Creating and selling online courses is a booming market internationally. The elearning market was worth $107 billion in 2015, $190 billion in 2018 and is expected to exceed $300 Billion by 2025 (E-Learning Market Size By Technology)!
Investing in education and lifelong learning is an emerging trend among both old and young learners. Online courses have come to fill in the gaps of knowledge. A lot of people seem to prefer the comfort and flexibility of their own homes, avoiding the complexities of commuting to physical classes.
And this is perfect for the growing elearning industry.
If you are not already selling an online course, you are missing out on a big opportunity. Be among the first to get into your niche and you won’t regret it.
But the question remains, how much money can you make out selling online courses?
You can take the following quiz and see how much money you can potentially make with an online course!
|How Much Money Can You Make Selling Online Courses?|
|Make Money With Online Courses|
|How Much Revenue to Expect from an Online Course?|
|Increasing the Value of an Online Course|
|Are Online Courses Profitable?|
|Why Sell Online Courses: The Benefits|
|Now Over to You: Are You Onboard?|
Make Money With Online Courses
There are a lot of factors at work when creating your own online course and the profits you get from the course sales can vary wildly.
For example, as an online instructor you could be earning from a few hundred dollars per year to a six- or seven-figure income. In fact, you could reach up to a six-figure number while treating your course business as a part-time project.
Course creation is only part of the process. The work on marketing and sales, including your personal brand can give you an edge.
How Much Revenue to Expect from an Online Course?
This varies a lot from one online course creator to another. You will have to consider a lot of factors that affect your potential revenue.
Even if you’re just starting out, all of the above can be learned, but you should expect a slower start than an experienced entrepreneur.
How can you calculate your potential revenue?
To determine your potential revenue you will need to calculate following:
Revenue = Number of your Audience x Conversion Rate x Price of the Course
If you don’t have an audience yet, you can make some hypotheses based on how many people you expect to reach out to. Do you anticipate 100 subscribers, 200 subscribers, or 1,000 subscribers?
Conversion rates for online courses depend on the subject, the price, and your capability to attract and sell to the right people. You can think of conversions as:
To see different scenarios and set goals based on them, you can run the calculation on all three conversion rates, 1%, 5%, and 10%.
How can you calculate your potential profit?
In order to determine if your online business is making a profit from selling courses, you must subtract the expenses. Luckily, online courses do not cost anything per additional customer but might have production or marketing expenses. This is how to think about it:
Profit = Revenue – Production costs (fixed) – Marketing expenses – Other related costs
Now you can calculate if your course can be profitable, how much work you need to do, and how much money you can make selling online courses!
Increasing the Value of an Online Course
You can improve the value of your courses in several ways. Before moving on to set your course price on your first course, check out the following factors that can affect your course’s value:
Working to improve these factors can help to promote your online course business and gain greater exposure to online communities or even industry influencers that can help you sell and upsell your courses. If you need help with marketing your school, check how to increase your course sales.
A side-project online course can be a good way to start making revenue until you can switch full-time.
Are Online Courses Profitable?
Yes, they are. Online courses offer one of the best business models to digital entrepreneurs. The demand is rising and people are more than willing to pay for them, and they are one of the top ways to make money online.
This is a great piece of information to start with. However, you will need to research more into your chosen subject to make a new course launch. Creating your first course might seem overwhelming, but it can be surprisingly straightforward using LearnWorlds. We offer the best online course platform to create, market, and sell your online course.
On top of that, when it comes to creating content for your course, you have many options to choose from.
One of them is to reuse your old material, including your:
Lowering spending on new content and reusing your old material, can increase your online course’s return on investment (ROI) and your own income. Once you know what your minimum expenses are, all you have to do is put together a worksheet that can easily calculate the equation (Income – Expenses) / Expenses.
Why Sell Online Courses: The Benefits
Launching an online academy can bring you a passive income or a truly impressive new source of revenue, but it can also have multiple benefits for your online course business.
You can use an online course to:
As you would expect in a knowledge society where information is power, utilizing your expertise through online education is a revolutionary way to make money. Also, it can open up a wealth of opportunities for your organization, as well as benefit your community by educating its members.
Over to You Now: Are You Onboard?
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.
Monetize your existing content of training workshops, YouTube videos, podcasts, coaching sessions, and empower people to improve their skills.
The real question is, are you ready to become an entrepreneur, open your own online learning business, leveraging the resources you already possess?
You can start with a 30-day free trial on LearnWorlds and launch your course today!
In the meantime, make sure to check out our step-by-step guide to creating courses that turns online course creation to a walk in the park 🙂
Further reading you might find interesting:
Nick Malekos is a Senior Digital Marketer in LearnWorlds. He is a results based and well-rounded Digital Marketer with years of experience in the education industry, writer and digital literacy trainer.