How can I make a profitable business to sell online courses?
The way online courses have proved their usefulness in the last few years, it seems that in the future, they’ll keep growing If we talk about today when the pandemic is spread all over the world and people stay indoors, online courses are very suitable. The natural consequence, however, is that online course providers are also increasing. Competition is going up, so questions about profitability are valid. Let’s get to it.
Unlike some other online business types, online courses are unusual in that they often repackage previously taught information, just with the brand’s own spin on it. In other words, when you look at your competition, their content will be almost the same thing, with very minor differences. There are only so many ways to teach a course on Facebook Ads in 2020, for instance. This is why I don’t recommend trying to break out, be different, and teach something completely new or in a really unusual way, at least not until you have a following. It’s not originality, but other factors, that are going to be important.
If we talk about profitability, demand in the general market is going to be important. For that, the niche of the course matters. Niches like technology have always had a large number of students. A bigger niche, such as social media marketing, will be higher competition, but it’s also better proven to be profitable in the first place.
I assume you have this in mind already, but the quality is going to be very important. Ultimately the course should be resourceful and well designed This way, not only do you get fewer refunds and free samplers, but your happy customers will do word of mouth publicity.
One of the biggest mistakes people make in online courses is they focus entirely on the course content, not on the methodology of how to launch the course and ensure it starts with a bang. One such methodology is Perfect Product Creation (PPC). It is an hour-long video program teaching you how to build an awesome digital product, such as an online course or tool, regardless of your niche. The program focuses on building and launching a great product that practically sells itself, getting you the maximum amount of buyers for your hard work.
If we consider the case studies of different online courses, both successful and unsuccessful, it is evident that the course creation techniques had a lot to decide for their fate. It’s even more important than the content itself, depicting on the niche. In my point of view, the course design, development, advertising, and marketing can help any business to make a profitable online course.
Here are a few questions to ask, as a checklist, before you launch a course:
1: Do your customers have something else they can buy, such as a more advanced course, which your main course naturally leads them toward? More products = more profit per customer. It doesn’t even have to be your products, it could be relevant products you are an affiliate of, allowing you to earn commissions.
2: Does your course include content from influencers in relevant niches, so that they have good reason to shout out your course for you when it launches (ask them first, obviously)?
3: Are you priced high enough? In education, I do not recommend going low with your product price. Cheap students are one of the most painful types of customer to deal with.
In this regard, PPC has proved to be very beneficial. Those are just a few smaller points form what I learned in it. I am presently using that, after trying and testing multiple methods. I have a lot of good things to say about it, and I hope it can help you too.
In the end, I would suggest you focus on the online course creation techniques, and the infrastructure around your customer’s journey before and after buying, as that would help you in building a profitable business selling online courses.
Please feel free to reply to me if you need more information on any of the points discussed in this answer, and in that post.