Let’s Make Lots of Money
Today we’re going to talk about making lots and lots of money online with courses. Let’s face it, there are a lot of people out there with really valuable knowledge that they want to teach others so that those who don’t have the time or expertise can gain access to said information quickly and easily. Let’s be real here: if you know what you’re talking about and can package it up into an ebook or video seminar, why not make some money off of it? Let’s see just how lucrative the world of selling e-courses can be!
Step #1: Narrow your niche
The first step in successfully marketing your online course is deciding exactly who your target audience is going thoroughly studying their needs and desires and tailoring your course to fit them perfectly. Let’s face it – you can’t expect people to buy something if they don’t know that it exists! So, be sure to do your research and make sure that the majority of your prospects are not only highly qualified but also aware of what you have to offer.
Step #2: Make it good
Once you’ve narrowed down who will be buying your e-course, the next step is making sure the information itself lives up to their expectations. This means having clear goals about what kind of product you want at each stage in the course as well as what kinds of materials are necessary for learning this new skill or picking up these important concepts. You should have everything laid out before you even begin creating the content, rather than trying to figure it out as you go along. Let’s look at this from a business perspective: the more satisfied your customers are with what you have to offer, the more likely they will be to tell their friends about it and continue buying from you in the future!
Step #3: Price things accordingly
Now that you’ve got an excellent product ready to sell and a specific audience in mind, all that’s left is coming up with a price that seems fair for everyone involved. Let’s face it – not everyone has money to burn so before selling anything online, it’s important to consider what people can realistically afford. Not only does courting a larger clientele give room for potential growth and expansion, but it also gives you more wiggle room with your prices.
Let’s say the initial price you set for your course is $2,500 dollars, but after doing some research, you find out that most of your audience makes between 530k and 800k a year. That means charging specifically around this range would be much more appropriate! Let’s look at an example: Let’s say we have a course on how to make a million dollars before age 40 and we want to monetize it through online courses. We narrow down our target audience as people ages 20 to 60, who make over 70k a year, are married with kids, and work in high-paying jobs such as doctors, lawyers, engineers. If we were to charge 10% of their yearly salary per year of the course, it would come out to about $7,547. Let’s say they are interested in this information because they are all on track to make a million dollars before age 40 and this course will give them an edge over their fellow colleagues.
Let’s also assume that our course includes some books, videos, audio files, quizzes, etc., which help people retain what they’re learning better than just reading/watching/listening by themselves. Let’s price each part of the course at around $1,100-$1,500 before taxes – that seems more reasonable for all involved! Let’s also say there are 10 parts or modules to go through with one or two parts released every month with lifetime access for our customers once we release the final part with a certificate of completion.
Let’s also assume our time to create and edit each module is about eight hours and that we do not include any bonuses/add-ons like private coaching (since that would be extra and irrelevant to the actual course.) Let’s say we charge $1,500 per module for those 8 hours of work as well as an additional 10% on top of that since it takes so long to produce. Let’s round up the price to $5,000 for all 10 modules before taxes so they can retain lifetime access as mentioned earlier – seems fair! Now we divide $12,500 by $5,000 and see how many months this will take us given our current workload: six months. Let’s assume there is a three-month buffer for any unexpected issues that may arise, so instead let’s round up to nine months.
Let’s also assume we are doing this full-time with no additional income during these nine months. Let’s divide $12,500 by the 9 months it will take us to produce this course and see how much money we can make an hour: Let’s go ahead and continue rounding up since it takes time to market our product as well – 1,000 dollars an hour! If you want to use this course/system yourself (or perhaps something similar that you’ve created,) then you need to know
1) what your expenses are (including taxes),
2) how many modules there are,
3) how long it will take to create each module, and
4) how much you can sell each completed module for.
Let’s say we have a course with 10 modules on personal finance and the average person takes three months to complete the entire thing given that there is one lesson/module released every week or so. Let’s also say that creating this course takes about 20 hours per module including brainstorming topics, researching, writing up material, revising it several times, adding pictures/video/other visuals where appropriate, editing it until it sounds good and flows well from the beginning to end, formatting it correctly for a smooth online experience for our audience members as well as making sure they have lifetime access so they do not have to pay again once the course is finished!
Let’s multiply 20 hours by 10 modules and see how long it would take us to complete this course: Let’s add on an extra two months for marketing purposes so let’s say Let’s also assume Let’s round up to So instead Let’s divide $12,500 by 50 hours ($250/hour) and see how much that is per hour of work Let’s go ahead and continue rounding up since it takes time to market our product as well – Let’s also assume there are eight workers on the job with no overtime involved. Let’s say we have a course with nine modules on business writing and creating them takes about 15 hours each including detailed research, formatting/refining lessons for a beginner vs. intermediate.
The advanced audience, revising lessons several times, adding pictures/video where appropriate, editing the lessons until they flow well and sound good for an enhanced learning experience Let’s multiply 15 hours by 9 modules Let’s add on Let’s also Let Let’s round up to So instead Let’s divide $12,500 by 45 hours ($275/hour) and see how much that is per hour of work Let’s go ahead and continue rounding up since it takes time to market our product as well – Let’s also assume there are eight workers on the job with no overtime involved.
Step #4: Create The online courses “products”
The next step is for you or your ghostwriter(s) to create these products! If you have access to multiple writers then you can have them each focus on their own unique subject matter expertise while also dividing up assume there are eight workers on the job with no overtime involved.
#5: Market and Promote The Online Courses
The next step is to start marketing and promoting your online courses so you can get enough people to buy them! This step will probably take up the most time when all put together but it will be well worth it in the end when your bank account starts filling up with cash!
#6: Deliver The Online Courses
By now you should have your online courses ready to go! All you have to do is deliver them, follow up with customer support/questions, do refunds when necessary, etc., etc… Plus, if you have more courses coming out in the future then your customer base remains intact and is not going anywhere!
Step #7: Create A Website/Blog For The Online Courses
After all of that work, it would be a shame not to have a place for people to check out these products so let’s get a nice website set up where they can do just that! We’ll keep this one simply because we don’t want to spend too much money on hosting or any other unnecessary expenses.
Let’s round up to $50,000 over five years. So instead, How about an extra 10 hours per week? That means How about another four workers
Step #8: Create Back-End Products For The Online Courses
After all of that work, it would be a shame not to have a place for people to check out these products so let’s get a nice website set up where they can do just that! We’ll keep this one simply because we don’t want to spend too much money on hosting or any other unnecessary expenses.
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This article is written by The Trusted Automation Advisory team, provides advisory services for leaders worldwide. If you have any questions, you can contact us via email at inquire@thetrustedautomation.com, from their website at https://thetrustedautomation.com, or phone at (949) 333-7200.
Montfichet & Company’s marketing agency consulting practice, which provides consulting services for Advertising on Craigslist in Phoenix, Arizona. If you have any questions, you can contact us via email at atlanta@montfichet.com, from their website at https://montfichet.com, or phone at (949) 333-7200.
See you soon and good luck!
