Business Startups in Education
Entrepreneurial initiatives in education are revolutionizing how people learn. Some are striving to make education more affordable and accessible to everyone while others are creating innovative teaching methods.
One of the most successful EdTech startups is Teachers Pay Teachers, which offers a platform for teachers to showcase their lesson plans and other educational materials. Estimates suggest that more than 7 million educators use this platform annually.
Tutoring
Tutoring is one of the most sought-after businesses in education. It offers individuals a flexible way to make money while making an impact on students' lives.
If you specialize in standardized test prep, English, math or science, or another subject, you can make good money helping students gain the necessary skills for success. Your clients can come from across America and beyond; your services are marketable!
In addition to academic assistance, tutors can offer emotional support as well. Tutors often become trusted friends and mentors for their students.
Many tutoring businesses are home-based, but some operate from storefront locations as well. If you plan on renting a storefront location for your business, there are some essential details you must be aware of to make sure everything runs smoothly and tax efficiently.
Charter Schools
Charter schools receive exemptions from many state laws and regulations that govern traditional public schools in exchange for exemptions. Their charter agreement lays out their mission statement, academic objectives, fiscal guidelines, and accountability standards.
Furthermore, charter school authorizers--such as state agencies, universities or local districts--have the power to terminate a charter that fails to fulfill its contract terms. These arrangements have created unusual political coalitions in what has become an ongoing national debate over charter schools.
During the startup phase of a charter school, leaders must focus on creating the structure and management of their school. To make sure everyone stays informed throughout this critical period, frequent and open communication between board members and administrators must take place.
Teachers Pay Teachers
Teachers Pay Teachers (TPT for short) is an online marketplace where educators share and sell their educational resources. Launched in 2006 by former New York teacher Paul Edelman, TPT seeks to address a problem many educators face: Not having enough money to purchase materials necessary for teaching.
Some sellers on TPT have made millions from selling their resources, but the vast majority of TPT sellers generate modest incomes from their sales.
Becoming a successful seller on TPT requires dedication and hard work. You need to learn how to market yourself, identify your niche, and identify opportunities amongst the hundreds of thousands of teacher-created resources available on the platform. It won't be easy!
Some TPT users began selling their resources for a variety of reasons, such as not having enough materials for teaching their classes or wanting to save money. No matter the motivation behind it, having an inspiring why should be your driving force.
Online Learning
If you possess extensive expertise on a given subject, creating an e-learning course can be highly profitable and scalable. As the online learning industry is predicted to reach a value of $325B by 2025 (pre-COVID), creating such courses could become highly profitable and scalable for any size business.
Online learning businesses come in a range of business models. They may specialize in one topic or skill set, and their prices may differ as well.
The 'night school model' is a widely-used approach to e-learning, in which students pay an upfront fee for a specialized course. This model offers several advantages, such as high profit margins and minimal overhead expenses.
If you want to create an e-learning course, select a platform that supports multiple payment gateways and is scalable. It should also enable tracking and reporting on performance metrics like revenue, total number of tutors, etc. Additionally, the filter should allow tutors based on factors like availability, pricing, subjects taught and categories.
