By 2023, the projected net growth of the online course industry is expected to be $240 billion, according to Docebo. As the lucrativeness of internet businesses increases, so does the population of internet users, hungry to take a piece of the pie.
That’s one very compelling reason as to why create an online course in your online business.
The time to create one is now.
Beginning an online course can help you to grow your business while placing you in a position of authority in your industry.
What’s more, creating an online course can bring extra income while simultaneously allowing you to share your hard-earned skills with the people of the world.
Here are some of the most inspiring reasons why you can and should create an online course today so you can work from home or grow your home business remotely.
Creating an online course will help you scale your business.
To give a small example, if your business is in the market of selling complex software, creating an online course can help grow the potential consumers of this software. Take for example Adobe.
They offer the excellent tools for which they’re known, while simultaneously earning and growing by offering online courses (taking into account things like learning styles and customers’ reasons for interest) teaching consumers how to use them.
They know exactly why create an online course.
More universally, however, creating an online course naturally creates leads, because you are speaking with authority about a topic related to your business. If courses have value, there will naturally be a halo effect surrounding their corresponding online businesses.
According to Bruce Mendelsohn, the branding expert and founder of The Hired Pen, visibility is key to being thought of as an authority in your sector or niche.
Online visibility is a key component to being regarded as an expert
Creating an online course for your niche can be a very helpful way to gain visibility.
Provided your content is excellent and your customers find they get value out of what you teach in your course, word of mouth will naturally spread throughout your sector. The old aphorism, “If you can’t do, teach” notwithstanding, researchers found in a recent study that a majority of students trust the expertise of those who teach them.
Another great reason as to why create an online course is that creating an online course is a very versatile way to connect positive emotions and a higher level of brand awareness with your potential customers.
According to many studies (including this one), emotions play a major part in consumer behavior. Without any science, we can easily see this by examining our own lives. How else do we decide between, for example, different cars? We can look at gas mileage and efficiency all we want, but in the end, the question of what to consume and when is emotional.
By associating their self-identity with your brand, consumers can begin to associate positive emotions with your company.
Deborah Niemann of Thrifty Homesteader took something that most people don’t think about every day, goat breeding, and turned it into a highly lucrative business with the aid of online courses.
Deborah Niemann began her life in Texas, eating fast food and living what she describes as an “unsustainable lifestyle.” After she had her first baby, she began reading up about nutrition and saw what duress she had put on her body for the first 20-something years of her life.
With her newfound interest in nutrition and a sturdy belief in the need for a more sustainable lifestyle, Niemann moved to the country with her husband. The two began to live a healthy lifestyle, working with all their energy to teach others how to do the same.
Niemann is a successful author, speaking personality, and blogger, and central to her business are the web courses she leads through her website. Crucially, these courses provide value to the people who buy them, and as these people get value from Niemann’s courses, they become interested in her other products.
While truly speaking to her heart, Niemann’s business also works because every aspect of it increases the positive associations her customers have with her work.
First, to define ‘upsell’, the Merriam Webster dictionary defines it as:
To try to convince (a customer) to purchase something additional or at a higher cost
If your business has a website, or better yet a blog, creating an online course can be a powerful way to increase your profit margin. If you have some knowledge of value to offer to consumers, you can tease that knowledge out in several free blog posts. In these blog posts, you can also link to your online course.
If your article can convince a consumer that you have something more to teach them. Moreover, that they need that information, having an online course can be highly lucrative.
Surely by now we know the answer to the question, “Why create an online course?”
In a study published by Wharton University, the researchers suggest in their opening line that upselling is generally associated with higher profit margins. It takes no stretch of the imagination to believe this claim, but the researchers also found that upselling is often related to decreased customer satisfaction.
The lesson? Value. If your course has value, you can’t go wrong. If it lacks value, things will catch up with you eventually.
In certain situations, an online course can be a down-sell. Salesforce defines this as:
Down-selling is the technique of offering a more budget-friendly alternative to the product or service initially considered by the customer
These are usually offered when a customer makes it pretty clear that your main product is out of their budget. You might not want to lose them, so you offer them something of lesser value to keep them in your ecosystem.
Many websites offer free courses. Take Unity, for example, the website whose software is used by video game developers worldwide.
Although Unity sells very expensive software, they offer free online courses that anyone can take. It’s a genius strategy because even if a user doesn’t feel from first glance that they want to invest in Unity’s software, they might shrug their shoulders and say, “Well, I’ll download the online course, anyway.”
With excellent online courses, Unity builds trust with their consumer base, and this, one imagines, helps ultimately drive sales of Unity’s software. Why create an online course? Unity knows that it builds trust and it also empowers others which, in a way, pays things forward.
Having an online course is profitable. That much is certain. For one thing, if you offer something of value, people will pay for it.
