The inventory-to-internet switch may seem like a completely new way of running a business –but it doesn’t have to be.
6 min read
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The global e-learning market has been growing steadily for years.
At the end of 2019, it was valued at $187.877 billion. The need to work online and the demand for online educational services has only increased by the pandemic. Estimations for 2020 consider a value of over $200 billion and could rise to $376 billion by 2026. Switching to e-learning has led to an average income increase of 42% for U.S. organizations. Take the increased eyes on internet yoga lessons, for example. With the widely shared stress and anxiety due to the circumstances, a U.S. survey from April 2020 shows that 18% of respondents between the ages of 18 to 44 is very interested in learning yoga or meditation through online courses and 25% somewhat interested. Those are some really hopeful numbers.
1. Less is more
It’s clear there is a market for online yoga services, but switching from physical to digital services isn’t easy. It comes with anxieties surrounding financial goals, enrollment success and fears of failure. When it comes to launching online, many entrepreneurs find it’s best to plan based on the MVP principle and the Lean Start-Up Methodology.
MVP stands for minimum value product, meaning the manufacturing of a product with the minimum required features to be of value to customers, who’ll provide feedback for future development. Lean Start-Up is a methodology for starting a business or developing a product that is based on a built-measure-learn feedback loop that eliminates the uncertainty of the process and helps you quickly discover whether the endeavor will succeed and minimizes the losses with failure. I call it the “skinny launch” and it is based on the less is more principle. You won’t do unnecessary work and waste time while creating a template that you can reuse and expand on for the next launch. It makes the process less stressful and helps you build the confidence to keep moving forward with each succeeding launch.
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