4 Ways Apprenticeship Training Providers Can Increase Revenue
So you are one of the lucky RoAPT listed apprenticeship training providers who survived the pandemic and passed the RoAPT reapplication process. Now you’re looking for ways to increase revenue fast. In this post, Eddy Rolando, Managing Director of CyberNexus Training, explains the four ways you can do this:
1. Increasing employer engagement
2. Expand the apprenticeships you offer
3. Deliver high-value apprenticeships
4. Use metered delivery partnerships.
Here’s how to apply these strategies:
1. Increasing employer engagement means attracting more employers, hoping that each will sign up at least one apprentice. This strategy is relatively straightforward: more employers should equate to more apprentices, and assuming the funding per apprenticeship stays the same, this will bring in more money. You will have to ask your existing sales staff to work harder, more efficiently, or for longer hours to sign up more employers. Alternatively, you will need to employ more sales staff. You may also need to increase the number of tutors, assessors, and administration personnel. All options will increase costs and administration efforts with no guarantee of success.
2. Your second option is to expand the apprenticeships you offer or add more apprenticeships to your list of Many RoAPT listed apprenticeship training providers that have successfully scaled up by adding apprenticeships related to their existing offerings. It sounds like a simple option, but it’s not. You are effectively building new income steam. You will need to design new delivery models and course material to match the new Standards document. Existing tutors and assessors may need upskilling, or in cases where ‘industry-experienced personnel is mandatory, recruitment may be the only option. Whichever way you go, there will be high setup costs and no guaranteed success, just like the first option.
3. Delivering high-value apprenticeships means adding apprenticeships with high funding value to your list of services. I can tell you that any ‘digital’ apprenticeship attracts high-value funding. So let’s assume you pick a L3 digital apprenticeship. Getting industry-skilled digital professionals is expensive. Think about it; Why would anyone skilled in their digital profession take a pay cut to train as a tutor or assessor and work in apprenticeships? One employer told me that she was bamboozled with tech talk and acronyms at the interview, but she couldn’t challenge anything because it was outside her skill set. She later found that she had employed a technical lightweight who could not teach and lacked the skills to motivate or inspire her apprentices. The result was a very high dropout rate. Not something RoAPT listed apprenticeship training providers want!
Another issue with this option is setup cost. Let’s assume you hired your ‘digital’ expert, trawled through the Standards document, and somehow created the delivery plan and course material. Now you have to find 10 or so apprentices to cover your costs and show a profit, which leads to more employer engagement personnel and more costs. …and still no guarantee of success!
4. To utilize a metered delivery partnership, you will partner with RoAPT listed ‘Support’ Training Provider CyberNexus Training. With this option, you could be delivering the hugely popular Digital Marketer and Junior Content Producer apprenticeships just 30 days from now. These apprenticeships attract between £11-12k in funding and are delivered over 12-18 months. You should consider this option even if you already offer these apprenticeships. The profit margins are easily measurable and outstanding!
What’s so good about this option?
- Zero setup cost
- Marketing can start immediately
- No long-term commitment
- National coverage
- Metered usage (only use the service when you sign up an apprentice).
What does CyberNexus Training offer?
- Employer engagement leads & support
- Apprentice recruitment support
- A proven training & assessment delivery model
- A proven track record – 40% of our apprentices have achieved a ‘distinction’ pass.
- Digital tutors and assessors who are PTLLS, CAVA, CET, and EPA-qualified
- Support to obtain City & Guilds or BCS Centre approval.
- Support for AIM, City & Guilds, and BCS End Point Assessment.
- A guarantee that we will do everything possible to provide you and your apprentice with the best support and training services possible.
We welcome the opportunity to provide you with more details of our ‘Digital Apprenticeship in a Box’ offer, either over a telephone or Zoom call or face to face. Contact us to arrange a time. You won’t regret it!
What other ways are there to increase revenue? Let us know your thoughts in the comments section below…