For another thing, you only need to create the online course once. Afterward, it can continue to attract new students as you earn money from it passively. This makes an online course an invaluable source of income for all entrepreneurs.
I mentioned above that the online course industry is expanding massively now. This explains, for example, why LinkedIn suddenly jumped on acquiring a $1.5 billion e-learning platform called Lynda (now LinkedIn Learning).
Asad Chaudry of 52Kards was a lifelong lover of magic who happened to have an idea: there are plenty of magicians out there in the world but no go-to resource where they can learn, chat, develop, and practice. He intended to create “an ecosystem” for the next-gen of magicians.
His site 52Kards, his 50,000-plus subscriber email list, and his YouTube channel speak to his success in creating this ecosystem.
If you visit his website, it’s easy to track how a novice magician might be attracted to the site and begin to trust it. Asad Chaudry’s site is a catch-all, with product reviews, online courses, and magic decks of different makes and styles for magicians to buy.
Using his online courses, he can push the magic decks that he wants to push, and students, who likely trust him if they’ve made it that far, will then proceed to purchase these decks.
With his YouTube channel, we can see how Chaudry’s online courses act as a valuable upsell, funneling his videos’ free views to the paid courses on Chaudry’s website.
Interestingly, one of Chaudry’s methods for assessing and developing interest in his online courses is via Kickstarter Campaigns.
The 7th compelling reason answering the question why create an online course, is the idea of waking up in the morning wealthier than when you went to bed.
Got to love Ecommerce!
Also, as viewership for your online course increases, the ratio of time for money decreases.
If your course is of high quality, word of mouth and organic linking will bring new customers naturally to your online course.
If you create a robust enough online course, you may be able to sit back and watch the revenue simply stream in (or let it stream in while you catch some Z’s).
Online courses and passive income have a genuine relationship with one another. If you don’t take our word for it, take the word of Paul Thomson, an Australian entrepreneur who empowers course creators across the world to boost their wealth via online courses.
Normal, everyday people are capitalizing on the rise of online courses and turning their knowledge into passive revenue-generating machines!
As we’ve seen in the two case studies above (and we’ll see in the case study below), these entrepreneurs don’t just myopically focus on one revenue stream. Their business model offers a robust portfolio of offerings that could be described as “all-inclusive.”
Diversifying your offerings is a well-demonstrated way to grow your business, and an online course can help do this.
As we’ve mentioned, you only need to create a course once. Afterward, the students will continue to pour in while you have more time to take care of the other aspects of your business.
I don’t mind not having a lot of time, you might say. Whatever it takes to make my business successful. That’s a common way to think, but you need to remember to work smarter, not harder. That’s why create an online course.
If you’re someone who believes in long hours as innately superior to short ones, listen to Jeff Bezos’ humble opinion on time, work, and sleep.
Sam and Joe Pitcher never asked, “What online course should I create?” They saw a need and helped to fill the hole. Their mother was a textile artist, and they saw that there needed to be an online community where textile artists could share best practices, promote their work, and learn from one another.
Thus, TextileArtist.org was born. Visiting this website, one can immediately see that it was a labor of love. There is a genuine spirit of good-feeling and well-meaning that pervades every page of this website.
This feeling, whereby almost all of the tools and resources on Textile Artist remain free, is an inspiring way that Sam and Joe Pitcher teach us how to build trust.
We trust them because we believe in the purity of this business, that it comes not from the brain’s desire to make money but from the heart’s desire to connect the people of the world (in this case, through textiles).
Making an impact is our final reason as to why create an online course.
What is one thing that all the successful course creators on our list have in common? The love of their subject and the desire to expand knowledge surrounding that subject.
Creating an online course gives consumers a one-on-one experience with you in which you don’t need to be present. This means that your message and your brand can be spread to far more people than if you relied on traditional online teaching.
There is also no question of how to become an instructor in any of our case studies. These people simply filled a hole with something they knew they could fill it with.
This brings us to the most important point of all. The most important aspect of creating an online course should never be about the dollar signs. Although money is a powerful motivating factor, the question of “What kind of online course can I create?” must be rooted in a powerful feeling that you have for your work.
How to be a course instructor, then, will be a process that you naturally learn as you earnestly try to provide your consumers with the best possible value you can.
Creating an online course is as simple as that.
When it comes down to it, creating an online course can provide you with a valuable second stream of income and help boost your credibility in your sector.
Best of all, though, creating an online course can help you connect with the people of the world in a meaningful way. The feeling of connection is arguably the most substantial reason to create an online course.
Did you enjoy what you read here today? Loveworkathome.com is a labor of love of mine, and it’s thanks to readers like you sharing my writing that I’m able to continue doing what I love. If you found this valuable, please consider sending this article to your friends who you think would find it beneficial if you found this useful.
P.s. need a little more online course inspiration, or even a different online business idea? Check out this blog of ours on the 11 Best Print on Demand Courses.
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