The best way for creating an online course would be much easier if you're able to make an E-Book, before creating an online course. This way you would have track what you're doing and also can compare it with the e-book that you prepared.
If you want to make a video you need a Demo script. If you don't you might lose somewhere. So instead of making a demo script from scratch, spend time preparing the e-book, that way you can have leverage on both the course and the E-Book sales.
With the COVID-19 Situation, most of the World stay at homes, so there is a lot of traction for the online/On-Demand courses. Thanks to the Internet most of the world's populations are now connected to the Internet. So you need not worry about the expensive equipment or studio.
You can find courses on "How to make Online courses" on Udemy for a bare minimum cost. There are many other resources out there but for me personally, Udemy is the go-to place for learning new stuff.
How to make money with Online Courses
Since almost all the world population is on the internet, there is a lot of scope for online stuff. Right. I'm sure if you compare 5 years back and now, there is more stuff on the internet than ever before.
People are actually looking for interesting and educational stuff online. Online course platforms like Udemy, Coursera, LinkedIn, and Khan academy. They are able to be more successful because they are able to offer more valuable content at rock bottom prices.
There are multiple ways you can make money with online courses. One is by placing ads in the course, or by placing affiliate links, or by charging the customer/student.
With the COVID-19 situation, children (Who are hungry for the stuff, it maybe you and Me) are mostly dependent on the online courses.
You see, where ever there are people there is a scope to make money.
How to Create Online Courses
Creating an Online course is not that bigger deal. But you need to have will and passion to make something useful and helpful.
If you ever made a YouTube video you know what it takes to make a Video. You might think it might be easy, but it is not. It might take 1 hour to make a 15 to 25 Minutes Video. But it might take 2 hours to edit and add stuff to it.
Check out the following step-by-step process of creating and making money by Online course.
Step-by-Step Process of creating an online course from scratch
Here are the steps that can help your journey in making an Online course and making money out of it.
Step.1: Topic Selection:
Topic selection is the key to success or failure. Because there are plenty of resources on the internet. So you need to think twice before deciding on the topic that you want to make a course. Of course, you need to have plenty of knowledge on the topic.
The topic that you select makes the total difference. It may be a stupid thing or an interesting topic. If people are looking for that topic then sure there will be demand.
Step.2: Outline:
Preparing the Demo script is the key to attract and retain the viewers. So you need to prepare the best "Demo Script". Or
My personal suggestion is to prepare an E-Book on the topic that you want to make an online course. If you need any help preparing E-book to refer to this Article.
Step.3: Setup:
Setting up all the required stuff like camera/webcam, and preparing PPT is also another important thing. You also need to set the stage for the Orchestras to perform. You know what I mean right?
Step.4: Review, Re-Compose, Re-Edit:
You can not perfect the course in one short. You might have to redo the same stuff again and again to get perfection.
This is a time taking process. Since it is more engaging than E-Book or Article, you need to make it perfect and as much as engaging as possible.
Step.5: Promotion:
You can set up a free live session, or trolls on social media, or you can give free demos in the conferences, where the like-minded people come together.
You need to follow the 50:50 Rule, where you spend "50%" on content and the rest "50%" on promoting and conversions.
Step.6: Monetizing:
Once you set up the stage, it is a matter of time for making money. Just like any other stuff you need to have some good traction to make money.
The best way to make money from online courses in two ways, where the first one is by placing a course on your website, and the other is putting that on the online course platforms like Udemy and other stuff.
You need to understand the "Economies of scale". If you place your courses on your website then you can charge more but the conversion will be less. But if you place the course on Udemy you need to price it very low to attract more people.
Step.7: Snippets:
You can/should promote the course via YouTube, Instagram. Where you can take the snippets of the course and can redirect them back to the website where you place the course.
Social media made "Mi" the most successful mobile brand on the planet. Initially, they spent "$0" on marketing and advertising. So if a company like "Mi/ Xiaomi" is able to do that wonderful thing then we can do it as well.
Simply take the snippets and post it on the internet/Social media and the rest intent takes care of the marketing and advertising stuff.
