ACADEMIC ONLINE DIGITAL COURSES - Jack’s Curated Business Idea
ACADEMIC ONLINE DIGITAL COURSES - Jack’s Curated Business Idea
1. The Idea
2. The Inspiration
3. Marketing
4. The Sales Funnel
5. Target Audience
6. Do You Need to Be an Expert to Do This Business?
7. Research and Development
8. Platforms
9. Requirements for the Users
10. Requirements for the Business
11. How will you prioritise the creation of your products?
12. Is the Product a Stand-alone or a Complimentary Product?
13. Work Streams
14. The Value Chain
15. Methodology
16. Niche
17. Project Management
18. Collaborators and Investors
19. Profit-Sharing Formula
20. Scaling
21. Costing, Budgeting, and Pricing
22. Funding
23. Monetisation
24. Does Your Product Fit Different Wallet Sizes?
25. Benefits and Opportunities
26. Threats and Weaknesses
27. Legalities
28. Disclaimer
1. The Idea
It's about creating academic digital online courses for primary to tertiary levels, as well as for professionals.
2. The Inspiration
Education is expensive. Some brilliant minds are excluded from education because of financial difficulties, etc. This is a digital age where useful content could reach a wide audience at a more affordable cost. There are opportunities as well, to monetise.
3. Marketing
You could explore digital marketing, affiliate marketing, social media marketing, digital advertisements, radio advertisements, etc.
4. The Sales Funnel
You could leverage the use of a sales funnels in order to optimise profits. This could be automated. On the funnel, you could include complimentary products and services as part of the value proposition. This could be via upselling, down-selling, and cross-selling. Of course, you need to have a lead magnet. You could include clickable links to your other products and services or to those for whom you are an affiliate marketer. You could also include mentoring and coaching as one of the upsells.
5. Target Audience
Online courses could be beneficial for all educational tiers. You could target the users and or their parents as necessary. You could target local or international demographics.
6. Do You Need to Be an Expert to Do This Business?
No, you don't need to be an expert to execute this business model. However, you could collaborate with experts and then come to an agreement on profit sharing.
7. Research and Development
Research the marketplace. Do competitor research. Is there enough space in the marketplace for you? Is there a demand for the product? Is your product of great value? Is it affordable? Is it competitive? Is it value for money? Is there someone else doing the same thing? etc.
8. Platforms
You could use platforms such as social media, membership sites, blogs, podcasts, Udemy.com, etc.
9. Requirements for the Users
The users require a digital device, internet access, a positive attitude to learning, access to the content (either paid or unpaid), etc.
10. Requirements for the Business
You require a team, funding, a business plan, equipment, relevant skills, relevant logistics, internet access, etc.
11. How will you prioritise the creation of your products?
If you were to start this business model, it is suggested that you start from where the need is greatest and profitable. Thereafter, you could explore other areas.
12. Is the Product a Stand-alone or a Complimentary Product?
The products could either be used as a main or complimentary source of education. The business model could eventually replace the existing format of formal education.
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13. Work Streams
These could include:
• Content creation
• Content publishing on different platforms
• Marketing and advertisement
• Project management
• Seeking collaborators and investors
• Profit sharing
• Administration
• Strategising
- Quality control
- Etc.
14. The Value Chain
These could include:
• Project manager
• Team
• Collaborators
• Investors
• Content creators
- Video editors
- Entrepreneur
• Publishing on different platforms
- Marketing
- Information technology
• Profit sharing administration
- Quality control
- Artificial intelligence lead
• Recruitment
• Customer services
- Academics and/or educators
- Etc.
15. Methodology
You could:
• Recruit team members (these could be freelancers for ad hoc work).
• Have a project plan.
• Conduct relevant research.
• Create content on different platforms such as social media, etc.
• Marketing and advertisement.
• Monetise.
• Automate your processes.
• Use sales funnels.
• Earn income actively and passively.
• Share profits as necessary.
• Scale the business model.
- Alternatively, outsource the whole process and make your own profits regularly.
16. Niche
You may decide to serve primary, secondary, tertiary, or professional audiences. These may be location-specific or global. You may also decide on either subject-specific or multiple subjects. Additionally, you may decide on the complexity of your content—whether for high, low, or medium-intelligent students.
17. Project Management
You may need to have a project manager. His responsibilities will include:
• Project managing the business.
• Having a project plan.
• Executing projects.
• Defining a scope of deliverables.
• Managing resources effectively.
- Being paid for services or being included as part of a profit share.
- Etc.
18. Collaborators and Investors
You could include collaborators and investors as necessary. They shall complement what you do, either in cash or in kind.
19. Profit-Sharing Formula
You might need to have a profit-sharing arrangement between stakeholders. You could do this manually, or you might want to leverage the Profit Sharing Formula App.
20. Scaling
You could create content in multiple languages and for different complexities and locations. This can also be applied across multiple subjects.
21. Costing, Budgeting, and Pricing
You need to:
• Cost the required resources.
• Price your products and services accordingly.
• Have a budget, which will be useful, especially as you seek funding for the business.
- Create a financial forecast as a guide and target while executing the business.
- This shall include information about:
o When you are likely to break even.
o Projected income and expenditure, profits, etc.
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22. Funding
Some of the options you might explore for funding include:
• Self-funding.
• Collaborative funding.
• Investors.
• Loans.
- Crowdfunding
- Etc.
23. Monetisation
This could be achieved through:
• Sales of products and services.
• Leveraging a sales funnel.
• Offering consultancy.
• Leveraging social media platform monetisation.
• Selling paperbacks and eBooks.
• Selling online courses.
• Monetising your blog.
• Affiliate marketing.
- Collaborations with third parties.
- Etc.
24. Does Your Product Fit Different Wallet Sizes?
Yes, the products and services could accommodate different wallet sizes. There could be different price plans and different payment options.
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25. Benefits and Opportunities
These include:
• Monetisation.
• Affordable access to education.
• Empowering different users.
• Positive social impact.
• Passive income.
• Increased gross domestic product (GDP).
• Job creation.
• Skills enhancement.
• Complementing regular education.
• Immediate, flexible and convenient user access.
• Affordability.
- Accessible relevant education on demand.
26. Threats and Weaknesses
These include:
• Copycats.
• Litigation.
- Intellectual theft.
- Access to digital devices.
- Access to internet.
• Fraud.
• Conflict.
• Greed.
• Non-affordability of digital devices.
• Poor internet access.
- Technical issues.
- Disrupts the status quo.
• Data security.
• Viruses and spyware.
- Traditional teachers losing their jobs.
- Etc.
27. Legalities
You need to put legalities in place, such as: terms and conditions, prevention of intellectual theft, refund policy, etc.
28. Disclaimer
This presentation is basically an idea. Great financial rewards are not guaranteed, although there are potentials for such. You need to carry out due diligence and perfect the idea to hopefully reap financial rewards.
29. Useful Links:
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Jack’s Curated Business Ideas - Over 110 Curated Business Ideas
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Juwon Ogungbe
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Curated Business Ideas - Blog
Curated Business Ideas - Videos
Book A Chat With Jack Lookman
Business Collaboration With Jack Lookman
Jack Lookman’s Courses
Jack Lookman Limited
Jack Lookman’s Paperbacks
Jack Lookman’s eBooks
Youtube channel
Thank you very much for your time. I hope that you got some value.
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Ire o (I wish you blessings)
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