Teaching your abilities online may be quite lucrative, much like an online course enterprise.
To remain competitive and fully enjoy the wonders of the digital age, everyone (even children and elderly) needs to have a certain level of technological proficiency.
You can see the need of computer training for our generation by looking at how learning platforms like Codecademy and Treehouse continue to expand (thus making great business ideas to train others if you already have the skills).
If you’re tech-savvy, you can capitalize on this need by starting a side business teaching others in your community or online through websites like YouTube or Udemy. You can also create your own teaching website with an online payment mechanism.
Follow these 10 steps to start a computer training business:
- Obtain the Required Licenses & Permits for Your Computer Training Business.
- Open a Business Bank Account & Credit Card.
- Plan your Computer Training Business.
- Register your Computer Training Business for Taxes.
- Set up your Business Phone System.
- Create your Computer Training Business Website.
- Define your Computer Training Business Brand.
- Form your Computer Training Business into a Legal Entity.
- Set up Accounting for your Computer Training Business.
- Obtain Business Insurance for Computer Training.
STEP 1. Obtain the Required Licenses & Permits for Your Computer Training Business.
Heavy fines or even the closure of your business may be imposed if the required permissions and licenses are not obtained.
STEP 2. Open a Business Bank Account & Credit Card.
For the protection of personal assets, it is crucial to use special business banking and credit accounts.
Your personal assets your home, vehicle, and other valuables are at danger if your business is sued if your personal and business accounts are combined. This is known as “piercing your corporation veil” in business law.
Additionally, understanding how to establish business credit can help you secure loans, credit cards, and other funding under your company’s name rather of your own, as well as get better terms and credit limits.
Opening a business bank account is necessary for several reasons, including:
- separation of your personal assets from those of your business is a requirement for personal asset protection.
- simplifies bookkeeping and tax filing.
STEP 3. Plan your Computer Training Business
For an entrepreneur to be successful, they must have a clear plan. You can use it to map out your company’s specifics and identify some unknowns. A few crucial subjects to think about are:
- Who is your target market?
- How much can you charge customers?
- What are the startup and ongoing costs?
- What will you name your business?
Fortunately, we have already done a lot of the research for you.
Who is the target market?
Spend a lot of time investigating which computer abilities are in great demand before writing your comprehensive company plan. Determine which market segments are saturated and steer clear of them. Concentrate on markets with inadequate training. This will enable you to design a targeted marketing strategy and precisely define your target market.
Target niche examples include:
- Human resources software training
- Real estate agents who lack desktop publishing skills
- Patient management software training for physicians and medical staff
- Fortune 500 companies who require Microsoft training for their workforce
- Individuals who have just purchased their first computer
How much can you charge customers?
Depending on the course and educational environment, prices will change. A fundamental online computer course could cost $50, whereas more in-depth instruction could cost $180 per participant. Depending on the subject covered, a private training course typically costs between $50 and $70.
What are the startup and ongoing costs?
Depending on the business concept, different business types have different startup costs. Many computer educators go visit clients or conduct online courses while working from home. Others make a strong impression right away by opening a school equipped with cutting-edge technology.
A home-based computer education program can be started with just a few other things: computers, software, training materials, insurance, and money for marketing. For no more than $2,500, this is possible.
However, opening a training facility necessitates a far larger initial investment. Costs range from $55,000 to $80,000 for an 850 square foot facility outfitted with numerous computers, furnishings, fixtures, and employees. The precise expenses depend on your location, how many team members you hire, and how much equipment you intend to start with.
STEP 4. Register your Computer Training Business for Taxes.
Before starting a business, you must register for a number of state and federal taxes.
You must apply for an EIN in order to register for taxes. Really simple and cost-free!
Taxes on small businesses.
Your options for how your business will be taxed may vary depending on the business form you select. For instance, some LLCs might benefit from S corporation (S corp).
STEP 5. Set up your Business Phone System.
One of the easiest ways to maintain privacy and separation between your personal and professional lives is to set up a business phone. Not only that, but it also helps you automate your business, provides it respectability, and makes it simpler for potential clients to find and get in touch with you.
Entrepreneurs that wish to install a company phone system can choose from a wide range of services. The best businesses have been examined and ranked according to their cost, features and usability.
STEP 6. Create your Computer Training Business Website.
The next step after establishing your logo is to build a website for your company.
Although developing a website is a crucial first step, some people might worry that they can’t do it since they have no prior website-building knowledge. Although this would have been a valid concern in 2015, online technology has advanced significantly in recent years, greatly simplifying the lives of small business owners.
The following are the major justifications for not delaying the creation of your website:
- All reputable companies have websites, period. When it comes to putting your business online, it makes no difference what size it is or what industry it is in.
- Social media profiles for businesses on sites like Facebook or LinkedIn are not a substitute for a website that you own for your company.
STEP 7. Define your Computer Training Business Brand.
Your company’s brand is what it stands for and how the public views your organization. Your company will stand out from rivals with a powerful brand.
STEP 8. Form your Computer Training Business into a Legal Entity.
If your computer instruction firm is sued, creating a legal business entity, such as an LLC or corporation, shields you from being held personally accountable.
You can either engage one of the Best LLC Services for a modest, additional fee or you can form an LLC yourself while simply incurring the minimal state LLC costs.
STEP 9. Set up Accounting for your Computer Training Business.
Understanding your business’s financial performance depends on keeping track of all of your expenses and revenue sources. Maintaining precise and thorough records also makes submitting your yearly taxes much simpler.
STEP 10. Obtain Business Insurance for Computer Training.
Similar to how a business needs licenses and permits to function legally and safely, insurance is also necessary. The financial stability of your business is safeguarded by business insurance in the case of a covered loss.
For various business kinds with various risks, there are many insurance policy types. If you’re not sure what risks your company might encounter, start with general liability insurance. It’s a great place to start for your company because this is the coverage that small businesses require the most frequently.