Make money while attracting a larger customer base.
eLearning Generates Passive Income and Improves Your Perceived Authority
Creating and selling online courses is a booming market internationally. The elearning market was worth $107 billion in 2015, $190 billion in 2018 and was expected to exceed $300 Billion by 2025. With the outbreak of COVID-19 businesses are likely to become much more aware of how important a digital presence is.
How can you leverage eLearning online courses to build passive income and market these courses to position your business as an expert in the field, generating you more business without extra work.
eLearning and Passive Income
Investing in professional development and education is a rapidly growing industry. Online courses give you access to knowledge from experts that was previously only accessible at educational facilities. Technology has allowed personal development from the comfort and flexibility of your own homes, avoiding the hassle of travelling to physical classes.
Anyone can create an eLearning course. Are you an Accountant? Develop courses for small businesses owners around basic finance and forecasting. Are you a beauty therapist? Teach how some professional tips and techniques. Are you a Chef? Create a online cooking courses and share recipe ideas.
Courses can be setup on on a number of platforms depending on the scale and accreditation you are providing. For serious learning we can help you find a Learning Management Systems (LMS) that would suit your needs, some of our favourites include Ammonite, Chamilo, Brightcove or Talent. Other platforms, where the goal is to educate users and not accreditation, you should consider are Teachable, Kajabi, Thinkific, Facebook Groups, Slack, Google Docs and Dropbox to name a few. These can all be set up to give access to paying users whilst protecting Intellectual Property
What content should be in a course?
The success of a course and how much you can charge comes down the level of production that goes into the creation of course content.
Want to make the course enjoyable, engaging and informative? Then the answer 100% of the time is Video! and lots of it!
Video content is engaging, is efficient and is the most cost effective method of providing real instruction and demonstration to students. The more professional the video production is, the higher the perceived value of your course and therefore the more you can charge. Production quality can also effect the perception of how useful the information you’re providing is.
A part of any good course is the creation of digital assets the students can use, these should be downloadable. Example of digital assets are PDF templates, guidebooks, manuals, scripts and much more. The digital assets you provide are specific to the customers being able to replicate what you could produce for them. These assets provide tangible value to students that help them produce professional results quickly.
Students must feel empowered as they progress through each module, a well structured course is essential to this. To create a well structured course start slow with the very basics. Get students to follow along so they are doing, not just watching. Video should provide plenty of detailed shots and show real world examples where possible. If you refer to something which has not been taught or explained to the students than you have gone to fast!
What can you charge for courses?
Two of the most common payment models are One-off vs Subscription
One-off fees give access to the course and all of its content, including updates for a set on off cost. This can be anything from $9.99 -$10,000.00
Subscription and Annual licenses are also very common as they help reduce the upfront cost but often end up making more over the long run. An example of a monthly subscription could be $29.99 and an annual license fee of $299.99.
The payment option is dependent on how you want to manage courses. If you only intent to update the course content occasionally vs if you are producing new content and to them regularly.
The cost is equal to the level of production, course size and value students can back.
The first two points there are pretty self explanatory, if you work with professionals to create amazing content than you can charge A LOT more than someone shooting it on their iPhone. If for example you are doing a cooking course and it covers everything from chopping techniques, making home-made sauces and pastries, all the way up to creating a five course meal. Then the course size is worth a lot more than just a great course on cooking pasta.
The value a student can get back is a big component of pricing. A business development course that can educated students on how to start and run a 6-figure business is worth a lot more money to the students then a course teaching mum and dad to draw.
A important component of any marketing is your ability to position your business as an expert or authority figure in your industry. eLearning courses help you to do this by automatically becoming a teacher and therefore expert to your students. eLearning courses create revenue and help generate a passive income, but also help build a larger audience to convert as clients.
The Accounting firm that developed a course that was sold to 1,000 small businesses across the country has now positioned themselves as small business experts. They have shown empathy in understanding small business problems. They are now 300% more likely to be hired for accounting services as well. To put that in monetary perspective, the accounting firm has been paid twice. Once for the course, which then converted the student into a client where the Accounting firms usual fees would apply.
Doesn’t get much better than that.
Thinking about creating your own eLearning course? Want some passive income? Need to protect yourself from business interruptions?