How to Generate More Revenue as an Edupreneur in 2023

Dear Edupreneur,

As 2022 ends in 3 days time, are you prepared to position yourself to increase your revenue in 2023?

What specific financial goals do you plan to search for your education business in 2023?

Are you still going to remain static in a world where learning fuels a global learning economy that is worth billions of dollars?

Jeff Cobb defined an an Edupreneur as someone who creates a positive value shift with the specific economic resource of “learning”.

Edupreneurs are well positioned to earn from the business of education. They are well positioned to do things like create and sell online courses, because of the influence they wield.

Let me use three business case studies to illustrate this:

1. Chioma Ifeanyi-Eze has a Data-Entry Academy which is a 30-day life changing online school.The School teaches many software that businesses use and how to capture data into these software for various purposes. The Academy Fee is N37,625 or $80.

           In the last batch of the training school, over 400 participants registered for the school.

Now, let us do some calculation:

400 x 37,625= N15,050,000

Taking out her expenses on Marketing/Promotion, Overheads, you can imagine how much her company, AccountingHub, makes on just that one month of Online School.

The registration for the next batch starts January 10th and yours truly is already on the Wait-list to enroll in the Class.

2. Emeka Nobis recently ran a promotion for his online course: “How to Grow a Social Media Audience that gives you Money”. The Course started at a registration fee of N2,000 and currently goes for N5,000. As at the time of writing this post, he has over 850 registered participants in the course.

Now, using an average of N2,500 per participant, you can see that he has generated over N2,000,000 with a space of one month. The Course is currently hosted on Selar and it is still being marketed aggressively using Affiliates.

3. Seiminiyifa Franklin Matthew is currently offering all his CAC registration courses for just N25,000. The courses on offer includes: How to register a business name with CAC from start to finish; How to register a company as a Limited Liability Company from start to finish; how to register Group of Companies/Limited by Guarantee; How to Upgrade a Business Name to Company; How to register NGO, Organizations, Clubs, and How to perform all CAC Post-Incorporation for Business Name, Companies and NGO without being an accredited CAC agent.

The offer is for 60 persons. The payment for the course starts January 1st 2023 and ends January 31st 2023. But let me tell you something, only 38 slots are currently available as 22 slots are already taken by fast-fingers including yours truly.

I surely know that the 60 slots would all be taken up before January 31st.

Can you see how Coach Franklin could have generated N1,500,000 before January 31st 2023 while 2022 is still yet to end?

So, you see Dear Edupreneur, if these experts in their various fields can make so much revenue in a short time through online courses, what should stop you from making money teaching others online?

Here are some strategies you can adopt in order to increase your finances as an Edupreneur:

1. Create Products and Services you can promote online 

There are numerous digital products and services you can create and promote aggressively online. You can create online courses, ebooks, online coaching, consultancy, etc. Start with areas of your expertise as that would be easy for you to create and keep promoting them on your social media platforms.

2. Set revenue target for your online business 

Setting a revenue target for your online courses, ebook sales, consultancy services, etc can help you measure your progress and success. So establish how much revenue you want to generate in a given period of time. This can be broken down into Monthly, Quarterly or Annual basis.

3. Identify your Target Market

Determine who your target audience would be and what they are willing to pay for your products and services.

For instance, one market you can target in 2023 is secondary school graduates. Those SS3 graduates who are still at home awaiting admission into higher institution. Those Secondary school graduates who have been writing JAMB UTME repeatedly, trying to gain admission into higher institution without success. Can you target these ones with your digital skills offerings?

4. Research your Competition

Look at what similar businesses offering the services you want to offer are charging for their products or services and use the information to inform your pricing strategy.

5. Determine your Costs

Calculate the costs associated with creating and delivering your products or services, such as cost of marketing(Facebook Advert, Instagram Advert, TikTok Advert, etc), digital tool cost(Website hosting, Software Subscription), Labour(Graphic Designers, Content Creators).

You can reduce your cost drastically by learning some of the skills and applying what you learnt in creating your digital products and services.

6. Set your Pricing

Determine the price point that will allow you to cover your costs and still be competitive in the market.

So, what services can you offer in 2023 and earn from them?

1. Online Courses or Tutoring Services

A successful educator sees the global economy as his/her market. He/She does not limit himself/herself to the local market. He/She looks at the opportunities the global market has to offer. So in 2023, leverage technology to showcase yourself to the world as an accomplished educator who knows his/her onions.

You can offer tutoring services on your own website, on other platforms like Tuteria, PrepClass.ng, etc. You can also offer them as a Freelancer on Fiverr, Upwork.

2. Offer Consultancy Services

As a successful School Owner/Administrator with tons of experience managing schools, you can offer to consult for new schools, struggling schools at a Fee. Your consultancy services if we’ll positioned can generate revenues that can cushion financial constraints in your school.

3. Publish Digital Educational Products

Edupreneurs are well positioned to create and sell Ebooks, E-notes, E-textbooks, E-Lesson plans, to students, teachers and parents. Can you take time in 2023 to learn Amazon Kindle Direct Publishing? Can you learn how to create and publish Children books using Canva?

Yes, you can earn more as an Edupreneur in 2023 ONLY if you can think more of the business side of Education. 

Would you like a One-on-one session to help you create a digital product and session for your Education business? Let’s connect?