In this guide, I’ll provide an extensive breakdown of the earning potential of these courses and also teach you how to sell online course materials to your students.
This type of work is truly valuable; not only can you make a pretty penny doing it, but you can also really help people while enriching yourself.
Remember, during these days of the pandemic, people are truly trying to better themselves while staying indoors, so now’s a great time to get in on the ground floor of the world of online courses.
Make Money Selling Online Courses
As a growing industry, you’ll need to avoid mistakes in order to remain competitive.
When you’re trying to learn how to earn online, your first step should be to take a look at the landscape.
What are competitors doing? What sells and what doesn’t? These are key questions.
Additionally, remember that profitability will vary intensely; you can easily earn as little as a few hundred dollars per year to well into the six-figure range.
It all depends on your dedication and the steps you take to market your courses and gain students. Making your courses is merely the first step.
If you want to succeed, marketing and sales processes will be integral.
Critical Question: How Much Money Can You Make?
As I mentioned, there’s no real barometer for how much you’ll be able to make since this varies from teacher to teacher. A major part of it is figuring out what to sell online to make money.
Additional factors like the course price, the interest and needs of the audience, your own experience in marketing and sales, and customer loyalty will all be important to the income that you generate.
For example, if you don’t already have an existing customer base, you’ll have to put more work in, but this doesn’t mean you’ll be unsuccessful.
In fact, some of the most profitable online courses have been made by relative newbies.
A good way to measure your potential income is to multiply the size of your existing (or proposed) audience by the conversion rate and the price. It’ll look something like this:
Audience size x Conversion Rate x Price = Revenue
To establish the audience, you’ll have to determine if you have followers or visitors to your site. If you do, that’s your number.
If you don’t have that number yet, just base this part of the equation on how many people you EXPECT to reach.
Conversion rates, as the next part of the equation, will depend on what you’re teaching as well as the price that you’re offering.
Also, how well are you able to bring people in and sell your product?
Low conversion rates can fall around the one percent mark, but higher rates can go as high as 10 percent – it’ll depend on your ability and how compelling your coursework is to the average consumer.
A good technique is to set various conversion rates so that you’ll be able to develop a few ballpark numbers.
The final part of the equation is the price, and this has to do with how much you spend on things like marketing, materials, or any other related costs.
Once you multiply these three aspects, you should be able to come up with the revenue that you can expect.
How to Create the Most Profitable Online Courses in 8 Steps
Step One: Increase Your Brand Recognition
This is absolutely critical for anyone who’s looking to build a strong audience and will directly affect how much you can make.
How approachable is your brand? How memorable? You’ll need to increase your visibility so that you can make larger profits by bringing in more students.
Remember, if you present yourself as an expert in your niche, you’ll be able to sell your course material.
Steps to Take:
- Google yourself to get an impression of where you stand out
- Find out what your customers are saying about you online
- Audit your presence on social media and the internet
- Seek out new opportunities to “get your name out there”
Step Two: Increase Your Level of Expertise
In order to have a brand, you should at least be an expert in the subject matter surrounding it.
As a rule of thumb, the more knowledge you have in your niche, the more high-quality content you’ll produce.
High-quality content virtually sells itself, so bone up on as many aspects of your niche as you can.
If people see that you’re an expert, they’ll be more likely to sign up for your courses.
Steps to Take:
- Evaluate how knowledgeable you are about your topic
- Do extensive research to bridge any knowledge gaps
- Are you an expert on the topic? Determine what you need to provide educational value to your students
Step Three: Determine the Value of the Content
Is your content as polished as it needs to be so that you can gain new students? You absolutely will need to audit the level of quality of your work so that students will be interested.
It’s one of the most critical methods for learning how to sell an online course.
Like life, variety is the spice of selling an online course, so make sure that you cover a wider breadth of topics surrounding your niche.
Take a look at any posts you’ve made, any books you’ve written, or any podcasts you’ve done, and determine if they fulfill the needs of your ideal student.
