The world is always ready for an advanced learning environment. Even while a global crisis is going on, there’s nothing stopping the education sector to pave their way in. With technology being included in almost everything, education is just another industry where you can make profitable investments.
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EdTech is exploding. And all for the right reasons. It’s becoming a global phenomenon and as the platforms scale internationally, the market is projected to grow at a steady pace. Therefore, all tech-savvy entrepreneurs and small businesses are willing to seize the opportunity and grab hold of the market.
The EdTech industry has shaped up to be one of the most lucrative business models over the years. It’s one of the few industries that has survived the COVID-19 pandemic and has seen promising growth.
Why You Should Consider Starting an EdTech Business?
The first question when you think of starting a business like this is why would someone want to quit a steady paying job to enter this highly competitive and ever-growing industry.
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Unfortunately, too many people go into the EdTech industry for the wrong reasons. Inventing an app or product overnight doesn’t make for a good startup. It needs a true passion for education and a solid business plan. EdTech entrepreneurs should research and plan to invest quite a bit of time, energy, and money to get their new Edtech business started.
Unlike most other industries, an EdTech startup needs you to deal with different sets of people with completely different expectations. For instance, you have to deal with the management or the administration, the Teacher or the Influencer, Parents/Customers, and Students. The real challenge is to provide value to all of them.
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How to Get Started With Your Business Plan?
Identify the Need and Try to Solve It
As a startup entrepreneur, you must understand the market need where you are trying to establish your business. When it comes to EdTech, you must find a problem and the solution to that problem.
It’s a competitive market, but a saturated one too, therefore you would need to be sure that the problem you identified is a real one and require a solution. Not to forget that your product should be their ultimate solution in a way your competition doesn’t provide.
Recognize Your Market
It is crucial that you know your target market. Just because it’s called EdTech doesn’t mean everyone who’s technologically sound can start it. You need to create a quality product or solution that works for the masses. There also should be a timeframe to research your market.
You have to understand that your product or solution will be used by teachers and students. Additionally, you have to attend a lot of EdTech conferences to understand market needs and demands.
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Set Clear Goals and Business Module
Your goals should be clear for your business. Set short-term and long-term goals for your startup. Develop a solid business module that can work for your favor. You need to invest your time in researching and planning the business model.
Knowing your market always has its perks. Build your product according to your target market and know the cost.
Sell Your Product Effectively
To sell your product, you have to show that your product works effectively. You’ll have to find product testers and people to pilot your product. Also, to sell your product you would need to find investors that believe in your product.
They must be willing to invest in your company and give you the financial support you need upfront. You may also bootstrap your company but remember that requires extra effort and time.
Implement CRM in Your Business
No matter how solid your business plan is if you don’t implement a CRM, it’s going to be difficult for your teams to coordinate. Dong all the manual work is time-consuming and accessing leads information, follow-up, and emailing them is another hectic task.
Therefore, you would need a lead management system that is integrated with your CRM that helps you to access lead information whenever you want. You can also track their activities and interests. You’ll never miss any leads and follow-ups.
Benefits of Starting an EdTech Business
EdTech startup has paved the way for students to push themselves and get out of their comfort zone and extend their limits. This industry has completely changed the way students learn and teachers teach.
Here are some of the reasons why starting an EdTech business is profitable:
- The growing wave of online education and enhanced learning opportunities.
- No geographical boundaries for students across the world.
- Rise of internet, low-cost smartphones, and tablets.
- Increasing trust in parents for better education for their children.
- Multi-language learning opportunities for students.
The EdTech industry is all set to explode globally. Unlike eCommerce, the EdTech business has the capacity to adapt to certain spaces.
For instance, the ongoing pandemic has proved that EdTech can be the most profitable business model in a situational crisis.
Pragati Nanda works as a content writer at Corefactors and has a keen interest in digital marketing content writing, CRM, sales, and marketing automation. She is a Film & Media graduate and has an understanding of creative scriptwriting and storytelling.
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