How would you assess the potential for an online math tutorial business?
Hi everyone, the idea behind this is to target the need of students for tutorials in mathematics. The site will have notes on the topics and practice exercises. Additionally, the site will feature a question bank for additional practice. This will be helpful for the students of Class I to senior secondary levels. Do you think there is a substantial amount of demand for these types of services? Please share the guidance/suggestions.
Not profitable one. If yu go for it then establish counsellig centre at potential area of your students hub . You know is to understand and execute. so one physical teacher or VDO cnference required with best economic price. Thanks
I think the site should also have study methods for mathematics/exact sciences field as well as the wide range of applicability of this matter in order to motivate students to learn mathematics.
There should also be space to tutor mathematics on different languages to reach international students and to evidence the terms on different languages.
Sounds like a good idea to me without a doubt. Question Bank also sounds like a good idea. Next step - get to know your competitors and market. The rest should start flowing from there. Remain positive and start today!
@ Samit: Depending on the modell (structure of education I.e. K12) you can create Math education programms with learning analytics and a feed back modell. We develop such kind of e programms, important is to find a school organisation to carry it out. Then there is a business opportunity. (tak in account there is a lot of free Math info on the web.
The idea is good idea , but looking present scenario . You need to do a proper competitive analysis . There is khanacademy , Youtube it self is a rich source and there are numerous online tutoring websites and most importantly how you are planning to monetize . The same goes for online testing too , technology will be challenge here , how ever if your content is of high quality and knows its targets then you can take it up .
It is a good idea. You can even take short videos where you explain certain solutions to problems many students are facing. And maybe also allow users to upload their own used test papers for example, that will allow the community to also help each other. I also agree with the above comment, start your own real life tutoring group to test your notes/excercises and get as much feedback as possible.
When I discuss business opportunities with clients, I ask them the 4 C's:
Competition - who is currently doing this in the marketplace? You need to thoroughly understand your competitors. Shop the competition.
Customers - who & how big is your target market? Do you have customers who are waiting for you to provide this service? If not, how will you attract customers?
Credibility - are you a subject matter expert? Why would someone hire you?
Cost - what kind of time, money, & resource investment is required?
Once you have answered those questions, you can assess the feasibility & sustainability of this venture.
There's an opportunity, but you have to figure out what market are centering in on. Are you targeting Pre-K through high school along &/or college students. I'll tell the market is out there, but you'll have to do some benchmarking on math tutorial companies. Take that information to use to target your market. You can talk to school boards and principals about your business. Leave business cards with webpage, but also, give a presentation to show how your product works. Now on the college level, you will need to speak to the dean and other college officials to see if you could have meetings to discuss your product and to see if you could post your information on their websites. Your main goal is finding a market and utilizing it to make your product and company stand out from the rest.
Dheraj - "is there an e-business opportunity?"
Fast answer, yes... and it already exists. www.mathletics.com - Mathletics a subsidiary of http://www.3plearning.com (head office - Australia).
That said, the real question, do you have the confidence and courage to launch your own online math learning program?
Just because Nike has been in the shoe business for years... Under Armour went into athletic shoes anyway... in spite of a crowded shoe market (Nike, Adidas, Puma, Asics, etc)
So again, the real question isn't "is there an opportunity?", the real question... are you willing to do it anyway - AND - do you have the time, energy and MONEY to make it happen?
You better believe there is a e-business opportunity there! People desperately need and online math tutorial.
I think there is a place . Yet you should see who your competitors are and what is your unique proposition. User interface is important, what is your business model?
How much money do you invest in marketing and business development?
There are a lot of free or inexpensive online math tutorials--at least in the U.S. So you need to see how you can set yourself apart from all these freebies/cheapies. Many people struggle with math, and need extra hand-holding. But of course that is very labor-intensive.
If there was a way you could semi-automate intensive math tutoring, to help those who don't catch on as fast, that could be a great business.
I would look at khan academy. I've used them for studying math for the past several years and they have tutorials on a wide selection of subjects. They are additionally backed by millions of dollars of funding. I would say that you need to come up with some very unique to stand out from them. They offer there service for free because they are a non-profit. I would do your research into whats out there already and find a unique way to approach it.
There is a market for it without doubt. A colleague of mine launched one about vedic maths a good few years ago and he did very well out of it.
There's always going to be a market for it as long as under-educated adults and children aspire to do better.
How much are you willing to put in? (time/money/effort)
How much are you willing to wait?
How much are you willing to loose?
If you can answer the above questions with precise answers in context to the competition in your domain, I think you are good to go ahead & take the plunge!