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The online courses market is experiencing a major boom. Predictions show that by 2025, the e-learning market will be worth over $300 billion, up from just $107 billion in 2015.
If you’ve been considering becoming an online tutor and making money from creating and selling online courses, one of the questions you’ve definitely asked yourself is whether you can earn a comfortable living from selling online courses.
In this article, we are going to look at how much money people are making with online courses, as well as the factors that affect how much money one can make from online courses.
Can You Make A Living With Online Courses?
Asking how much money people make with online courses is like asking how much money people make from blogging, from running an online business, or from freelancing.
The truth is that there isn’t a single answer to this question. There are some top earning bloggers making millions from their blogs, while others have never made a dime. There are freelancers making millions, while others hardly make enough to survive.
The same applies to online course creators. There are some making six figure amounts from their online courses, while others are lucky to sell one or two copies of their online course.
Data by Teachable, one of the top online course platforms, shows that about 18% of schools selling their online courses on the platform take home over $10k on average every month.
If close to one fifth of course creators on Teachable make over $100,000 every year, then this is enough proof that, with enough effort, it is also possible for you to earn a living from selling online courses.
Factors That Affect How Much Money You Can Make From Online Courses
Below are some of the factors that will determine how much money you can earn from your online courses:
Market Size And Competition
The bigger your target market, the easier it will be for you to get more people to purchase your online course.
For instance, if your target market has 5 million potential customers, it is quite conceivable for you to get 5,000 people to purchase your online course. However, if your target market has only 10,000 potential customers, it will be a lot harder to sell to just 1,000 people.
Aside from the market size, the level of competition will also affect your ability to make sales. The higher the competition, the harder it will be for you to sell your online course.
Therefore, before creating your online course, you should conduct market research to ensure that you’re targeting a big market with a low or moderate level of competition.
Course Pricing
This is one of the key factors that has the biggest influence on how much money you can make with online courses.
Look at this way – if your course costs $200, and you want to earn $10,000 every month, you would only need to find 50 customers every month.
If your online course goes for $20, on the other hand, you would need to find 500 customers every month in order to meet your revenue goals.
It’s good to note that course pricing versus revenue is not an exactly straightforward thing.
For instance, it is easier to sell a $20 course than it is to sell a $200 course. However, selling a $200 online course 3 times is still more profitable than selling a $20 course 20 times. Therefore, you should be very strategic when it comes to pricing your course.
Your Personal Brand
Your personal brand also plays a key role in determining how much you can earn from online courses. For instance, if you have a blog or YouTube channel with a huge following, you’ll have an easier time getting people to purchase your online course. You’ll also be able to get away with charging a higher price for your course.
This is because people already know and trust you as an expert in your field. Therefore, many won’t have any reservations about paying for your online course.
If no one knows you, however, you’ll have a harder time convincing people to purchase your online course. People will also be more skeptical about paying a high price for your course, because they don’t know what to expect.
The Quality Of Your Online Course
The better the quality of your online course, the easier it is for you to earn more from it. First, when you invest in creating a high quality online course, you’ll have justification for charging a high price for it, which will lead to increased revenue.
In addition, a higher quality course that delivers results for your students will receive positive reviews, which will provide positive social proof for your course and lead to more students paying for the course.
The Effectiveness Of Your Marketing
Creating a high quality online course is only half the work. Once you have published your course, you’ll need to put in double the effort in marketing your course if you want to attract students.
The more effective your marketing is, the higher the number of students you’ll be able to attract, leading to more revenue for you.
Actually, you might even want to invest some money in channels such as affiliate marketing or social media marketing if you want as many of your target audience as possible to know about and hopefully purchase your online course.
Wrapping Up
If you’re thinking of creating an online course, it’s good to find out whether you’ll actually make enough money to justify the investment that goes into creating an online course.
Like most other business ventures, however, there isn’t a guaranteed amount of money that you can make from selling online courses. It all depends on your strategy, as well as the amount of effort and resources you’re willing to invest into your business.
In this article, we have covered the 5 key factors that determine the amount of money that you can make with online courses. Get these 5 right, and you’ll soon have money flooding your bank account.