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I'm still working on the name, but let's call it 'Study buddy' for now.
Good day fellow fastlaners. The purpose of this thread is both to introduce myself and share my fastlane business idea. I want to be held accountable to aid my execution, so I will make regular posts to share my progress.
My name is Jonathan. I have read TMF, and it has changed my beliefs about life and finances. I also came up with an idea while reading and I want to make that idea a reality. I am very excited about this project and I have the support of my girl friend and my mother, and now I hope that I will have the support of this forum (of course, I will try to give back value to this forum where possible).
My idea: I live in a third world region in which all secondary school students have to take a major Exam at the end of their secondary studies. There is a great demand for private lessons, to the point where almost every student takes lessons for at least one subject. My idea is to create passive online lessons (which no one is doing right now). I want to:
-take the syllabi for all the subjects and create quality video modules for each topic
-create memory aids to help the student retain the information, and
-create content so that the student can practice answering questions to build confidence in what they would have learned (in time, as the business makes money, I will invest in interactive software and games so that they can learn through playing games etc.)
Is it fastlane? Yes.
Control-I determine the price of my product plus the market size based on the countries that I target, so that I get C.U.L.
Entry-No one is giving online lessons. (The benefits of online vs private, in person lessons are: 1) Learn at your own pace, 2) Learn from the comfort and safety of your own home...Safety is big because crime is rampant here, 3) Quality teaching and material, 4) Immediate feedback on learning, 5) I am able to offer better prices) In time, I can even higher tutors for private 1 on 1 online lessons. So that I can offer the same benefit of in person lessons. I prefer not do this however, as it will subtract from the passivity and automation from my system.
Need-The fact that there is a great demand for in person private lessons shows that there is a market. In addition, education at this level is mandatory and stressed as a passport out of poverty (in the third world culture).
Time-I love this aspect of it. 10 Years from now, the principles of math and business etc will all still be the same. The content will still be relevant. I may need to make a few minor adjustments as they add or subtract minor things from the syllabi. 10 years from now, my content will still be relevant. If executed right, students just need to subscribe for as long as they need then unsubscribe. Which means, passivity and automation.
Scale-The market size is roughly 320,000 potential customers. Because students move up a grade every year, this means every year I have a set of 320,000 new students and as such, potential customers.
Market size: 640,000
1+2) Math and English-84,000 + 85,000* respectively
3)Business-30,000*
4)Information Technology-22,000*
5)Accounts-18,000*
6)Biology-16,000*
7)Physics-14,000*
8)Chemistry-14,000*
*Number of candidates in 2015 region wide
Approximately 320,000 student entries. The exam requires two grades to prep. So the true market size is roughly 640,000.
Potential income
The figures in red represent the percentage of the market in my country.
The figures in green represent the percentage of the market region wide.
*200 per month represents my currency, so I have put the USD equivalent.
I created a projection from 1 student to 50,000. Honestly, based on my experience with poverty, if I only had 1 student all my life, it would still be worth it. With only 15 students, in 40 years I would have over a million in my currency. There is no reason for me not to execute this project.
Plan of action
1.Learn how to use word press sufficiently to do the following:
Topical progress monitor
Student profiles with avatars
Subscriptions-Recurring billing credit cards or 3 month, 6 month packages
Family packages-2-5 children
Feedback graphs + percentages-Parental Accountability
Testimonials
Profile comparison charts?
Level of usage monitoring
Habit forming design
Trial account-Try before you buy
Flash cards
Progress badges/tracking-Badge OS
2. Find:
Theme
Logos and icons
Pictures
Video intro/end with theme song
Website logo
Plugins
3.Mission Statement
4.Research and gathering phase-for understanding and remembering components
Best books
Best online content
Videos
5.Repackaging Phase-Use word press plugins and tools to package content
Repackaging checklist
General
Is the entire syllabus covered?
Is it systematically organized?
Are we using a unifying theme?
From student’s perspective-Questions to ensure the content is the quality that I want.
Understanding
Holistic learning-Can the student see the bigger picture?
5 year old technique-Is this idea presented in a simple manner?
Multimedia-Are videos, pictures, sketches etc. used?
Attention keeping?
Does the information seem common sense and make connections with things the student already knows? Better than what they hear in school?
Why is this important? Can the student see the importance of the idea in real life?
Hook-Is there a hook that makes the student want to see the next lesson?
Is the understanding component itself worth the price?
Remembering
Memory tips-Are cue associations, episodic memories, sounds used to help the student remember effortlessly and efficiently?
Is the remembering component itself worth the price?
Practice
Is there enough practice to build true confidence? (10 questions per topic)
Is the practice sufficiently challenging?
Is the practice component itself worth the price?
Things to acquire
Physical assets
Canon Vixia HF R600 1080p HD Video Camcorder+SD Card-242USD
Huion 8 x 6 Inches Digital Graphic Drawing Tablet - 680s-40USD
Transcend USB 3.0 SDHC-7USD
Seagate Expansion 1TB Portable External Hard Drive USB 3.0-55USD
Green screen
Lighting-My computer lamp
Syllabi
Books and other materials
Total thus far=344
Software
Website-bluehost.com and wordpress.org-$1200. Per year
Adobe after effects
Adobe captivate smooth draw
Current roadblocks
I am broke
I am unemployed
Only my girlfriend and myself are planning to create the content, so it is alot of work for us both. I presume this is the trial of process.
Thanks for taking the time to look at my post! In the end, I realize that fastlane is about making us better persons. It's not about selfishly getting rich, but enriching the lives of millions. Wealth is the by product. I suspect though, that by the time the bank account is fat, it would not be the riches that satisfies, but the awareness of the number of lives we enriched.
