The last few decades in the field of EdTech were highlighted with the rapid development of a variety of projects. This is not surprising! For a long time it seemed that education was hidden from people, but this is not the actual topic. Market growth trends are simply stunning – investment increased by $128 billion from 1997 to 2018, and this figure is constantly growing. As a result, more people are wondering how to become a part of this industry and use educational technology to build a successful business. Those who own millions of dollars have much less problems with this – they simply launch startups. Difficulties arise when you have almost no budgets.
Let’s talk about how to open a business in EdTech with minimal investment and maximum profit.
Why Is It Profitable to Invest in EdTech?
Well, firstly, this market is growing; just growing very fast. Secondly, this is a relatively young market and you can “jump” in as part of young startups. Next, you need to understand important things:
- At the start of the development of a young EdTech company, you can become a co-founder or a member of the team with minimal financial investment. So, just start and look for additional investment later.
- Some companies offer to start their own business in EdTech projects on the terms of participation in a referral program (for example, the TeachMeCash referral program). Starting investments are even less in such cases.
- If you do not set too ambitious goals; for example, turning a business into the main goal of your life, switch to passive income, which comes from the increasing financial profit of the project.
- EdTech startups are now considered the most attractive from the point of view of investing money by third-party investors. Therefore, finding additional financing for further development of the project does not pose any problems.
As you can see, today’s scope of EdTech can be considered a “gold mine” for potential entrepreneurs from almost any country in the world without exaggeration.
How to Choose a Company for Cooperation?
We have decided on the industry, and this is great! Now, the most important moment has come – the choice of project to invest money. Be cautious and attentive, as there are many associated factors. If you decide to open a business and join the project at the start stage, you should pay special attention to:
- Information about the founders. In this case, it is important to study not only their reputation, but also professional skills that will help the first persons of the company bring the project to success.
- Product features. Do not be lazy to find similar projects on the Internet and track their relevance among users. You will understand how relevant the problem solved by a particular product is.
- The financial plan of the project. Pay attention to how real their plans are in relation to the current market situation.
- The team. Sure, the presence of narrow-profile specialists in the project is really important. They will technically drive the project on the path of its growth. Keep in mind, the more professional the team is, the faster success will come.
- Marketing plan. Pay attention to the marketing tools they have planned to use to promote the product on the market, as well as survive in a highly competitive environment.
If you want to earn money in the industry of online education and join the project at the full functioning stage, it would be great to study financial statements for the company’s active period. This will provide an understanding of how dynamically the company is growing and even the ability to make future forecasts.
Here are the Conclusions
Having a small amount of cash + the right approach to choosing a company = a super successful strategy for generating good income in the EdTech industry.
So, for example, you can get your first income at TeachMeCash in just two weeks after you have joined! Not bad, right?