There are lots of factors that will determine how much you can earn by selling online courses.
So there are lots of things to consider when creating your own online course and the profits you get from selling the course.
It can vary wildly depending on certain factors like the price of your course, the size of your niche, and how large of an existing audience you have.
Assuming you do all of this, the biggest elements that determine how much
will you earn from selling online courses? will be the price of your course, the size of your audience or following, and the total size of your target market or niche.
The price of the course
Are you selling an Rs.500 or an Rs.5000 course? This makes a huge difference in how many people you need to sell your course to make your revenue goals.
The bigger, more engaged network, the more customers you can expect to get. If you are starting out right now, building an email list is the first step to your new online course business.
Current Customer Loyalty
How loyal are your customers? Are they coming back for your new products or disappear? Do you have an engaged customer base?
If you are just starting out, all of the above can be learned, but you should expect a slower start
Now, how can you calculate your potential revenue?
Revenue = Number of your Audience x Conversion Rate x Price of the Course
Your audience’s income
consider how much your target audience earns and whether they are willing to spend on digital products, such as online courses.
How much disposable income your audience has, will determine how many of them are willing or able to buy your course.
The market size & competition
think about how many people are in need of your courses (a solution to a common problem) in your niche, and how your competitors are using this information.
Carrying out market research helps to determine if there is an actual market for it.
The Effectiveness of your Site
search how people arrive at your business website and how they interact with your pages (landing page, sales page, etc).
Working to improve these factors can help to promote your business and gain greater exposure to online communities to sell your courses.
Try considering charging a subscription instead of a flat fee. Lots of people are willing to pay recurring fees every month or year to keep their membership, especially if you are constantly adding new content to the course.
Increasing the Value of Course
Of course, there are ways to improve the value of your course. Here are some factors that affect the value which you can think before pricing and selling your online courses
Your Personal Brand Recognition
How approachable, memorable, and visible you are as a person on social media and the web.
Someone who has a Youtube channel with 100k followers and an established blog or website is going to have a significantly easier time selling an online course than somebody who seemingly popped up overnight.
That’s because they already have an established brand and reputation, as well as a level of trust established with their existing followers.
Every large brand has a good amount of die-hard followers who will buy whatever product you release.
Your Level of Expertise
The more knowledgeable you are in your subject, the more high-quality and unique content you are producing. Also, the easier it is for you to become known as an expert in your field.
The course topic
A successful online course starts with a profitable topic. Your course idea determines whether people will love your course or not and if it’s going to sell.
The Training Content at Hand
Depends on the amount and variety of course content you have created and whether it is ready to be shared with your students (e.g. blog posts, books, videos/vlogs, audio/podcasts).
The size of your audience
Having big followership on social media, an email list or a number of business contacts interested in your expertise is important.
Course creators with a ready-made audience such as established professionals, bloggers/vloggers, people with authority and celebrities have an advantage over others when starting their own online academies.
Their brand recognition helps to boost sales.This varies a lot from instructor to instructor.
Undoubtedly, online learning is the way forward. Course creators have the chance to make money selling courses to create additional sources of passive income or even make a living teaching online from your own website.
Monetizing your existing content from training workshops, YouTube videos, podcasts, coaching sessions, or any other skill people are looking up to you to learn.