In this guide, we have covered almost everything on the online coaching business and how you can launch your own online academy, which is set to successfully bring in profits.
AUTHORS
Evita Johnson, Harilekshmi S, Diana Gracious
The emergence of technology has widened the possibilities of teaching and learning. Education that was otherwise limited to classrooms, lectures and a physical presence has now reached the online coaching arena and is easily accessible through any digital device.
There are two broad reasons why you should consider coaching online
1.1. The scope in the industry, and
1.2. The countless benefits it brings to students and tutors
Let’s look at this more closely.
The global online coaching market is expected to grow from $1.44 billion in 2020 to $1.63 billion in 2021 at a compound annual growth rate (CAGR) of 13.2%.
During the pandemic the increasing Impact of COVID-19 on the demand of e-learning is driving the growth and popularity of online coaching services and the ed-tech industry.
of educational institutions moved the majority of their classes to online courses as of April 2020. (Education Data 2021)
of students during the pandemic say it was difficult to stay motivated to do well in their course after it went online. (Digital Promise 2021)
We have witnessed the sudden rise of Virtual Classroom Software globally in recent times. To understand whether the online coaching industry is truly bankable, one must dive deep and know the online coaching market trends, growth and change over the past decade and what you can expect in the future of online coaching.
Involves the use of bite-sized learning modules and short-term learning activities while coaching learners online.
It is cheaper to produce, less time-consuming, far more engaging and surprisingly more effective than traditional ways of coaching.
Includes quizzes, images, videos, texts, audios, games and just-in-time content delivery that is concise and relevant to help students address their knowledge gaps.
With the micro e-learning trends on the rise, gone are the days of spending excruciating hours making each learning material and coaching mode- content heavy. You can make more valuable content effectively at faster rates and lesser efforts.
Popular amongst the corporate e-learning sector and will be extensively used during 2020-2024.
As an online educator and an upcoming edupreneur, one must always look for the industry’s current trends and market demands. According to our studies, we have found something interesting.
Courses most searched for –
Technology and global market demands create new opportunities to teach and learn every day. Thanks to this, online coaching has never been so easy to kickstart. Here are some of the important ways in which online coaching benefits students and tutors:
While these are all real challenges that may bring your zeal down by a notch, it does not have to pose a severe threat to your online coaching aspirations. You can eliminate more than half of these challenges if you seek the right solutions at the right place.
The internet has opened limitless opportunities for educators, coaches and trainers around the globe to offer their knowledge and skills to their learners to earn and make money online.Â
Where do you deliver your knowledge and skills through online coaching?
The answer is your own academy online! Sounds fascinating, right?Â
With a stable internet connection and some basic online teaching equipment like a smartphone, tablet, video camera or computer system, you can become a specialist in a niche at your comfort and convenience. So start thinking about creating your own branded online academy right away!
We often find ourselves wondering why we should create our own online academy. An online platform can serve as an active online marketplace for selling your courses and managing daily activities otherwise found tedious, effortlessly.
We might be clueless as to how we’d start, where we’d begin and what would be the things to consider.
In a day and age where everyone wants to be their own boss, creating your own online academy and owning your online presence confidently will help your courses gain in popularity. By doing so, you increase your chances of making higher and better profits.
From what we’ve read about the scope of online coaching, we know that digital learning has become the new normal, and it is here to stay. To flourish and make profits in this industry, one needs to stay up to date with the latest trends and innovations demanded by the various stakeholders.
A platform fuelled by innovation and robust technology can enhance your online academy’s performance and drive notable success and growth.
Once you have decided to create an online coaching academy of your own, the next step is to start building it.
There are different ways to build your own branded platform.
The expense involved to start an online academy is roughly $50,000 for app development (website/mobile iOS, Android), monthly server cost goes around $300, support cost up to $100 and miscellaneous cost of about $200. The time consumed to develop such an efficient platform may take approximately 8-12 months.
Learning Management Systems (LMS) are software applications used to automate, deliver, document, track and manage educational or training activities and courses online.
The main aim of an LMS is to help deliver and manage all kinds of content, including videos, courses and documents, more systematically and fruitfully.
