
Case Study: Anatomy of a $10M Online Education Business

I’m in the game of building a long-term, sustainable, audience-first education brand. Which is the business that most educators want to be in. With a niche education business, I think you have a different set of opportunities. The big opportunity you have on the table is your relationship with your audience. Students tend to gravitate to people.
Olly Richards • Case Study: Anatomy of a $10M Online Education Business
It's quite common for me to meet business owners who don't have a strong front-end product that really snugly matches what their audience most wants. This is often called ‘product-market fit’, although I think it might be better rephrased as ‘product-audience fit’. But, yeah, I know it doesn’t sound so good.
Olly Richards • Case Study: Anatomy of a $10M Online Education Business
We create a world for our fans, in which they can indulge, learn, and purchase to their hearts’ content.
Olly Richards • Case Study: Anatomy of a $10M Online Education Business
For StoryLearning, diversification of revenue streams was something that happened more organically than by design, to be honest. It began when I learnt from Dan Kennedy about the concept of unused capacity. This is the idea that we all have assets in our business which are underutilised, and can be put to work in one way or another.
Olly Richards • Case Study: Anatomy of a $10M Online Education Business
the important thing to understand is this – once we acquire a new customer (in this case, by selling the Core Offer), the way our business makes real money is by offering more to those existing customers. This is direct response marketing 101, and it always amazes me how many people don't understand this,
Olly Richards • Case Study: Anatomy of a $10M Online Education Business
This is a big lesson I've learnt over the years, and something I try very hard to do – identify upcoming bottlenecks in our strategy, and put people in place to alleviate them early. Putting people in place early makes sense from a strategic perspective, but it's also necessary because people take time to settle into roles. In my experience it's us
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Here is how I see the fundamental job of email within StoryLearning: To grow the relationship with my audience through education and entertainment To cement our positioning within the language learning space and keep us top-of-mind To learn about our audience - feedback on ideas, interest lists, random back-and-forth To help grow our other channels
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Systematise The Cash
Olly Richards • Case Study: Anatomy of a $10M Online Education Business
A business should create an abundance of time and resources for you to live life the exact way you want right now… not in the future.