Steps to Take:
- Take a look at your existing content. Is it valuable to students?
- Look at other types of similar content being offered by competitors
Step Four: Do Research to Establish a Reasonable Price Point
As you may imagine, the price point will play a heavily when determining how profitable your course will be.
For example, if you only charge $25 a student per month and only have 15 students for three months, you’ll only make about $375 per month and make a total of $1,125. Of course, this can become very profitable if you sell thousands of copies of your course.
Establishing a price point lines up well with establishing expectations of profitability for your course and can quickly establish how much money you can make.
You’ll also need to take a good look at your audience; how much income will your ideal student bring in?
If your coursework is for more well-to-do students, then realistically, you can raise the price of the course so that profitability is easier.
Steps to Take:
- Establish if you’ll need to set a low cost to bring in a higher volume of students
- Figure out how to earn online by really understanding your target audience
Step Five: Select a Course Topic that Delivers Value
The numbers don’t lie: any course that brings in money will have a topic that fulfills some intrinsic need of the audience.
Your best bet is to find a profitable topic that your students will want to spend their hard-earned money on.
Finding the right topic will fully determine whether people will appreciate the course work or simply pass it over for something else.
Steps to Take:
- Take a hard look at what you’re offering
- Take a look at the market and determine if there’s an aspect of your niche that competitors aren’t serving
Step Six: Leverage Your Entire Audience
The most successful course creators tend to have a preexisting audience that they then leverage for larger courses.
Do you have followership in the high thousands on Twitter and Facebook?
Why not use them to grow your online course?
These people will already understand that you’re an expert in your field, so they will know that they can derive value from anything that you’re teaching.
This is especially true if you have a more professional audience or an audience that’s peopled by celebrities, fellow bloggers, or anyone else with established authority in your topic.
Simply put, if you have an audience, you already have a foot in the door to creating true profitability through your online courses.
Steps to Take:
- Take a look at your social following
- Use any authoritative followers to grow the popularity of your online courses
Step Seven: Think About the Competition
How are your competitors meeting the needs of their students? How well can you provide a solution to the problems of your students compared to these competitors?
Really think about how many people need the solutions you’re providing and how to leverage this information similarly to your competition.
Steps to Take:
- Take a look at competitors (maybe even sign up for their courses)
- Perform independent market research
Step Eight: Audit How Effective Your Website is
Your website is a good predictor of how well your online course will perform. For this reason, try to figure out how people approach your business.
What parts of your site are most popular?
How does your ideal customer find your business?
Are they hitting sales pages? What about landing pages?
Really auditing how your site brings in customers is a great way to establish the most profit and teach you how to sell an online course.
Additionally, you can also use this kind of heat mapping to determine how effective your site is.
Remember, your website and your courses work in tandem, so having a poor site experience can directly affect your course’s profitability.
Steps to Take:
- Take a close look at how effective your site is for visitors and potential students
How Much Money Can You Make with These Courses?
Honestly, in my experience, you can make an awful lot.
This is one of the best business models for an online entrepreneur to pursue in order to build profits, and it also allows you further to establish yourself as a true expert in your niche.
Online learning is experiencing a major boom right now thanks to COVID-19, and professionals are willing to spend their cash learning about a wide variety of topics.
Just remember that you’ll need to do your research. Even if you’re an expert, try to keep abreast of new developments in your niche and always look to learn more.
Being considered knowledgeable is absolutely a must if you want to be profitable.
Did you enjoy my guide on how much you can make selling your online courses? I tried to really help you understand the steps you’ll need to follow to be truly profitable.
There are a multitude of benefits in making a course like this. First, you enhance your online brand and create an image of greater expertise.
Second, you become a thought leader. Third, you will also build your following by teaching people who will then tell others about your coursework.
I hope you enjoyed this piece. Please take the time to comment below and share the article with anyone wondering how much you can earn selling online courses!