Online courses are here to stay. Online courses are the best and fastest way to make money online. Learning and knowing how to build and sell your online course is the best thing you can do to scale your business.
Forbes published an article on the status of online learning and where the industry would go. They estimated the line price industry will be valued at $ 325 billion by 2025. So this begs the question of how are you going to get a slice of that cake?
I’ve had a piece of this cake since 2017, but how are you going to get a piece of this cake in 2021? Because online education is getting nowhere. Whether you are considering Teachable, Thinkific, Kajabi, or want to create your online course on a WordPress website, you want to get your hands on some of that profit.
Today I want to share the benefits of using online courses as a business model for online coaching and online business premises.
Two big reasons why you might want to create an online course for your business
Reason # 1: The market is ready
We are in the Aquarian Age, where technology will be paramount, and those of us who had online courses ready in 2020 saw a significant surge in buyers as people got stuck at home and nothing else to do had than to learn. Even as a consumer, not just a business owner, I probably spent more money than ever on online classes in 2020 because I was stuck at home with nothing to do.
Reason # 2: Charge high ticket prices
Since I specialize in teaching, marketing and sales, I have a marketing and sales training company for trainers and course creators. What does that mean? I’m solving a big problem, specifically the revenue share of your company’s growth. I chose this industry because I realized that women in particular don’t have enough resources to generate high ticket sales. A large percentage of sales information is aimed at men. Since we have different sales styles than men, I offer what the “regular” sales courses do not offer women because they do not take the needs of female salespeople into account when building their product.
Beware of starting a dumpster fire!
There are a lot of trainers out there and if you don’t figure out how to make money at scalable levels, you will end up with what is called a dumpster fire business. A dumpster fire business is when you are so busy looking after all of the people you are already paying for and so busy trading time for dollars that you don’t have time to get more money.
You are so busy working in your company that you are not working on your company. That means you don’t have time to strategize or find and train a team because your time is being consumed. At this point you will be confused by a major problem or a significant portion of your customers who decide not to renew. So you always want to make sure that you have something scalable in your business. I recommend building a scalable business model so that you can spend most of your time bringing in new money.
How to create an online course step by step
Let’s create an online course!
This is a general overview with some tips to get you started, but if you’re interested in more details and a step-by-step guide in my Persuade to Profit program.
Step 1: Make yourself clear about the problem you want to solve for people
Do market research to understand what problems your market needs answers to. This is an essential element when thinking about your course idea as you want to make sure that there is a need for your course. Also, you want to make sure the market isn’t crowded, which means that there are thousands of courses out there already.
Why is market research so important? If you don’t have a clear understanding of what problems your market is facing, you will have a hard time finding courses people are looking for. Unless people are looking for a specific course topic that you want to create, you are not going to make a huge profit. If you want to create something that sells like hotcakes, you need to know your market better than you do.
Do you need help with market research for your idea? We covered you in Module 1 of Persuade to Profit, and we’d love to have you there!
Step 2: Create Solutions to People’s Problems with Online Courses
Once you’ve done the market research and found specific topics that your market needs answers to, the next step is to create your online course answers.
The selling point of your course is that you can help them solve their problem and eliminate their pain point. So you take the answers and put them into an organized, systematic process. Especially if you want to charge high ticket prices, there has to be a system because customers with high tickets and customers with high quality love systems and frameworks.
Step 3: Sell your course to a beta group
Take your first step and find a small group of people, around five to ten, to pre-sell your beta. If you get feedback on your product, let them know that they are getting a special price. Run your beta tests with a live group of people for instant feedback. Use this feedback to improve your teaching for your online course. Now you have a proof of concept, bring your product to market and keep selling!
Know that your beta group will be asking you a lot of questions to add to your course content as you create your online lesson. And if the first group asks you all these questions, there is a good chance that many people in the groups will ask the same thing about it.
And if you haven’t already, guys, make sure to get your piece of that $ 325 billion potential!