Skill training companies can be seen as a new alternative to seeking higher education. Many institutions around the world began to offer skill courses for all students and workers at a reasonable price. This concept has spurred entrepreneurial ventures globally, which is evident in companies like Skillshare and Udemy, which are known for providing diverse, reasonably priced skill courses. In Cambodia, skill courses are gaining significance for students and employees who seek to enhance their knowledge, competence, and experiences. Institutions such as CJCC, Ant Training Center, CADT, and others provide for the growing demand for skill refinement and learning new proficiencies.
What is a skill training company?
Skill training company is a company that offers courses and programs for personal and professional growth. The offered training courses can range from technical to managerial. The program aims to empower its clients with the knowledge and experience to achieve personal growth and professional success (Educate Me, 2023). Both students and professionals benefit from a wide array of specialized skills, enabling them to advance in their fields or pivot to new career trajectories.
Why is it a promising business opportunity?
The benefit of the skill training business comes from consumer needs. As demand is rising, it is translating into potential profitability for both business owners and shareholders. The reasons it can be a promising business opportunity are as follows:
Offer job opportunities: as many industries require based-level qualifications even at entry level, it has become necessary to stand out from others and meet the demands of the current highly competitive job market, which makes employment opportunities wider.
Personal growth: it can empower an individual and also broaden the opportunities. Apart from that, it also trains individuals to build and enhance their soft skills, such as communication, time management, and networking, as employers not only look at technical skills but also a distinct set of skills in their potential employees.
Skilled workforce: These programs also cultivate a skilled workforce, emphasizing entrepreneurship, leadership, and innovation, essential for economic growth and meeting international standards.
Skill development increases career advancement prospects, complementing work experience with enhanced qualifications.
Given the significant benefits for both students and workers, this trend presents a lucrative opportunity for entrepreneurs capable of offering these advantages at competitive prices. Shareholders also stand to gain substantially from receiving access to a skilled and talented workforce directly from skill training academies, which benefits all parties involved.
The case of Cambodia
The skill development program will keep increasing demand for Cambodia, as former prime minister Hun Sen stressed that the demand for workers with advanced technical skills and knowledge will only keep growing. Moreover, Mr. Ky Sereryvath, an economic researcher at the Royal Academy of Cambodia, also remarked that Cambodia still lacks workers with adequate education and skill across a variety of sectors of advanced technologies and industrial manufacturing. He suggested that vocational training programs must be implemented in the former areas to overcome these shortcomings (Phnom Penh Post, 2023).
Moreover, the new Royal Government of Cambodia also pays attention to the former prime minister's suggestion, as βthe pentagonal strategy phase 1, pentagon 1β heavily emphasizes developing technical skill training. The RGC's new policy is focusing on improving capacity, promoting, and strengthening upskilling programs (MoF. 2023. P:43-44), This heightened focus on skill development courses is generating increased demand and potential opportunities for aspiring startup entrepreneurs looking to venture into this burgeoning field.
Written by: Yuth Hangsoley, Junior Researcher at ASIP
Reference
Chandara, S. (27 February 2023).Cambodia needs tech skill labor: PM. The Phnom Penh post. βCambodia needs tech skill labor: PM | Phnom Penh Post
May, O. (August, 15, 2023). How to start a training business in 2023(& Succeed at it). EducateMe. How to Start a Training Business in 2023 (& Succeed at It)
Ministry of Foreign Affairs (August 2023). Pentagonal Strategy Phase 1 for Growth, employment, Equity, Efficiency, and sustainability: Building foundation towards realizing the Cambodia Vision 2050. 43-44. Pentagonal Strategy-Phase I
Sneha, S. (July 18, 2018). Skill development institutes can be a lucrative business opportunity. Opportunity India. Skill Development Institute Can Be A Lucrative Business Opportunity
