As an entrepreneur, why not earn rewards for passions you already enjoy? Creating online courses is a great way to monetize your knowledge and skills. Plus, the audience you build will see you as an expert in your field, providing valuable name recognition. Not to mention, creating and selling online courses can be done in a few hours each day. So, with these benefits in mind, let’s discuss how to build your online course empire in 9 steps.
Why should you build an online course business?
It’s always good to diversify your sources of revenue. One excellent way to build a new income stream is by creating and selling online courses. Digital entrepreneurs who produce and sell digital courses own scalable assets which do not incur shipping costs. And if you’re wondering just how profitable selling digital content is, consider the fact that the knowledge economy will reach $325 billion according to some estimates.
Here are some additional facts about e-learning:
- The mobile learning market will jump from a $22.4 billion industry in 2020 to an estimated $80.1 billion by 2027.
- Individuals retain 25% to 60% more information from e-learning content. Face-to-face meetings aren’t even half as effective.
- 42% of US organizations grow their income using e-learning by investing in their employee’s education.
As you can tell, creating your digital courses can be very profitable. And after building your initial audience, it can even lead to passive income. So, now that you know the benefits, why not jump right into the 9 steps for building your online course empire?
Build your online course empire in 9 steps
Let’s start at the basics and move to the more complex steps.
1. Select a profitable subject
Failure to select the right subject could mean doom for your online course business. Prevent this by teaching topics that help others continue their education, complete academic prep, or prepare for a job change.
2. Produce your online course
There’s a lot to this step, from purchasing the proper video production and editing equipment to ensuring the lighting is just perfect. Find a quality you’re happy with and produce your course.
3. Find a place to sell your digital content
There are several ways you can sell digital content. There’s no right or wrong way since they all lead to profits. You can publish content on course platforms, self-host, or use a marketplace like Udemy.
4. Choose a price using an online course pricing strategy
How should your students pay? You can charge a one-time fee or have recurring membership payments. There are several ways to price an online course, so it’s affordable for students and beneficial for you.
5. Improve your course (and the value it provides)
You can always add new information and change course content as your field of expertise expands. Adding new course content or upsell material keeps your course profitable.
6. Test market profitability
Before you ever produce an entire course, you’ll want to ensure that there’s a market for your content. Without buyers, even an amazing course will fall flat. Check for demand by creating an introductory course that people in your target audience pay to experience.
7. Start marketing and selling your online courses
Get a website, create marketing content, and start generating sales. There’s a lot to marketing and selling your online course that influences your success. Consider trying everything from social media to email lists and strategic partnerships.
8. Decide on your buyer’s journey
Create content for people in different stages of the buyer’s journey. You’ll want to reach consumers in the awareness, consideration, and decision-making stages. Each time you make contact with someone is an opportunity to convert them from prospect to a buyer.
9. Find repeat students that become raving fans
Now that you have an online course published and ready, it’s time to supercharge your success. While creating content, ensure that every student enjoys your course enough to recommend it to others and purchase your future content. Do this by creating exceptional digital courses that your community gathers to support.
So, there you have it. Now that you understand what it takes to build a profitable online course, why not develop your digital learning empire? Start with an idea, create a product, and then find the right audience. In no time, you’ll have a new income stream that compliments the other work you complete daily.
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