Start A Skills Training Business - Business Ideas
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.
It is a great idea to start a skill training business with a website-oriented online presence, aimed towards helping people learn new skills. Starting your own skills training business doesn’t require a lot of money, but it can have a significant impact on your life and others.
The global skills training market is expected to reach $47.2B by 2027. If you’re looking for financial freedom, starting your own skills training business is the way to go. Training clients and building an impressive portfolio will allow you to charge higher rates and start living the life of your dreams.
Starting a skills training business requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell skill training, or selling skill training online, you can use this page as a guide for everything you'll need to know.
Key Stats
Startup Costs
Min Startup Costs | Max Startup Costs | |
---|---|---|
Office Space Expenses |
$0 |
$7,000 |
Employee & Freelancer Expenses |
$151 |
$352 |
Website Costs |
$223 |
$7,215 |
Business Formation Fees |
$600 |
$4,700 |
Equipment & Supply Expenses |
$63 |
$200 |
Software Expenses |
$162 |
$3,069 |
Advertising & Marketing Costs |
$0 |
$3,050 |
Training & Education Expenses |
$0 |
$850 |
Specific Industry Expenses |
$399 |
$799 |
Total Startup Costs |
$1,598 |
$27,235 |
Case Studies
Successful Businesses
Business | URL | Rank | |
---|---|---|---|
DWD |
intraining.dwd.in.gov |
4,876 |
|
Grow With Google |
grow.google |
11,733 |
|
TrumpExcel.com |
trumpexcel.com |
16,285 |
|
GoSkills.com |
goskills.com |
43,407 |
|
Frontend Mentor |
frontendmentor.io |
44,375 |
|
International Institute of Business Analysis™ |
iiba.org |
77,074 |
|
DoD SkillBridge |
dodskillbridge.usalearning.gov |
77,307 |
|
ScreenSkills |
screenskills.com |
136,886 |
|
Closers IO |
closers.io |
155,251 |
|
Marketplace SuperHeroes |
marketplacesuperheroes.com |
162,642 |
|
Emphasis |
writing-skills.com |
190,180 |
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! |
Rewarding work |
Starting a skills training business 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. |
Meaningful business connections |
You never know who you will meet as a skills training business. This could be the start of an incredible business opportunity! |
High customer retention rates |
Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer. |
Cons | Description |
---|---|
Motivation of employees |
If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees. |
Low margins |
The gross margins for your skills training business are typically around 47%, which can make it more challenging to incur new expenses and maintain profitability. |
High employee turnover |
In the skills training business, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment. |
Taxes |
As a skills training business, 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. |
Stressful work |
This line of work can be stressful for both you and your clients. This type of transaction is a significant financial decision for your client, so expectations are very high for you. Although this career path can be very rewarding, it also comes with its challenges and stressful moments. |
Niche Market |
A niche business is not necessarily a bad thing, in fact, it can be the key to your success. However, it can be more challenging and time consuming to find the perfect niche market and target audience. |
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.
-
2
Direct Sales
Direct sales strategy implies a direct contact between a seller and a consumer without the involvement of any third party. Direct selling is popular in sectors where sellers communicate with their clientele personally. The sales technique occurs at non-store locations which include at home, work, or online.
For direct selling to succeed, hire a few (or many) salespeople to support the sales conversion process. It's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.
-
3
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.
Join our free weekly newsletter and get them right now.
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings