Tips that save time.
When I first started exploring online business models, I quickly realized that online courses can be a game-changer. For instance, recent data indicates that the global eLearning market is estimated to reach $325 billion this and next year. 1
They offer a flexible and accessible way to share knowledge and skills with a global audience. Whether you’re an expert looking to monetize your expertise or a business owner aiming to expand your reach, online courses can provide a scalable and profitable solution.
In this post, I’ll dive into why online courses are so appealing, the different types you can create, and the steps to get started.
What online courses are
Online courses are educational products designed to teach a new skill through a structured curriculum. Unlike traditional products, online courses encompass various elements and delivery methods, making them more comprehensive and interactive.
For instance, an online course on web design might include:
- A PDF textbook with theoretical information
- A schedule of lessons and topics
- A printable PDF workbook with exercises
- Online quizzes
- Weekly scheduled consultations via Zoom
- Software packages
- Resource packages (icons, stock graphics, etc.)
- Web design templates
- Tutorial videos
- Bonus subscriptions to web design magazines
By looking at course listings, you’ll see these common components in online schools. The content and structure can vary greatly, allowing you to decide how much or how little to include.
Avoid selling a course that’s just a single, poorly prepared e-book. Quality matters, and a well-rounded course should offer substantial content and resources.
There are two main types of online courses:
- Complete, out-of-the-box courses: These are not time-limited and provide all content and resources at once, allowing the customer to use them at their own pace.
- Time-limited, subscription-based courses: These deliver content in parts over time, usually on a set schedule, mimicking the structure of traditional, in-person classes.
A valuable online course should include everything necessary for the customer to learn a specific skill. The true value lies not just in the content but in the expertise and guidance provided by the course creator. A well-designed teaching process is what sets a great course apart.
Advantages of offering online courses
Offering online courses comes with several significant advantages.
Firstly, online courses can command high prices. Whether you sell them as one-time purchases or through subscription models, you can charge anywhere from $300 to $2000, depending on the topic’s appeal and your marketing skills.
Another advantage is the potential for virality. If your course is truly exceptional and helps your customers achieve their goals, they’ll likely share their positive experiences with others, providing you with additional exposure. However, this works both ways – if your course is subpar, negative feedback can spread just as quickly. Quality is crucial.
Choosing a timeless, or “evergreen,” topic for your course can ensure long-term sales. An evergreen course remains relevant over time, allowing you to sell it for years.
A well-crafted online course can significantly enhance your brand and establish you as a market leader. Being recognized for offering the best course on a particular subject can position you as an expert, opening up further opportunities for monetization.
Additionally, a high-quality course can attract affiliates, too. Affiliates seek out products they can genuinely recommend, and if your course meets their standards, they’ll be eager to promote it. Offering a generous affiliate commission can further incentivize them to spread the word about your course.
Some downsides to online courses
Creating online courses has its downsides, and one of the most significant is the time and cost involved in developing them. Producing a high-quality course can take months of work and a considerable financial investment.
The biggest risk is spending all that time and money only to find out that there isn’t enough interest in your course. This scenario can be devastating, potentially leading to significant financial loss or even the end of your business if you’ve invested heavily.
It’s challenging to protect against this kind of failure, especially for smaller businesses and individual creators. Unlike major brands, which can predict sales with a fair degree of accuracy, smaller creators face much more uncertainty. For example, when Apple releases a new product, they have the resources and market insight to estimate its success. For us, launching a new thing always carries a degree of the unknown, making it a challenging endeavor.
However, there are steps you can take to improve your chances of success. Conducting thorough market research, validating your course idea with your target audience, and starting with a smaller, less risky pilot version of your course can help mitigate some of these risks. Taking these precautions can increase the likelihood that your hard work will pay off.
Where to start if you want to create an online course
Research is the most crucial phase when creating an online course.
Sometimes, we get so excited about an idea that we dive right in, convinced it will be a hit. However, it’s essential to validate that enthusiasm with solid research to ensure others share our excitement.
Start by brainstorming 3-5 course ideas you think have potential. Then, do some thorough research on these ideas.
Here’s what to look for and do:
Keyword research: Use tools like Google Keyword Planner or Ahrefs (better) to see if people are searching for terms related to your course. For example, search for terms like “web design course” or “web design online course.” If these keywords have a high search volume, it’s a good sign there’s interest.
Check for competition: Look to see if others are offering similar courses. Competition is a positive indicator – it means there’s a market for your topic. Avoid trying to carve out a non-existent niche. If others are making money in a niche, you can too.
You can look for similar courses on platforms like Coursera or Skillshare.
Find communities: Look for forums, message boards, blogs, and other online communities focused on your topic. The presence of active communities shows that people are interested and engaged in the subject matter. A good place to visit first is Reddit. There are subreddits for any topic imaginable these days.
Aim for evergreen topics: Choose a topic that will remain relevant over time. Avoid subjects that might become outdated quickly. For instance, a course on fixing an Xbox 360 error will have become obsolete with new console releases. Similarly, while web design principles stay relatively consistent, trends can change rapidly, so be mindful of how you frame your course content.
By starting with solid research, you’ll increase your chances of creating a course that resonates with your audience and stands the test of time.
Test the market
One effective way to gauge market interest is to explore affiliate programs for similar products. Platforms like Clickbank or other affiliate marketplaces are great places to start. Many businesses also offer in-house affiliate programs, so be sure to look around.
The existence of affiliate programs is a strong indicator that the niche is active and that people are engaged from both sides – customers and marketers.
Next, join an affiliate program and pick a test product to promote. By promoting someone else’s product, you can gather valuable data on potential earnings in your niche and gauge how responsive people are to marketing materials.
This approach allows you to assess real interest in the topic and determine whether the niche is viable for launching your own product. If you see good engagement and earnings, it’s a positive sign that creating your own course could be successful.
Create and launch your online course
When you’re ready to create your online course, start by brainstorming all the elements that would add value. Think about everything your customer might need to master the skill you’re teaching.
Make a comprehensive list of possible components, similar to the example shared earlier:
- Schedules
- Videos
- Audio
- Phone consultations
- Zooms
- Textbooks
- Workbooks
- Resources
- Software
- Quizzes
- Templates
- Subscriptions
Ensure your online course includes everything necessary to help your customers achieve their goals. The more comprehensive and supportive your course, the better the results for your students.
Once your course is ready, it’s time to market and promote it. Getting customers involves effective promotion, which we’ll cover in the next part of this series. Promotion strategies often overlap across different business models, but for now, focus on the unique aspects of selling online courses.
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