It’s on your mind – an education business. You’ve thought about starting one. You’re confident you can teach kids valuable skills and grow a successful business around it but is now really the right time?
Yes! Now is the right time to launch your business. Opportunities are booming in the STEM education space. It has never been more accessible or affordable to start an education business, so don’t let your dream slip through your fingertips.
It’s daunting to leap into your own business. Thankfully, entrepreneurship doesn’t have to be scary (or even risky).
Today, we’ll explore opportunities in the education sector, and then we’ll show you how to launch a science, technology, engineering, and math (STEM) startup with a roadmap for success.
The Future of Education Businesses
If you pay attention to world events, you know there’s been an uproar in education.
Parents feel their kids aren’t being taught valuable skills and knowledge that prepare them for the real world. As a result, they began to search for solutions outside conventional education.
Unfortunately, the number of non-traditional learning institutions is limited, especially in certain areas like STEM.
The education crisis is tragic for parents but great for entrepreneurs. It means a vast problem exists, and when you solve it, you can thrive.
According to a report by HolonIQ, education is predicted to be a $10 Trillion industry by 2030. The report states that this growth will be driven by four key factors.
Four Factors Driving Education Industry Growth
As the education landscape shifts, you can see how deep the pool of opportunity is for motivated entrepreneurs looking for their big “in.”
Let’s wade deeper into that pool to explore where STEM and related business models fit into this.
What Role Does STEM Play in the Education Boom?
We’ve already discussed how technological advancement and population growth will drive the education sector, but what does it mean for individuals at the ground level?
Artificial intelligence and automation have already replaced many jobs.
Technology allows humans to hand over tedious tasks that are better suited for computers, such as rapidly counting money, recording lengthy reports, and even some basic household chores.
So how do humans stay relevant as their occupations are replaced?
The answer sits within the development and operation of the technological systems that seem to be taking over.
For example, self-checkout systems do not magically appear in stores. There is an entire process from conception to creation to installation, and every stage requires human input.
Virtually all technological development follows a similar path. That path creates a need for humans at every milestone.
While some human jobs are replaced by technology, many more are created throughout the lifecycle.
Great, but what does that have to do with STEM?
To see the connection, we need to revisit the self-checkout cycle above.
Every phase of technology, from idea to delivery and beyond, requires skilled human labor and advanced problem-solving in science, technology, engineering, and math.
In other words, the technological process almost forces the labor market to reshape itself around these skill areas.
For this reason, many employers seek workers who have trained and studied in key STEM areas that allow their businesses to grow and scale.
Since technology tends to advance along an exponential growth curve rather than linearly, it means the demand for STEM education is on the verge of a massive explosion.
Image by MarketFit.co
By the way, you don’t have to look far into the future to see the growth explosion.
In fact, STEM is already in high demand, and that demand has increased 10-fold over the past decade.
What we’re seeing right now is learners switching in mass from liberal arts and humanities education to STEM fields where they can predictably secure future success.
Simply put, STEM is the field of choice for students looking for the best opportunities to create a successful career.
A Peek Into STEM Business Opportunities
By now, you have an idea about the significant role STEM will play in the rapidly growing education market across the next decade.
But what business opportunities does that present for you?
As discussed above, education at all levels will continue to shift in favor of STEM fields for the foreseeable future.
Does that mean you should open a college?
Conventional college markets are already dominated by major corporations and institutions with billions in funding, making it virtually impossible for entrepreneurs to enter the space.
The REAL opportunity exists beyond the doors of education institutions.
Think about it.
Parents want a better life for their children. How do they ensure their child’s success? They pay for specialized training beyond what conventional education offers.
That specialized training is where you come in.
When you provide local STEM education, you solve a problem that motivated parents desperately crave solutions (and are willing to whip out their wallets) for.
The best part is that a proven, replicable path to do this already exists; now, it’s time to walk you through it.
How You Can Start a Local STEM Business Fast
There are two paths to start a STEM education business.
On the first path, you start from scratch and take on all of the steps to get up and running.
In that approach, you’ll need to consider a long list of questions like:
Frequently Asked Questions
- Where do I start?
- What training do I need?
- Do I need to get a business license?
- Do I need to create a business entity, and how?
- What are the legal responsibilities?
- What are the liabilities, and how much insurance do I need?
- Will I need to hire an accountant?
- Should I purchase a physical location, and how?
- How do I develop a curriculum that works?
- How do I partner with schools?
- How do I attract and hire instructors?
- What standard operating procedures do I need?
- How do I market my business?
- How do I get parents to trust me?
- What if I can’t figure out how to make it work?
- How do I avoid expensive lawsuits or going bankrupt?
- How do I avoid getting shut down by the government, the IRS taking everything I’ve ever owned, and spending the next decade in prison?
Yikes! Those are hard questions!
The good news is, there’s a second path (we think it’s way more manageable).
On the second path, you don’t have to figure out any of that independently because we’ve already figured it out for you.
With this path, you invest in a proven business model You get everything you need to launch and grow a successful education business, even if you’ve never started a business before.
For instance, when you invest in an iCode Franchise, you’ll avoid almost all of the risks associated with traditional entrepreneurship because you’ll leverage our proven, step-by-step systems and processes.
We’ve already solved the problematic questions above (plus a bunch more that you haven’t thought of yet).
We’ve also perfected the STEM business model and removed all of the guesswork.
You don’t need to know how to code, network, or operate a business as long as you’re motivated to succeed and willing to learn.
When you invest in your iCode Franchise, you leverage all of our experience, history, and established branding as a catapult for your business.
Additionally, you’ll have ongoing support every step of the way, so even when you have questions about marketing, hiring, partnering, etc, you can easily get the answers you need to keep your business moving forward.
What are the Next Steps?
If you’re interested in the second path, we’re standing by to help you get started.
You can find answers to frequently asked questions here.
If you’d rather have a look at the big picture and see our step-by-step roadmap, swing by our Next Steps page.
When you invest in an iCode Franchise, you do more than open a business. You start with a detailed plan for success and leverage a mountain of resources to help you grow and scale.
You’ll get a dedicated territory for your location, so you never have to worry about competition.
Plus, you’ll tap into several revenue streams, so you don’t have to rely on a single source of income once you get going.
iCode Franchise partners with major organizations like Texas Instruments, the Girl Scouts, DJI Education, and more.
We’re featured all over the globe by major media outlets, including ABC, NBC, CBS, and FOX.
If you like proven systems, this is one of the best ways to start your STEM education business.
Click here when you’re ready to learn how we can help you open the doors to your education business.