How to start a career training class?

[Foster]

Hi Everyone,

I know this isn't exactly a normal Mustachian topic, but there are some very smart people who read this blog who's opinion I value highly, so I'd like to throw this question out to you.

My line of business (AML) has a glaring need in that the market is hot (companies are hiring) but there is a shortage of qualified workers. The reason for this shortage is twofold: 1. Many people are unaware of a career in AML. 2. No one goes to school for AML, and therefore transfers or "falls" into it from another profession.

Given this gap, I believe there is a market to train educated professionals in certain AML skills, and assist them in job placement. I won't get into specific details, but a fairly compact course along with simulated real-life work situations would absolutely prepare most people for a career within this field, and likely even get them hired.

I'm clearly only in the brainstorming phase of this business, so I was hoping to get some thoughts/links to relevant information regarding starting a training business. Has anyone ever started their own company? A training/educational company? What are some hidden pitfalls/expenses to take into account?

Thanks so much for any input you may have!

Also, if you are interested at all in this field, feel free message me with questions. No charge yet :)

[ShortInSeattle]

I run a training business, but what you are proposing is a bit different - more of a certification-style training business. It is tricky to get a training program recognized by an industry - and people won't come to you unless they believe the training will actually improve their prospects.

A few ideas: (Not necessarily in order)
1) Position yourself as an expert. Why are you qualified to run this program?
2) Trademark your biz/class name to minimize cut-rate copycatters. (Buy the domain name... set aside your first grand for legal costs)
3) Bring your curriculum to a coalition of employers who need these people. Would they hire your grads? Invite HR people and hiring managers.
4) Be realistic about the costs of facilities, materials, equipment, and insurance.
5) Make kick-ass curriculum. Are you an instructional designer or do you know one? Do you know adult learning theory or are you prepared to research it? What modalities will you use?  Classroom? Hybrid?

Lastly, investigate the size and sustainability of this opportunity. Sometimes the reason a gap exists is that the market isn't big enough, demand isn't high enough, or you can't squeeze blood from a stone. (no $$)

SIS

[exceljunkie]

Ok, I'll ask the newbie question. What is AML? Google search yields Acute Myeloid Leukemia and Anti-Money Laundering.

[Foster]

Ok, I'll ask the newbie question. What is AML? Google search yields Acute Myeloid Leukemia and Anti-Money Laundering.

You got it- it's Anti-Money Laundering.

@SIS

Thank you for an incredibly detailed answer. You absolutely seem to know what you're talking about, and those are all valid ideas you bring up. Addressing a few of your concerns, I'd like to be able to almost guarantee job placement upon completion of the course. Easier said than done, obviously, but I have a strong grasp o this field and realistically believe I can fully prepare and help someone get hired.