Start An Educational Technology Product - Business Ideas

Updated: September 15th, 2022
Start An Educational Technology Product

Please note that the data provided in this article are estimates and may vary depending on various factors, and should not be considered as perfect or definitive.

Starting an educational technology product requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell educational technology product, or selling educational technology product online, you can use this page as a guide for everything you'll need to know.

Key Stats

market size
$998B
revenue (monthly)
$53.3K
starting costs
$13.7K
gross margin
40%
avg product price
$250
time to build
210 days
growth
SEO
business model
Subscriptions
time investment
Full time

Startup Costs

Min Startup Costs Max Startup Costs

Office Space Expenses

$0

$7,000

Inventory Expenses

$350

$14,750

Software Expenses

$150

$2,794

Website Costs

$13

$215

Advertising & Marketing Costs

$0

$2,450

Total Startup Costs

$513

$27,209

Successful Businesses

Business URL Rank

Digital Learning & Online Textbooks – Cengage

cengage.com

647

QuillBot

quillbot.com

2,184

Top Hat

tophat.com

6,186

Edupoint.com

edupoint.com

15,299

EAB

eab.com

20,684

Frontline Education

frontlineeducation.com

24,958

GoGuardian

goguardian.com

35,273

University of California

ucop.edu

72,063

Conduent

conduent.com

73,319

EDC

edc.org

97,134

RM Group

rm.com

145,223

Pros & Cons

Pros Description

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Ability to start your business from home

It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!

Little startup costs required

The cost to start a educational technology product costs significantly less money than most businesses, ranging anywhere from 12 to 27,209.

Rewarding work

Starting a educational technology product can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.

Scalable

With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.

Traffic to your website

A educational technology product gives people a reason to visit your website and to keep coming back to you!

Cons Description

Crowded Space

Competition is high when it comes to your educational technology product, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.

Finding The Right Supplier

Most businesses in this space go the supplier/manufacturer route, which isn't a bad thing! However, finding the right supplier can take a lot of time, energy and trial/error. If done properly, this process can save you months (if not years) of time and energy. More on this below in the "finding a supplier" section.

Security Issues

With any Saas business, data loss and security issues may arise throughout your process of building your product. It's critical that you understand exactly what you're responsible for and how to avoid potential issues down the road.

Lack of benefits

With a educational technology product, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.

Isolation

Often times, as a educational technology product, you typically work alone and do not have much face-to-face interaction with other team members.

Taxes

As a educational technology product, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.

Marketing Ideas

  • 1

    Affiliate Program

    Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.

    Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.

    The affiliate typically gets a unique link where clicks and conversions can be tracked.

    Learn more about affiliate program ➜

  • 2

    Word of mouth

    Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.

    Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.

    According to Nielsen, 92% of people trust recommendations from friends and family.

    Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.

    Learn more about word of mouth ➜

  • 3

    Social Media Advertising

    Social media advertising is the use of social media platforms to connect with your audience with the objective to build your brand, increase sales, and drive website traffic.

    According to Oberlo, approximately 48% of the global population use social media, and the number is ever-growing.

    Therefore, social media allows brands access to cost-effective advertising by enabling them to interact with a large audience.

    Learn more about social media advertising ➜