The Knowledge Academy provides digital and classroom learning programs for the public sector, private individuals, and multinational organizations. They deliver technical solutions to different areas ranging from personal development, human resources, IT technical support to management courses for IT services, projects, and program. It is a company based in the UK, founded by Barindar Hothi and Dilshad Hothi. The Knowledge Academy has over 1000 training centers across the world. It was recently placed amongst the UK’s fastest growing companies by the Sunday Times in Fast Track 100 index. It has also been awarded the Entrepreneur of the Year from London and South EY. Best Price guarantee is one of the key differentiators of the Knowledge Academy.
Barindar states that he keeps track of the sales figures every day. Apart from that, they also keep track of the expenditures, customer satisfaction, and some other key performance indicators. Although the company is based in the UK, it has some significant international markets including USA, Australia, New Zealand and Canada and a total of 12 international subsidiaries. They plan to make a lot of investments in overseas offerings. They plan to offer them a more localized service by converting the study materials into German, Dutch, French and other such languages. This is one of the important programs they plan to execute in the near future. The company is completely self-funded and self-sufficient. No funding has been taken from banks, private investors or institutions, neither do they have an overdraft. The business’s stability is a matter of great pride for the owners.
According to Barindar, the latest web-based technologies have made a big difference to their business. This is because they were able to digitally offer their learning programs through their Learning Management System. This ensured that anyone with an internet connection can complete the training courses provided by them. Barindar hopes to further expand the company’s geographical reach in the future along with an increase in the revenue in the next 3 years. The hardest thing for Barindar and Dilshad has been to start the venture as they had to leave their high paying jobs. They began with zero revenues and have spent several months in startup mode when they just tried to build customer relationships and generate some revenue for the business to take off. Looking at the success of the venture today, Barindar regrets not starting it much earlier. One of the challenges faced in establishing the business has been to take care of the different customs and regulations that need to be followed each time they had to trade into a new country. It is important to do a thorough research about the trade rules and regulations.
The Bottom Line
According to Barindar, the biggest mistake made by entrepreneurs today is that many of them push to start the business when they are not even properly prepared about it. It is important to have a good idea, but at the same time have the necessary resources and skills to execute that idea. If not, they need to have the knowledge of how to acquire those resources.