Good day fellow fastlaners. The purpose of this thread is both to introduce myself and share my fastlane business idea. I want to be held accountable to aid my execution, so I will make regular posts to share my progress.
My name is Jonathan. I have read TMF, and it has changed my beliefs about life and finances. I also came up with an idea while reading and I want to make that idea a reality. I am very excited about this project and I have the support of my girl friend and my mother, and now I hope that I will have the support of this forum (of course, I will try to give back value to this forum where possible).
My idea: I live in a third world region in which all secondary school students have to take a major Exam at the end of their secondary studies. There is a great demand for private lessons, to the point where almost every student takes lessons for at least one subject. My idea is to create passive online lessons (which no one is doing right now). I want to:
-take the syllabi for all the subjects and create quality video modules for each topic
-create memory aids to help the student retain the information, and
-create content so that the student can practice answering questions to build confidence in what they would have learned (in time, as the business makes money, I will invest in interactive software and games so that they can learn through playing games etc.)
Is it fastlane? Yes.
Control-I determine the price of my product plus the market size based on the countries that I target, so that I get C.U.L.
Entry-No one is giving online lessons. (The benefits of online vs private, in person lessons are: 1) Learn at your own pace, 2) Learn from the comfort and safety of your own home...Safety is big because crime is rampant here, 3) Quality teaching and material, 4) Immediate feedback on learning, 5) I am able to offer better prices) In time, I can even higher tutors for private 1 on 1 online lessons. So that I can offer the same benefit of in person lessons. I prefer not do this however, as it will subtract from the passivity and automation from my system.
Need-The fact that there is a great demand for in person private lessons shows that there is a market. In addition, education at this level is mandatory and stressed as a passport out of poverty (in the third world culture).
Time-I love this aspect of it. 10 Years from now, the principles of math and business etc will all still be the same. The content will still be relevant. I may need to make a few minor adjustments as they add or subtract minor things from the syllabi. 10 years from now, my content will still be relevant. If executed right, students just need to subscribe for as long as they need then unsubscribe. Which means, passivity and automation.
Scale-The market size is roughly 320,000 potential customers. Because students move up a grade every year, this means every year I have a set of 320,000 new students and as such, potential customers.
Market size: 640,000
1+2) Math and English-84,000 + 85,000* respectively
3)Business-30,000*
4)Information Technology-22,000*
5)Accounts-18,000*
6)Biology-16,000*
7)Physics-14,000*
8)Chemistry-14,000*
*Number of candidates in 2015 region wide
Approximately 320,000 student entries. The exam requires two grades to prep. So the true market size is roughly 640,000.
Potential income
The figures in red represent the percentage of the market in my country.
The figures in green represent the percentage of the market region wide.
*200 per month represents my currency, so I have put the USD equivalent.
I created a projection from 1 student to 50,000. Honestly, based on my experience with poverty, if I only had 1 student all my life, it would still be worth it. With only 15 students, in 40 years I would have over a million in my currency. There is no reason for me not to execute this project.
Plan of action
1.Learn how to use word press sufficiently to do the following:
Topical progress monitor
Student profiles with avatars
Subscriptions-Recurring billing credit cards or 3 month, 6 month packages
Family packages-2-5 children
Feedback graphs + percentages-Parental Accountability
Testimonials
Profile comparison charts?
Level of usage monitoring
Habit forming design
Trial account-Try before you buy
Flash cards
Progress badges/tracking-Badge OS
2. Find:
Theme
Logos and icons
Pictures
Video intro/end with theme song
Website logo
Plugins
3.Mission Statement
4.Research and gathering phase-for understanding and remembering components
Best books
Best online content
Videos
5.Repackaging Phase-Use word press plugins and tools to package content
Repackaging checklist
General
Is the entire syllabus covered?
Is it systematically organized?
Are we using a unifying theme?
From student’s perspective-Questions to ensure the content is the quality that I want.
Understanding
Holistic learning-Can the student see the bigger picture?
5 year old technique-Is this idea presented in a simple manner?
Multimedia-Are videos, pictures, sketches etc. used?
Attention keeping?
Does the information seem common sense and make connections with things the student already knows? Better than what they hear in school?
Why is this important? Can the student see the importance of the idea in real life?
Hook-Is there a hook that makes the student want to see the next lesson?
Is the understanding component itself worth the price?
Remembering
Memory tips-Are cue associations, episodic memories, sounds used to help the student remember effortlessly and efficiently?
Is the remembering component itself worth the price?
Practice
Is there enough practice to build true confidence? (10 questions per topic)
Is the practice sufficiently challenging?
Is the practice component itself worth the price?
Things to acquire
Physical assets
Canon Vixia HF R600 1080p HD Video Camcorder+SD Card-242USD
Huion 8 x 6 Inches Digital Graphic Drawing Tablet - 680s-40USD
Transcend USB 3.0 SDHC-7USD
Seagate Expansion 1TB Portable External Hard Drive USB 3.0-55USD
Green screen
Lighting-My computer lamp
Syllabi
Books and other materials
Total thus far=344
Software
Website-bluehost.com and wordpress.org-$1200. Per year
Adobe after effects
Adobe captivate smooth draw
Current roadblocks
I am broke
I am unemployed
Only my girlfriend and myself are planning to create the content, so it is alot of work for us both. I presume this is the trial of process.
Thanks for taking the time to look at my post! In the end, I realize that fastlane is about making us better persons. It's not about selfishly getting rich, but enriching the lives of millions. Wealth is the by product. I suspect though, that by the time the bank account is fat, it would not be the riches that satisfies, but the awareness of the number of lives we enriched.
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