How to Start a Webinar Business

Part 1 - How to start a Webinar business - Background

First introduced in 1999, webinars rapidly carved out their place in the cyber world. This digital tool is an effective way for hosts to offer advanced training, share innovative ideas and knowledge, and sell specific products and/or services. A webinar business is responsible for the design, development, and delivery of a live, internet-based class. Attendees have the opportunity to download shared educational material and ask questions at the end of the session.

Our guide is in 3 parts:

• Part 1 - How to start a Webinar business - Background
• Part 2 - Our planner tool to see if this idea is the right fit for you
• Part 3 - Action plan to get started

What are the costs involved in opening a Webinar Business?

Unlike many startups, the costs involved in opening a webinar business are fairly minimal. When developing your business plan, include the following items in your budget:

• Computer(s)
• High-speed internet
• Webinar software – Industry leaders encourage new business owners to thoroughly research their options before settling on a software solution. Attendees should not have to download anything to watch the webinar. The platform should be intuitive, with the capability to chat, offer Q&A sessions, poll viewers, and send out reminder/follow-up emails.
• Webinar kit – Kits include webcams and headsets and range from $200-$400
• Proper lighting
• Video, music, and stock imagery licenses
• Tool for payment processing

Minimize your initial expenses by working out of a home office. Just make sure the setting is professional and free of distractions.

What are the ongoing expenses for a Webinar Business?

Industry leaders report a total cost of $1,125 plus employee salaries for each webinar created. While these costs will fluctuate depending upon the specifics of each project, below is a breakdown of what your budget will look like:

• Webinar platform costs – $495
• Equipment – $30
• Advertising and marketing – $600
• Keynote speaker/presenter fees – Since hiring an expert presenter can prove quite costly; most webinar businesses utilize members of their workforce.

Who is the target market?

When mapping out a business plan, it’s important to consider what audience you plan to cater to. If your goal is to create webinars for organizations marketing their products/services, your marketing strategy should target businesses in need of your expertise. If you plan to take a more learning-based approach, your target market is anyone interested in the subject(s) you plan to teach.

How does a Webinar Business make money?

Hosting live, online events featuring verifiable experts on a particular subject is the most direct and profitable way for a webinar business to generate revenue. Organizations have now begun recognizing the value of webinars as part of their marketing strategy and are now hiring webinar companies to organize and host events to help promote their products or services.

How much can you charge customers?

There are a number of factors that should be taken into account when setting the price for a particular webinar. If you have direct competitors, what does their fee structure look like? What does the attendee have to gain from attending? Will this benefit them personally or professionally? Recent research by Leading Learning indicates the average webinar price is between $1.04 and $2.27 per minute, with most classes lasting between 60 and 73 minutes.

How much profit can a Webinar Business make?

If you host two webinars a month, limit capacity to 35 attendees, and have a fee of $199 per client, your business will gross $13,930. Annual total earnings would then be just over $167,000.

How can you make your business more profitable?

To boost annual profits, business owners are encouraged to make on-demand webinars available after the event has concluded. Recent reports indicate that as many as 25% of consumers attending webinars do so from their mobile devices. When shopping for the webinar provider that best fits your needs, consider partnering with one that is mobile-friendly and does not require downloads or plugins.

Day-to-Day and Growth

What happens during a typical day at a Webinar Business?

When not working to promote your business and gain new clients, your days will be spent putting your skills into action. Once you have determined the subject of a webinar, you will need to draft an action plan, outlining goals and specific tasks. A timetable should be mapped out with clear goals regarding when each assignment should be completed. Following this timeline, deviating only when absolutely necessary, will help minimize unexpected roadblocks and expenses.

Once the action plan and timetable have been defined, each task should be delegated to various team members, playing on their individual strengths and knowledge. In the week or two leading up to the live webinar, your team should go through several dry runs. This gives the speaker an opportunity to practice, test the software, and help identify and rectify any potential issues.

What are some skills and experiences that will help you build a successful Webinar Business?

As a webinar business owner, it is important to remember that attendees are looking for premium content. If a stock photo doesn’t match the content or it is riddled with spelling errors, your business will suffer. Therefore, attention to detail is of the utmost importance. Presenters must have a strong command of the English language and have mastered the art of communicating with individuals from a wide range of backgrounds. Marketing experience and mastery of the technical tools utilized by your company will also prove paramount to long-term success.

What is the growth potential for a Webinar Business?

Webinars are now recognized as one of the top ways for businesses to generate leads. In fact, 61% of marketing teams use webinars as part of their content marketing strategy. This fact, coupled with the fact that this business model is not constrained by factors such as time and location, ensures the potential for significant long-term growth.

What are some insider tips for jump starting a Webinar Business?

The most common mistake made in the industry is underestimating the time commitment required. Industry leaders recommend a timeframe of four to six weeks for each project. When planning a webinar, it is also important to keep in mind that timing is everything. Carefully map out the details of a webinar to ensure it has proper timing and adequate flow, and try to keep the length around  52 to 60 minutes. If the goal is to promote a product or service, the pitch should occur 30 to 45 minutes into the presentation and should promote benefits over features. Industry leaders also recommend tailoring webinars that deliver a face-to-face experience, utilizing the webcam, and limiting slides of text.

How and when to build a team

There are three chief players in developing a webinar – organizer, presenter, and assistant(s). As the business owner, it is critical that you consider your strengths and weaknesses and hire accordingly. Each team member should have a clear understanding of the business’s overarching goals and what is expected of them to ensure those objectives are met.

Part 2 - Is a Webinar business the right fit for you?

Part 3 - Action plan to launch your Webinar business in 90 days