What do I do before I start my education business?

What do I do before I start my education business?

Maybe you’re a teacher who thinks they have the start of an idea for an education business and you’re thinking about exploring it, maybe you’re already out of the classroom and thinking about your next move, maybe you know you want an education business but don’t actually know where you need to start. There is so much work to do before you figure out how to register as a sole trader or a Limited company.

Ed and I committed to Classroom Secrets for 12 months before we actually formed the company. We also missed out a lot of things that we should have done in the beginning.

What do I need to ask myself?

I’ve got 7 questions that I would say you need to think about to start with.

  1. What am I selling?
  2. Who is my audience?
  3. Will they buy it?
  4. What will it cost me to set up and run in the first 12 months?
  5. What will be the price to the customer?
  6. Do the numbers work?
  7. Is this a side hustle or a long-term vision?

Getting clear on all of this before you start will help you work out whether you are going into education business for the right reasons and with the right mindset. I cover each of these questions in more detail in this episode of the Education Business Podcast.  

What do I need to invest in to begin with?

You might need to buy software, pay for a website, get an accountant etc. But there are other things worth investing in before you start your education business.

When starting out and the bank balance is low, we can easily decide that spending nothing is the best policy. But it is easy to hold onto that mindset when the money does start to roll in. You need to spend money to make money!

One example includes investing in a business mentor. We are good at figuring things out in business, sure. But if we want to grow and grow quickly, investing in a mentor can really help with this.  

What else do I need to do before I start my education business?

One thing you really need to do before you start is figure out what your vision for the company is and what values you want to translate into the company. This is super hard and something that will continue throughout your journey in education business.

What is your one true dream for your customer or for the education sector. What are the values that you bring to your business?

You also need to start to build your audience. You can do this before you even know exactly what your offering will look like because connecting with your customer will help you to shape it.

One final thing you should consider, it’s best to have a separate bank account to start things properly. It’s important as it helps you understand the money in your business, where it’s going and where it’s coming from. But also it makes a statement – your business is real!

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