Here’s all you need to know about LMSs and why everyone’s talking about it :
1. It is an all-in-one solution that enables you to store all your data (course materials + learner info) in one place systematically.
2. It makes learner management and monitoring easier with timely reports and analysis.
3. It helps deliver engaging content by encouraging you to try different teaching methods, including videos, quizzes, live classes, mock tests etc., on one platform.
4. It helps in a considerable reduction of time and cost otherwise spent on traditional teaching modes.
5. With an LMS, you can teach unlimited learners, unlimited courses.
6. LMS makes it easy for you to import and use the same content from different platforms so that you don’t have to waste time recreating them.
7. It promotes learning from anywhere in the world at any time.
8. LMS can increase the success rate of your online academy and help bring in higher profits.
9. A good LMS provider will give you free trials and good support to understand whether they meet your needs.
Whether small businesses, independent trainers, educational institutions, or large corporates, every online educational provider requires an LMS to make things bite-sized, organised and simple. An LMS can change the fate of online educators and learners, and the future calls for an LMS integration.
LMS is vital for providing detailed insights into your business’s functioning with accurate and timely reports. It helps with course sales and promotes faster growth since enrollment, delivery, and payment happen in one place. It will assist in providing more realistic and valuable e-learning solutions and experiences. A good LMS can help you store all your training/coaching data well organised at your fingertips, and this will help you find what you are looking for more effectively.Â
Without an LMS, any business could face challenges. LMS plays a crucial role in the success of many enterprises, institutes and independent tutors.
Decentralised administration
Lack of ownership of your course, training programs and materials.
Lack of set processes
Inefficient and ineffective tracking and reporting
Duplicated training programs
Difficulty or impossibility of integrating
Difficulty in managing various user requirements
Limited reach to limited learners
Lack of convenience- inaccessibility.
You might be wondering how you can choose the right LMS for your business. Analyse your business and its online coaching requirements. List them down and do ample research on the available LMS options in the market. Comparative studies done on various LMS can help you better understand the right fit for you.
&
were seen as the biggest factors that cause learning leaders to seek out a new and improved Learning Management System. (Capterra 2020)
77% of learners feel that their LMS has had a positive impact on satisfaction, productivity, and teaching during COVID-19. (Capterra 2020)
Canvas
Schoology Learning
Blackboard Learn
Starting Price
Contact vendor
Starting Price
Starting Price
Contact vendor
Free Trial
Free Trial
Free Trial
Free or Premium
Free or Premium
Free or Premium
Premium Services
Premium Services
Premium Services
Setup Fee
Setup Fee
Setup Fee
LMS
Starting Price
Free Trial
Free or Premium
Premium Services
Setup Fee
Canvas
Contact vendor
None
Schoology Learning
$120 per year
None
Blackboard Learn
Contact vendor
None
Mykademy’s smart LMS solution is nothing short of extraordinary! We provide the easiest way to start, run and grow your online coaching business.
Our smart LMS solution has sparked noteworthy opportunities for coaches and trainers from all industries and scales and has contributed to encouraging a massive market for online coaching and training with its state-of-the-art technology and award-winning support.
With us, you can be assured that you are on a path set to success!
To the world, we are a global force driving a future-proof tomorrow for learners and online coaches to deliver, retain, and manage knowledge in a safe and secure virtual environment.Â
In simple words…
We provide a safe, secure and well-designed platform for online educators and trainers like you to launch your own branded website and mobile application in just three very easy steps!
Mykademy is more than just a screenshare. We create opportunities and provide the best support globally to ensure that online education is easier for tutors and learners.
We offer you your very own safe & secure, branded online coaching platform built and maintained by some of the world’s best designers, software specialists, business developers, marketers and bots!
There are many reasons why Mykademy is destined to become your LMS soulmate. With our robust features and innovative design, we have helped tens of thousands of tutors and trainers turn their dreams into profit-making realities.Â
To Create
To Build
To Sell
To Manage
To Support
To Secure
& More
In the next chapter, we’ll be covering how to:
…in short, everything about successfully creating an online teaching academy.
Products
group company.