Advantages and Disadvantages of Online Courses
To Every Disadvantage there is a Corresponding Advantage - W.Clement Stone
This quote suits both Personal and Professional life for many of those who always dream, instead of making it a reality.
Let's check out the advantages and the disadvantages of creating an Online course and making money out of it.
Advantages:
1. Highly Engaging:
Compared with Textbooks/ Text-based materials, "Videos" are highly engaging and easy to understand. Since it is Instructor-led you can have a quick chart for any doubts.
2. Quick Money:
If your customers are happy about the Free class(Consider giving 1st chapter for free) and they are most likely to buy the complete course.
Compared with Ad revenue or any other kinda online sales, this is highly effective.
3. Attract New/Retain Old:
Since online courses are highly engaging and you might have kept a lot of effort, there is a high chance of success.
A. Attract NEW: You can attract a new audience quickly. Since the old students might have kept their reviews, so the new people are most likely to buy than the ones who bought in the beginning.
B. Retain Old: Retaining the Old/ What I mean to say is existing customers, will be much easier if you have the online course.
4. Wider Exposure:
Since you can have readers all over the world, you also have Students all over the world as well.
If you have an online course, you can have wider exposure. What you can do is take snippets of the video and place it in the Blog, or on YouTube. And you can divert that traffic back to the sales page.
5. Convenience/Compose/Convert:
A. Convenience: Online Courses are more convenient to use, as it is a student/viewer led, they can use it as they like.
B. Compose: There are no Limitations. You can Compose/Design as you like.
C. Convert: You can convert the Blog Readers or your YouTubers to your sales page. If you have the Snippets of the course and add them to YouTube or to the Instagram Reel, the viewers are more likely to go back to your website and read about that.
6. Loyalty:
Once you have a solid reader/Viewer base you can build Loyal followers. If you're able to satisfy your customers on all fronts, like From Blogging and Video point of view they're more likely to follow you to the Grave. I'm Kidding. They can follow you for a long time.
7. Re-Sell/Up-Sell:
If you have an Online Course, it is easy to Up-Sell New course to the existing students. You can also do re-innovate the old course and can add stuff and you can Re-Sell the same to the existing users for discount.
Disadvantages:
1. Time Consuming:
The first thing that might have come to your mind would be this. Right. Yes, it is true, Online Courses take a lot of time to Build, Edit, and finalize.
2. Expensive:
You can make an Online course with simple PPT. But nowadays all most all are looking for a professional build online courses. You need to have the Best laptop, Good Camera setting, and expensive software to edit and to do graphic design.
3. Failure:
Yes, there is a Little scope for failure. Because, there is a Stiff completion, both inside and out. What is it? Both academics and other professionals are focusing more and more on online courses.
4. Competition:
As this is a High Return and Low-Risk way of making money all almost all are focusing on building and publishing Online courses.
5. Hosting/Platforms:
You need to be very careful about the platforms you choose. If you choose your own website as a playground, you need to buy a large storage place. But if you choose Other exterior platforms, then your data might be lost to that website.
6. Pricing issues:
Pricing is the important thing that can make your day or break it. If you price it high no one would buy it. If you price it very low, potential buyers might not like it. You need to price it in a competitive way.
Too much and too little can be a problem. This applies to "Quality of content", "Quantity of Content", "Pricing" and "Engaging stuff".
A Final Thought on Making money on Online Courses
Actually, I bought the word "Final Thought" from one of my blogging friends "Intbuz.in".
My final thought on the online courses is a little mixed. Because there are multiple reasons. I believe in "Free Education". What it means is you can create an online course that is not that easy. But the knowledge that you provide to others is more valuable than the money. Yes, you can make money from it. But in a logical way.
Udemy, my favorite, because it bought the expensive courses for masses with rock bottom prices.
What I would suggest is to create a course, for sure it will succeed, but instead of pricing it high, do one thing. Offer the curse less than the competitor price, and make money by placing affiliate links. That way, you can make good money without hurting anyone.
Online courses are a good way to make money. But when compared with Affiliate marketing, online courses will give you consistent income again and again from the same customer. To Provide more valuable content at consistent pricing and do Upsell/Resell the stuff once or twice a year. That way you're educating your customer and also making money.
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