LMS

7 tips to calculate the budget of implementing an LMS platform for training companies

Choosing the right LMS platform for your project is the first step towards the success of your corporate training strategy. But before choosing, it takes dedication and focus to evaluate all the options available on the market, which can seem like a super human task – amid so much information and alternatives, what should we analyze?

With this challenge in mind, we have separated 07 tips that will make this evaluation process much faster, simpler and more intuitive. Shall we check?

Study your current and future needs

The first step is to survey, study and understand what your company’s real training and management needs are. involve your employees in this process, as leaders are often unaware of problems faced by their teams on a day-to-day basis and that can be resolved with the right approach, for example.

Consider all aspects of your operation and don’t limit yourself to your current scenario – the future is just around the corner and needs to be considered. What are the main opportunities and challenges of your market in the medium and long term? What is missing for your team to prepare to face the competition and achieve better results? Structure your questions to get the answers transparently.

Know your team

 LMS platform

Each professional in your teams has a different background: beliefs, skills, experiences, academic backgrounds, everything has value and impact on your corporate training, so it is important to establish what your team’s current competencies are and what are the main gaps and needs. of learning that need to be worked on by your training. From this data it will be possible to develop specific content and activities to address these issues – and your LMS platform needs to be prepared accordingly.

 

How to calculate the cost of implementing an LMS platform

You need to create a realistic budget before securing funding for your new LMS platform for training. The finance team will likely not sign until they know how much it will cost and how it will benefit their bottom line.

The tricky part is looking for the hidden fees that can put you in the red, as well as finding a learning management system that offers the best value and minimizes maintenance costs. These 7 tips can help you calculate an LMS platform implementation budget that is accurate and easy to maintain as it includes all essential expenses.

1 – Search for prices of popular models

Is a single licensing plan the best option for your organization? Or should you choose monthly subscription plans to avoid high startup fees, even if it means paying more in the long run? The pricing model is the basis of your LMS platform for your company’s budget.

It tells you how much you have to pay upfront and monthly, so you can plan accordingly. Free options are other alternatives, but keep in mind the customization and maintenance costs. Free may end up costing you more than paid LMS platform options when everything is ready.

2 – Factors in Setup Fees

I mentioned launch fees briefly, but they guarantee your platform as there are so many factors at play. It’s not just buying the e-Learning tool and investing in equipment such as: Computers or tablets for online training. You should also consider the time it takes to overcome the LMS platform learning curve and hosting fees.

Do you need add-ons or updates right away to maximize functionality? Are there support services you should purchase to ease the transition for your team? They all belong in your LMS platform implementation budget. Another item to add to the expense sheet is unexpected delays in implementation, a small setback could delay the launch and hurt your budget.

3 – Determine the best pricing structure for your online training course sales

There are two main reasons why you need to define your pricing structure before choosing your new LMS platform. The first is knowing how much money will come in, you can estimate your profits to invest in an LMS that expands your margins. For example, you want to sell subscriptions to the online training course catalog, but you may not have enough room in your budget to buy an LMS right away.

However, a subscription-based LMS platform is more viable as you will see an increase in sales every month. The second reason is that you might find an LMS that suits your pricing structure, as some allow you to sell multiple users at once, while others are restricted to individual access to online courses.

4 – Calculate content production for online training

Unfortunately, you can’t just invest in an LMS platform today and start an online training course tomorrow. The Learning Management System is the framework, but you still need memorable online training content to deliver to clients.

How much will it cost to develop the online training resources? Does the eLearning authoring tool have built-in templates/templates to simplify the process? What about multimedia assets to use in content? Or will you have to invest in a third-party eLearning authoring tool to create online training courses?

5 – Record the true cost of your in-house team

Sales reps, admins, and designers are just a few of the people you need on your team, and they probably won’t work for free. You must account for the cost of hiring these key people to develop, deploy, and sell your product * .

Do you need to hire an IT specialist to set up the LMS platform? How about a support team to answer customer questions/calls? Will they receive a salary or will they be hired as consultants? Do you need to account for payroll and a benefits package?

6 – Calculate your marketing costs

Marketing costs are not directly related to your purchase of the LMS platform. However, you need to promote your virtual product to make the Learning Management System worthwhile.

You don’t want to spend all the money implementing your LMS platform so the online training course has no publicity. How much does it cost to launch an online marketing campaign? How long will it take and which marketers do you need to bring on board?

7 – Account for maintenance

An online training course is not carried out by itself. Of course, students can pay for the course and automatically access the content with minimal instructor/facilitator involvement. However, you should still keep the training course up to date.

For example, develop additional modules to generate extra revenue, or update the course to incorporate new regulations. Even monitoring LMS platform reports to identify gaps needs resources. Resources that go directly from your LMS platform to the companies budget.

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