We talked to Parth Jain, Co-Founder of Studysid, about how to choose among the top classes and earn money while doing it, and this is what he said:
First of all, how are you and your family doing in these COVID-19 times?
Parth Jain: Fortunately, everyone is doing well in spite of a few cases at home everything is fine.
Tell us about you, your career, how you founded Studysid.
Parth Jain: So I was initially in Science & post 12th shifted to a career in Commerce & studied accounting & finance from Jaihind college.
I have always had a keen interest in selling & finding ways to market products/Services & have done various gigs around the same. Regarding my partner Parth Shah, he is a computer engineer with over 7 years of work experience.
We founded this company after having joined over 40+ classes in our studying journey & seeing pain points a student faces right from selecting a class to the pressure of cracking an exam under immense pressure & competition.
How does Studysid innovate?
Parth Jain: We are working towards being the first company that focuses on creating an ecosystem in the exam domain that can be the “Zomato of Education” with a simple goal of :
1. Helping students take a smart call on the content provider/class they want to learn from for their test prep exam by providing them maximum information as well as scholarships on their coaching.
2. Handholding students to unlock their true potential & perform the best & get closer to cracking an exam amongst all the competition with a bunch of real value ads to assess their performance constantly during the exam journey, connecting with dream mentors to address personal doubts & constant doubt solving to provide real-time support.
How does the coronavirus pandemic affect your business finances?
Parth Jain: Like most of the businesses Covid did affect us & moreover for the initial 6 months it impacted Sales as though a lot of learners came online for the first time it impacted their decision of enrolling into classes due to uncertainty around the exam, future as well as financial restrictions.
However, we used the time smartly to work on the product which has helped us prepare an engine that is now yielding strong growth.
Did you have to make difficult choices regarding human resources and what are the lessons learned?
Parth Jain: Yes we did have to make a few decisions to increase our runway as sustainability was crucial. We did the following :
1. Reduced Salaries by 25% for 4 Months
2. Both of us Founders took no Salary for 4 Months
3. We halted a few R&D projects at that time which were being worked upon by 3 freelancers & eventually started it again post-Dec ‘2020
4. We usually have 2 interns supporting our BD & Marketing Teams but we did not hire those either
How did your customer relationship management evolve? Do you use any specific tools to be efficient?
Parth Jain: Yes we used this period to work on streamlining processes & focussed on the following tools :
1. Slack for the internal team as well as our contractual teams.
2. WhatsApp for business has been started to talk to all our students which has improved our Sales funnel dramatically.
3. Trello for sprints.
Did you benefit from any government grants, and did that help keep your business afloat?
Parth Jain: We applied for a Facebook grant but did not get it!
Your final thoughts?
Parth Jain: Covid-19 has accelerated Online learning but also brought in a large number of E-content providers all fighting for the same Students & left Students, as well as classes in confusion regarding whether they should go offline or Online & this, has brought in a new term to the industry of “Blended Learning”.
We see this as an exciting phase & are pumped with our vision to be able to create a platform that can help a student take this decision & impact their performance.
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