5 Steps That An Edupreneur Should Keep In Mind While Starting Up- Part I
The journey of one education startup will probably differ from another in some ways but on the whole, there are some undeniable similarities. Here are few steps which every edupreneur should keep in mind while starting a venture in education space.
1. When a B2B edutech company is ready to scale up, special attention needs to be given to its service and customer support system. Without being ready to serve and solve all your customers’ problems, you can never build a strong and loyal customer base that will come back to you year after year. Be ready to invest in this.
2. In the edutech world, keep in mind that business may not be perpetual. Instead, it is instead an annual affair and it closely follows the school season. At Next Education, 65 per cent of our business comes in within 45 days. The trick to succeed is to be at the right place at the right time, with the solution for that particular school at your fingertips.
3. In India, B2C edutech faces the challenge of discovery even with strong products. With the robust presence of home-grown, affordable tuition centres and preparatory classes at every nook and corner of the country, it may take an edutech company a concerted effort to break through.
4. Remember, it is easier to survive but tougher to scale up. Think of scaling up only when every unit you’re selling is making profit. Many new companies make a mistake here and have to shut shop before their time. Wait till your product has been validated by more than just interest or downloads of freebies and your customers are willing to part with hard cash to use your product.
5. Similarly, trying to make your brand a household name before its time can be disastrous. Mass communication makes sense for an education company only when it has been guaranteed that the cost of that prime time TV ad will pay for its weight in gold and give back double the amount spent in advertising.
I hope after reading this article you must be aware of what to do and what not to do while staring your edutech company. So before you start your own venture in education space do keep these points in your mind.
(With inputs from Beas Dev Ralhan, CEO, Next Education)