In college, Shaan Patel took the initiative to invest $3,000 of his scholarship funds into a business that has since grown to earn an impressive $150,000 annually in passive income. With a background in enhancing students' SAT and ACT scores to qualify for scholarships, Patel set up Prep Expert, a company specializing in digital test preparation courses.
Patel's remarkable journey began when he dramatically improved his SAT score through diligent study, achieving a perfect score. Despite facing rejection from Ivy League schools, his efforts earned him $500,000 in scholarships from top universities in the U.S. This substantial scholarship enabled him to receive additional funds for living expenses each semester, which he directed towards launching Prep Expert.
To kick off his business, Patel focused on his existing knowledge, investing $900 to create the initial website, $1,000 for classroom rental in his Las Vegas hometown, and another $1,000 for marketing the launch. His first class attracted 18 high school students in the summer, all motivated to improve their test scores. As Patel noted in 2022, the average score increase among his students was a remarkable 376 points. The noticeable improvements prompted parents to inquire about other tutoring services.
Winning a $250,000 investment from Mark Cuban on Shark Tank provided Patel with the resources to expand his venture. He employed additional staff to develop digital courses and offer real-time tutoring, initially planning to establish physical locations nationwide. Patel describes Cuban as very approachable and responds quickly to his messages, showcasing the positive relationship they have built.
To adapt to the educational shifts caused by the pandemic, Patel transformed his business model from in-person classes to offering flexible, self-paced online courses. Although his platform had already been providing SAT and ACT prep courses online since 2016, the pandemic accelerated the acceptance of digital learning among students. Sales of these courses contributed to the rapid growth of his business, positioning Patel to encourage other content creators to embrace the thriving online education market.
7 Comments
Noir Black
Patel's focus on standardized test preparation addresses a critical need for students seeking college admission and scholarships.
Katchuka
The article mentions the hiring of additional staff, suggesting the creation of new job opportunities and contribution to the economy.
Eugene Alta
Patel's story highlights the importance of financial literacy and smart investment strategies for young people.
BuggaBoom
His success demonstrates the potential of online education to reach a wider audience and provide flexible learning options.
Loubianka
The significant score improvements achieved by his students are a testament to the effectiveness of his teaching methods.
KittyKat
Adapting to online learning during the pandemic demonstrates Patel's ability to innovate and respond to changing circumstances.
Katchuka
The article doesn't address potential challenges faced by students while using online courses, such as lack of access to technology, distractions, and feelings of isolation.