Welcome to Day 1 to understand how the Business Model works.
The basic premise of the model is that you should be skilled in a specific topic or the Industry.
This model usually is the one business Hub run by one person.
For example, – You could share valuable knowledge with the people about cooking or maybe social media marketing or digital marketing, etc.
It doesn’t matter in which Industry you are. What matters is your skill in one specific topic or the Industry.
How this business model run is basically on the premise of creating a community or the products around the topic.
You could sell your ebooks, courses, and subscriptions, etc.
Let us talk about why is this profitable?
This model is profitable because of low overheads, low storage costs, and universal reach. You can keep the price of your book as low as $0.50 or
Rs. 40. You can sell your eBooks, courses at a price as high as buyer can pay.
For any successful Dish, there is a recipe.
The recipe defines the base and the ingredients.
So what are the ingredients of a business like this?
You just need the following ingredients to start your eLearning Business:
- Niche Clarity – Who do you want to serve (Health, Wealth or relationship)
- Understanding customer needs
- A product to solve your customer needs.
- A learning Management system for the ease of your customer.
Now that you have understood the basics of the business rate yourself on the scale of 1-10 on the following points:
- Are you skilled in a topic / Industry? (Max 10 points)
- Can you share your life journey /teachings with others (10 points max)
- Do you know who do you want to serve (10 points max)
- Do you understand your customer’s need (10 points max)
- Do you have a product or intend to create a product to solve the needs of your customers (10 points max)
- Do you know how to upload content on Facebook / YouTube? (Max 10 points)
“Successful people do what unsuccessful people are not willing to do. Don’t wish it were easier; wish you were better.” – Jim Rohn
Now that you have understood how this business model works. Let us know how you can start this Business.
My mentors have always told me you do not reinvent the wheel. They are right because when you do everything on your own, you make mistakes.
You learn and grow and learn and grow. This is the secret to success. But there is a success hack also that studies the success of others.
Why and how they are doing what they are doing.
“Take up one idea. Make that one idea your life–think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body, be full of that idea, and just leave every other idea alone. This is the way to success.” – Swami Vivekananda.
Decide on one idea. That’s it.
Do you remember the movie “Lakshya”? There is a dialogue in that movie.
“Bhale hi ghas kaatne wale bano par aise ghaas katne walo bano ki door door tak koi na ho.”
“Even if you choose to be a grass cutter, become like one that there is no one in faraway places also.”
Do you see what this is?
This is nothing but your unique positioning.
To start your eLearning business, you need the following:
- Define the target audience
- Understand the pain points of the customer.
- Understand the problem you are solving in the market place.
- Your unique positioning.
- Competitors analysis
How will you generate money through this model?
Getting money is all about solving other people’s problems.
Become a problem brand.
Money can be generated by providing value to people through:
- Live Webinars
- Prerecorded Videos
- 121 Coaching
- Uploading your courses on a learning management system.
Now take the following steps:
- Choose an industry
- Build a Sales Funnel
- Create a course about your topic
- Generate leads for your Business
Now that you have understood the revenue model of the business rate yourself on the scale of 1-10 on the following points:
- Do you do live webinars? (Max 10 points)
- Do you have prerecorded videos / an eBook? (Max 10 points)
- Do you do 121 coaching? (Max 10 points)
- Have you chosen an industry? (Max 10 points)
- Do you understand your sales funnel? (Max 10 points)
- Do you generate leads for your Business? (Max 10 points)