The world is always ready for an advanced learning environment. Even while a global crisis is going on, nothing stops the education sector from paving its way. With technology being included in almost everything, education is another industry where you can make profitable investments.
EdTech is exploding. It's becoming a global phenomenon, and as the platforms scale internationally, the market is projected to grow steadily. Therefore, all tech-savvy entrepreneurs and small businesses are willing to seize the opportunity and grab hold of the market. And all for the right reasons.
The EdTech industry has become 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?
When you think of starting a business like this, the first question is why someone would want to quit a steady-paying job to enter this highly competitive and ever-growing industry.Unfortunately, too many people go into the EdTech industry for the wrong reasons. Inventing an app or product overnight doesn't make for a promising 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 entirely different expectations. For instance, you must deal with the management or administration, the Teacher or the Influencer, Parents/Customers, and Students. The real challenge is to provide value to all of them.
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. You should be sure that the problem you identified is natural and requires a solution. Remember that your product should be their ultimate solution in a way your competition doesn't provide.
Recognize Your Market
You must know your target market. Just because it's called EdTech doesn't mean everyone technologically sound can start it. You need to create a quality product or solution for the masses. There also should be a timeframe to research your market.You must understand that your product or solution will be used by teachers and students. Additionally, you must attend many EdTech conferences to understand market needs and demands.
Read 8 Creative ways to the target audience for your business.
Set Clear Goals and Business Module
Your goals should be clear for your business. Set short-term and long-term goals for your startup. You need to invest your time in researching and planning the business model. Develop a solid business module that can work in your favour. Develop a solid business module that can work in your turn. Develop a solid business module that can work in your favour.Knowing your market always has its perks. Build your product according to your target market and see 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 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, it will be difficult for your teams to coordinate if you don't implement a CRM. Dong,,don'tthe manual work is time-consuming;; accessing leads' information, follow-up, and emailing them is another hectic task.Therefore, you need a lead management system integrated with your CRM that helps you access lead information whenever possible. You’ll never miss any leads aYou'lllow-ups. You’ll never miss any tips and anYou'llow-ups. You’ll never miss any tips and anYou'llow-ups. You can also track their activities and interests.
Benefits of Starting an EdTech Business
EdTech startup has paved the way for students to push themselves, 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 the internet, low-cost smartphones, and tablets.
- Increasing trust in parents for better education for their children.
- Multi-language learning opportunities for students.
Final Takeaway
The EdTech industry is all set to explode globally. Unlike eCommerce, the EdTech business can adapt to specific spaces.For instance, the ongoing pandemic has proved that EdTech can be the most profitable business model in a situational crisis.
Author:
Pragati Nanda works as a content writer at Corefactors and is interested in digital marketing content writing, CRM, sales, and marketing automation. She is a Film & Media graduate who understands creative scriptwriting and storytelling.
