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A definitive guide on

How to launch an online
academy set for success

Successful online coaching- what it's about, how it works
and why you should get started immediately!

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

Table of Contents

Chapter 1: Introduction

Chapter 1: Introduction

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.

1. What is Online Coaching?

  • Online coaching is about digitally changing the world of education & skill development one course at a time.
  • It is the process of teaching in a virtual environment, where the participant’s geographical region and/or the time has little to no effect on achieving their learning goals.
  • It is practised using many different methods for a distinct set of learners. These distinctions are made in content and user interface and the unique styles and methods of teaching adopted by individual tutors and instructors.

Why should
you consider
coaching online?

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.

1.1 Scope of online coaching
  • In 2019, the global eLearning market reached $101 billion. By 2026, the total market is forecasted to grow exponentially, reaching over $370 billion.(Statista 2020)
  • Between 2020-2025 the market will experience 200% growth.
  • The US and European markets contribute 70% of most users of the e-learning services market globally.
  • Training magazines can save up to 80% of printing costs.
  • More than 3 Million students are fully taking online learning for their higher education.
  • In fall 2019, 7,313,623 students enrolled in various distance education courses at degree-granting postsecondary institutions in the US alone – US Dept of education, National Centre for education statistics.
  • Traditional secondary education is dropping in enrollment from 1% to 2% per year. Many students are opting for affordable online learning.
  • The global industry has grown 900% since its birth.
  • At least 60% of internet users have indulged in online learning.
  • Students undertaking a fully online degree increased from 3.8% in 2008 to 10.6% in 2016.
  • During the pandemic, 83% of the countries used online platforms to ensure learning continued.
  • E-learning reduces learning time for employees by 60% compared to traditional learning.

Did you know?

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.

98%

of educational institutions moved the majority of their classes to online courses as of April 2020. (Education Data 2021)

79%

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)

Are you cut out for it?

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.

Growing popularity of Micro e-learning

1

Involves the use of bite-sized learning modules and short-term learning activities while coaching learners online.

2

It is cheaper to produce, less time-consuming, far more engaging and surprisingly more effective than traditional ways of coaching.

3

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.

4

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.

5

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 –

Machine learning

Programming

IELTS test preparation

Languages

Entrepreneurship

Psychology

Bitcoin and Cryptocurrency

Graphic design

Mindfulness and wellbeing

Design thinking

Artificial intelligence

Social media marketing

Yoga

Music

Life coaching

Areas in demand and to explore

Science

Technology

Engineering

Mathematics

Languages

Design

Personal development

Business

Photography

Music

1.2 Benefits of online coaching

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:

Elimination of travel time

Elimination of geographical constraints

Elimination of time constraints

Efficient sharing of resources

Cost-effective

Empowerment

No subject limitations

More exposure

Engaging delivery and exchange

Timely feedback

2. Challenges in creating an online coaching business

While you sit there manifesting the launch of your online coaching dream into a successful reality, a sudden fear of challenges to face may creep in. Don’t let this stop you. You must keep in mind that though there can be a few challenges along the way, the key is to embrace these challenges and look at them as opportunities for transformation.

Some of the most commonly seen challenges
faced by new ed-tech entrepreneurs include:

  • Ability to accurately gauge the demand for your courses.
  • Cost estimation and budgets.
  • Time constraints.
  • Building and launching an online coaching platform.
  • Creating engaging courses.
  • Lack of technical and design knowledge required to build platforms.
  • Adopting adaptable business models to accommodate change.
  • Fixing prices for courses, bundles and services.
  • Tracking progress for accountability.
  • Safety & security of learner data and platform.
  • Scaling up when the time is right.
  • Marketing products and platforms.
  • Laws and regulations of a country.

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.

3. Creating your online academy

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. 

Where do you deliver your knowledge and skills through online coaching?
The answer is your own academy online! Sounds fascinating, right? 

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!

3.1 Think about creating your online academy

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.

3.2 Building a branded coaching platform online

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.

  • One of them would be to start from scratch on your own. This would demand you to know or possess the technical and design skills required to build and develop an effective online platform. It would also require you to invest more time, effort and money to ensure a successful platform launch. Getting safe and secure payment partners, ensuring up-to-date functioning and meeting rules & regulations on point can also be tiring tasks.

    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.

