Make Money From Online Courses – Create An Internal Financial Eco-System
You can make money from online courses if you set up you sales and marketing system correctly. You can also make money inside your programs. Here’s how!
Hi Trish Davies here and today I want to get you financial juices flowing by talking about generating revenue. Now before I go any further I must add a disclaimer here. I am no way guaranteeing that you will earn a specific amount of money and I refer you to my disclaimers at the bottom of this page.
Now that we have got that bit of housekeeping out of the way let’s look revenue generating strategies. Strategies to monetize your online training programs at the front end, back end and everywhere in between.
The online coaching business is booming and worth hundreds of billions of dollars. There are plenty of online coaches who make money from online courses and I guess you want to be part of that?
Therefore, I am going to share with you 4 strategies to help you generate revenue from what you know. Those inner talents and gifts that you possess can become very lucrative if you package it up correctly.
My Build Your AU programs will help you create your packages and coaching programs. You can learn more about that here. For now, let’s look at the 4 revenue generating strategies which will open your mind to the potential you have at your fingertips.
Make Money From Online Courses
One Time Sale
You can make money from online courses through a one time sale. Here you decide your price point and then create a “Buy Now” button where people enter their credit card details and complete their purchase.
When their purchase is complete you will direct them to where they can access their online course. These are priced anywhere between $50-$500 which is nice but you must regularly generate new customers to keep the pipeline flowing.
To illustrate this here is a hypothetical example. Say you had an online course which was priced at $100. If you generated 100 customers per month it would generate $10,000 within that month.
I am sure that you will agree that number is a very nice income which you could do a lot with. The only problem with this pricing model is that you start the month at $0. You must rely on getting the same amount of customers by the end of the month to sustain that level of income.
Continuity Plan
The next strategy to make money from online courses is to create a continuity plan. This is often referred to as a membership subscription. Now I am going to keep the same metrics as the previous example, remember this is just an example.
Say you had a course or multiple courses that you could package up into a membership subscription. For this example, you are still charging $100 but this is monthly recurring payment.
You still have the same number of customers which is 100. The total monthly revenue is still $10,000. The difference is that you know that when the first of the month comes along you know that you will be earning that $10,000.
That is guaranteed without having to do any work for it. There is no need to go looking for new customers unless you want to increase your subscription base.
High Ticket Products & Services
The third strategy to make money from online courses is to sell high ticket products and services. Typically, these start at around $1000 and go as high as you like. I personally have invested in these types of programs and have spent $20,000 in the process.
These are your elite back end products and services and where you make the most profit. They can be a one time sale or part of a continuity plan for which you could charge a high monthly fee. So, they are kind of a hybrid but very lucrative.
Make Money From Online Courses – Internal Financial Eco-System
This last strategy on how to make money from online courses is n exciting proposition. Your online course, or courses, are designed to deliver a desired outcome for your students.
Online courses are usually linear and step by step processes. They offer a clear direction and pathway to follow to achieve the desired outcome. Therefore, it is highly possible that your students will need to use additional resources long their journey.
You would position these resources at certain stages as a building block for your students. In other words, you would recommend your student invest in them to secure the success they are looking for.
Now this strategy can be applied to any niche that your online course fits. I have vast experience in coaching people how to create an online business from scratch. Now there are many moving parts to create an online business so I will look at four resources that online businesses could need.
- Sales Funnel Builder
- Email Marketing Service
- Advertising Campaign Tracking Software
- Online Marketing Training
How This Internal Eco-System Works
As an online business you must have an online presence. Web pages come in all shapes and sizes such as lead generation pages , sales pages, thank you pages, download pages.
Those pages must be linked to an email marketing system which is often referred to as an auto-responder. Here you can collect peoples contact details and market to them in the future.
All businesses need to create marketing campaigns therefore you must know where your traffic is coming from. Tracking software does this job and tells you where your efforts are most effective.
Online marketing is a minefield if you don’t know what you are doing. Online business owners need to be educated on the best practices.
Now if I was to create an online course in this niche I would include resources for each of the above. I wouldn’t do the hard sell as this would put my students off. What I would do is demonstrate how these resources work within the course.
I would show the benefits that each resource offers my student and that is why I recommend them. I would also make sure that my students knew that I used them within my own business.
Leveraging Third Party Resources
Now these resources are usually third party resources. There would be a sales funnel company, an email marketing company, a tracking software company and an online business education company.
I would be a referring partner to all of these company’s which is referred to as an affiliate. This means that when I promote these products and services I receive a commission when a sale is generated.
Therefore, you are monetizing your own online programs with resources that will benefit the student. There is no hard sell as you are offering your own personal recommendation and explain why you recommend these resources.
The decision is down to the student if they purchase or not. Not everyone will but a certain percentage will. Therefore, you are creating a passive income eco-system within your own training program and not doing any additional work in the process.
I have shared with you four strategies on how to make money with online courses. Hopefully they have given you the inspiration to start creating your own online course. Build Your AU can help you create your course so please check out my free 9 step program here.
This is your starting point to help you implement the strategies that I have shared in the future. Register here to get started today.
Helping you build your authenticity, authority and audience.
Trish Davies
Build Your AU
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