Creating and selling online courses is a booming market internationally. The elearning market was valued to over $165 Billion in 2015 and is expected to exceed $240 Billion by 2023, with a yearly growth of 5% (Global Market Insights, 2016 report)!
Investing in education and lifelong learning is an emerging trend among both old and young, and online courses come to fill the gaps of knowledge. People tend to prefer the comfort and flexibility of their own homes, avoiding the complexities of commuting to physical classes.
If you are not already offering your own online course, you are missing out on a big opportunity. Be among the first to get into the online courses in your niche and you won’t regret it. But the question remains, how much money can you make with online courses?
Online Course Earnings Calculator
That’s simple to answer. Based on our customer’s data we’ve developed our own Online Course Earnings Calculator, for this exact purpose! By answering a few quick questions you can have an estimate of the yearly profits of your own online school.
Making a profit from Online Courses
There are a lot of factors at work when creating your own branded online course and profits from sales vary wildly. It mostly depends on the resources at hand (including the value of your personal or company’s branding) and the work you put on creating, marketing and selling courses. An instructor could be earning from a few hundred dollars per year to a six-figure income and more.
Some factors to consider are:
In general, instructors with a ready made audience such as established professionals, bloggers/vloggers, persons with authority and celebrities will have a boost starting their own online academies and their brand recognition will help boost the sales. Having a big followership on social media, an email marketing list or a number of business contacts interested in your expertise are other important factors.
If you don’t fit in any of the above, then you will need to work a lot more on marketing and getting involved with online communities to sell your courses. Here are some ideas on how to increase your course sales.
To Selling Online Courses
Lastly, you should consider the topic of your course and whether there is a market for it. Would someone pay for your topic and if so, how much that person would be willing to? That will also affect your pricing, and should also affect the quality of the course offered.
Return of Investment (ROI) of an Online School
Launching your online school might seem like a lot of work, but with LearnWorlds you can have one ready in minutes. Creating your own online course is as easy as reusing your old material such as:
Lowering spending on new content and reusing your old material, can increase your online course’s ROI (and your own income). Then, you only have to think about your minimum expenses and it’s a simple equation of (Income – Expenses) / Expenses. To find out how much your potential income is, try out our calculator by clicking here.
The Multiple Benefits of Online Courses to your Business
Launching an online school or online courses can, of course, bring you a passive income or a truly impressive new source of capital, but it can also offer other multiple benefits to you or your business.
An online course can enhance your online brand/presence, by establishing you as a thought leader and a source for new knowledge. It can create a loyal following of your current clients, as the thirst for easily consumable information grows.
In a knowledge society, where information is power, utilizing your expertise to teach others can bring an additional source of income, to both individuals and organisations, but also benefit the community by educating its members!