  • The next option is to partner up with already established online coaching platforms and sell courses through them by paying a commission fee. The problem here is that you cannot exclusively own or manage the platform.
  • The cooler and much more efficient option would be to choose an LMS platform to help you become your own boss. LMS platforms will do all the spadework involved in building, launching and managing a successful coaching academy online for you, and you get to take home the credit, your brand name and the profits you make as your own. This is known as white labelling your platform. There are cloud-based LMS platforms in the market that even start at $49. If you choose an all-in-one platform, you save up to 63% of the cost involved and a huge  amount of time while trying to set up your own branded website or mobile app. Launch your online academy with a trusted LMS partner in under 3 minutes.
3.3 Learning Management System (LMS)
    • What is LMS?

      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.

    • What’s the LMS-rave all about?

      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.

    • Why do small businesses, trainers and corporates require LMS support?

      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. 

      Without an LMS, any business could face challenges. LMS plays a crucial role in the success of many enterprises, institutes and independent tutors.

Without an LMS, here are some challenges you may face.

1

Decentralised administration

2

Lack of ownership of your course, training programs and materials.

3

Lack of set processes

4

Inefficient and ineffective tracking and reporting

5

Duplicated training programs

6

Difficulty or impossibility of integrating

7

Difficulty in managing various user requirements

8

Limited reach to limited learners

9

Lack of convenience- inaccessibility.

Benefits of using an LMS

Engaged learning

Blended learning

Efficient tracking and reporting

Flexibility to learners

Performance support

Increased social learning

Extended learning

Increased productivity

Savings costs and time

Centralised storage of materials

Geographically independent learning

General queries about an LMS

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.

How to choose
the right LMS?

Identify your objectives

Define your requirements

Evaluate the list

Allocate your budget

Make the final decision

What to consider while
you choose the right LMS?

53%

Poor usability

&

44%

High cost

were seen as the biggest factors that cause learning leaders to seek out a new and improved Learning Management System. (Capterra 2020)

Course creation requirements

Pricing and budgets

Security requirements

Storage & distribution requirements

Customisable white labelled platform

Monitoring & tracking requirements

Accreditation options

LMS trends that will make an impact in 2022

  • Learners expect augmented reality, virtual reality and mixed reality training methods to be embedded in their e-learning experiences.
  • More and more employers will be seen providing flexible online training options.
  • A higher democratic approach to e-learning will be adopted, whereby users will generate more e-learning content.
  • The future predicts that adaptability is a serious feature to look out for in Learning Management Systems.
  • LMS software is adopting big data analytics to create content that will cater to individual learner needs.
  • When e-learning  grows, content creators will benefit from it abundantly as they can create more personalised training and coaching programs that are easier to market and cash in.

Facts

    • 77% of learners feel that their LMS has had a positive impact on satisfaction, productivity, and teaching during COVID-19. (Capterra 2020)

    • 39% of users consider functionality as the most significant priority when selecting a new LMS. (Capterra 2020)
    • In 2019, the global eLearning market reached $101 billion. By 2026, the total market is forecasted to grow exponentially, reaching over $370 billion. (Statista 2020)

Canvas

Schoology Learning

Blackboard Learn

Starting Price

Contact vendor

Starting Price

$120
per year

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

None

Setup Fee

None

Setup Fee

None

Your Guide to LMS Pricing in 2021
- The top players

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

4. Mykademy’s smart LMS solution

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!

Who we
are

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. 

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!

What we
offer

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!

The features are what we’re known for!

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. 

Mykademy Features

To Create

Build your
own website

Content dripping and accessibility

Choose your own domain name

No hosting
hassles

To Build

Course and curriculum builder

Content dripping and accessibility

Mock tests, question pool and assignments

Embed YouTube and Vimeo videos

To Sell

Integrate
marketing tools

Coupon codes and discounts

Emails, flash and push notifications

Payment within
minutes

To Manage

Measure your revenue growth

Manage payments and invoices

Track your
learners

Custom
reports

To Support

Our Subject Matter Experts

Easy Onboarding Redefined

Updates on feature Upgrades

Product
Training

Partner in
Success

To Secure

Encrypted Video Content Delivery

You Own Your Data & Content, We Don’t!

PCI Level 1 Compliant Payment Gateways

Get Your SSL
Certificate

& More

In-built LIVE virtual classroom

Branded digital certificates

Social learning
promotion

Stay tuned for Part 2!

In the next chapter, we’ll be covering how to:

…in short, everything about successfully creating an online teaching academy.

You are always welcome to join us for a free trial to find how online coaching dreams transform into realities...

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