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  Business owners are constantly seeking out new ways to get more money flowing into their businesses. Often, they go with increasing the volume of goods they sell. Sometimes they’ll introduce new products to their existing market, or reach into other ones. If you’re an entrepreneur who’s been in business for a while, there’s a good chance that you’ve considered taking at least one of these routes.
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But how about selling your knowledge to people who want to become just like you—a founder in your industry? Training programs could offer you an excellent way to drive up your revenues. You may teach a class of aspiring entrepreneurs all they need to know to become successful at running your kind of business and have them pay you for doing so. Or you could train individuals in the skills they should have if they’re going to be great employees in a company like yours. Here are six steps to setting up such a training program:

Decide What Knowledge or Skills are In Demand

It’s very likely that it takes knowledge about several aspects of human endeavour and multiple skills to keep your business operational. If that’s the case, you probably have at least a few courses to teach (and get paid for teaching). Which ones are in high demand? Those are the ones you should really consider training people in. Of course, you could also have single courses that educate prospective entrepreneurs in more than one skill, as they’d need to be versatile in order to start and run their own businesses.

Fix Prices for Your Programs

Next, come up with fair prices for your training programs. What constitutes a ‘fair’ price may be determined by a range of factors, including the demand for the skills that your training products, and what other trainers have charged for similar courses. Also, note the audience you’ll be targeting in your program; people belonging to a relatively well-off demographic will be more able to pay the fees you charge than persons who are in a lower income class.
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Choose Instructors

Some of your staff could be instructors at your company’s training programs. Ideally, the trainers will be your most skilled, technically sound employees. They will also have to be good communicators. However, if your business is the sort in which there’s little difference between the skills of the owner and employees (besides the owner’s management skills), you could handle the training yourself. We recommend this if your target audience is made up of aspiring entrepreneurs.

Pick a Mode of Learning Delivery

There are a number of ways to deliver lessons. In the old days, in-person training was all that was available. But while face-to-face engagement is still the preferred method for many business types, others can now afford to teach virtually. You could choose to hold the training program as one or more live webinars (on Instagram, Facebook, or another video meeting platform), or sell them as pre-recorded video courses.

Settle for a Fee Collection System

Here’s where you decide how to collect payments for your training. Thankfully, there are a number of payment gateways that you can utilize for this purpose. They allow you to generate a link to the training platform for prospective attendees as soon as they have paid for the program. But if the training will happen physically, you can ask them to present evidence of their payment before allowing them into the program’s venue.
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Promote Your Programs

Get the word out about your training, and let the public know what they stand to benefit from it. Share information about it on social media (you may run ads for it on Facebook or Instagram), post invitations to enrol on your website, announce the event on your notice board (if you have one), and mention it to everyone who cares to know (including your existing customers). These efforts, taken together, should generate enough interest from the people who you’d like to attend your program.

Final Words

If you have the deep knowledge to share, you have a potential source of income. Why not put it to work so that it generates even more revenue for your business? Featured Image Source: NetSuite
Got a suggestion? Contact us: editor@connectnigeria.com  
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This article was first published on 7th February 2023

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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