Are you looking to start a training business in Singapore but don’t know how and where to start? This article will help you get a fair idea about how to start a training business and the stages involved in the execution.
According to studies, the E-learning industry is expected to hit $350 billion by 2025 globally. The corporate e-learning market will reach 38 billion USD between 2020 to 2024.
If you take the statistics of Singapore. The E-learning market in Singapore has valued at 792.97 million USD by 2019 and it is expected to grow 2228.78 million USD by 2027. The scope of the e-learning business is really high as per the statistics. If you plan your business and execution properly, you can get huge returns from your e-learning business.
Starting your own training business is the same as starting any business. Every business needs to do some early researches, execution plans, and resources to move forward without any glitches. Starting a training business also needs to have certain steps to follow. Let us check those steps
Steps to Start a Training Business In Singapore
1- Finalize your niche
Before you start your training business, you need to come up with the niche on which you are going to focus. Niche is nothing but the primary content focus of your training business. Always choose your niche where you have the expertise as well as market value.
Your niche will make you successful only when you have passion for the particular niche plus there is a good market value for your niche. Some of the widely used training business niches are
- Tuition for academic syllabus
- Soft-skill and career counseling
- Competitive Exam Preparation
- Music/ Art Classes
- Homeschooling
- Job-oriented training
- Digital Marketing Training
Once you finalize your niche, try to come up with some USPs (Unique Selling Points) of your business idea. These USPs are the key points that will attract your audience.
2- Do your Competitor & Audience Analysis
Now, you have fixed your niche where you will start creating content for your training business. The next step is to study your audience and competitor.
- Audience Analysis
Audience analysis is the study of your target audience, their life cycle, behavior, etc. Every business will have its own audience group and every niche will have its own subset of audiences.
Based on your niche, build your audience group and note down their demographics, interest, etc. This audience analysis will help you execute your marketing strategies more effectively by targeting the exact match. You have to understand the pain points of your audience and accordingly, you need to create your courses. This is an important step before starting a training business.
- Competitor Analysis
Knowing your competitor is as important as knowing your users. Every business will have competitors who are already focusing on the same target audience. You have to do a clear competitor analysis. Always create a table mentioning who are your direct competitors, indirect competitors, future competitors, etc.
Competitor analysis is not just knowing your competitor but also understanding what they are doing, how they target their audience, what are their marketing strategies, etc. These studies will also help you build counter-strategies to overcome them and acquire your customers.
3- Make Friends with Technology
Technology has become an implicit part of starting a training business nowadays. Training business is having heavy administration works like
- Student Registration
- Payments & Invoices
- Recording Classes and uploading
- Scheduling Classes, timetable
- Live Classes
- Doubt Clearing sessions
- Reports and analytics
- Communication between students
These all cannot be manually done. Here you need to have the support of technology.
The various tools you might need are Learning Management System (LMS), Payment Gateway, Email/SMS tool, Live Class tools, Student Management System, Database to store the courses, Course Management Software, etc.
But what if all these tools can be replaced by a single one!
Yes, A Training Management System (TMS) can handle entire works related to any educational sector. A TMS is a software solution that will manage the day-to-day training operations on the digital platform. By using training management software, you can automate the entire workflow related to the training business. A TMS will have all the needed tools like LMS, online registration, communication, scheduling options, etc.
Edujournal – Marketplace for Lifelong Learning
Edujournal is an effective platform that helps you to start a training business in Singapore very easily. Edujournal is a Singapore-based business platform that helps trainers and training institutes to advertise, manage and sell their training courses hassle-free. Edujounal comes with all the necessary tool kits to successfully set up and launch your training business online. Edujournal’s platform is suitable for small, medium, and enterprise organizations to start a training business in Singapore.
Advantages:
- Centralized control of your key resources.
- You get your own branding logo and website domain URL.
- You get your own SMS & Email gateway.
- Customized Form Creation from your website.
- Automatically Publish the course on Social Media like Facebook, Twitter whenever a new course is added.
- Zoom Integration for hassle-free live sessions
4- Creating Content for your Training Business
In order to start a training business, you need to have quality training content or course with you. By this time, you know your niche, audience, and competitor. The next big thing is to produce quality content that will attract more users.
You may be teaching music or Financial models, great content that is informational, engaging is needed to get success. Your brand value will be directly proportional to the quality of content.
You need to create a curriculum for your training course and start adding courses accordingly. Your curriculum should be promising enough to cover all the important topics related to the niche. Your content can include quality videos, quizzes, assignments, reports, projects, etc.
5- Market Your Firm
Starting a training business is one part of your journey. The second part is reaching more customers. In order to do that you need to do effective marketing executions. The training industry is competitive since a lot of new training firms are coming to market each day.
Marketing your firm starts with understanding your audience and their behavior which we already discussed at point 2. After your audience and competitor analysis, we got a good idea about your audience and competitor. Now the target is to get attention from your audience.
The fundamental thing to start your marketing is your landing page or website where you have explained your training courses. This is the center point where you need your user’s focus. There are various marketing techniques you can use to get your audience attention
- Search Engine Optimization (SEO)
- Email Marketing
- Social Media Marketing
- Webinar
- Google Adword
- Facebook ads
- Traditional Marketing- Newspaper ads, Flyers, Brochures, TV ads, etc
One important factor about marketing is not every marketing technique will suit your business. Choose your marketing execution based on your audience analysis.
6- Analyse your outcome
Till now, you have finalized your niche, understood your audience and competition, got your perfect technology partner, created content, and even started marketing it. This is not the end of starting a training business. You need to evaluate your result.
Your business might take 2-6 months to start generating a Return of Investment (ROI) for you, till that be patient and keep focusing on your regular work of making your students satisfied with your service.
Always be updated with the current trend and technology. Ask for feedback from your students, Update your training content at a regular time interval.
Key Points to Focus
- Starting a training business is profitable upon successful execution
- Come up with a niche that has market value and your passion to teach
- Audience and Competitor Analysis is important
- Technology is your best friend
- Create content that speaks your brand
- Increase your reach with efficient Marketing
- Don’t forget to analyze your outcome
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