on its structure. Depending on your business structure, there will certain tax, liability and reporting implications. In Australia there are 3 main business structures:
- Sole trader (or sole proprietorship)
- Partnership
- Company
The other important legal step is to register your business. This will give you an Australian Business Number (ABN). It’s important to note that if you are applying for your ABN as a company, you must first register for an Australian Company Number (ACN). Once you have completed your ACN registration, you may then apply for a new company ABN.
3. Create an eLearning course
There is no shortage of learning management systems (LMS) you can use today, some of which are free. WorkPress for instance has a free LMS which can be used to create great courses. Paid services are far more abundant and can be closed or open platforms. A closed platform means customisation is limited but once you are signed up it’s very straightforward to upload your course. However, open platforms are completely customisable but more challenging to create. Subsequently, if your course needs a more specialised approach, then an open platform may be right for your business. From here, you can jump right into executing your business plan and
Conclusion
Ultimately starting an eLearning business in this environment is a smart move as long as you take the steps above. Looking to the future you need to ensure you have the right legal documents so you are compliant and protected under Australian Consumer Law.
