In this post, we are going to learn how to make money with your online course. For many people, the goal of their online course is to make a little extra money on the side, but they fail to make any real profit from their course. The reason for this is that they do not know how to implement effective course payments. To help you avoid this, here are 3 tried and true payment ideas to try out.
Idea #1: Charge Up Front
The easiest way to make money with your online course is to charge upfront. Having one easy payment at the beginning of the course will ensure that students pay the fee. Additionally, it will let you see the money from the beginning of the course.
There are several reasons why charging upfront is the most effective way to make money on your online course. Firstly, we are used to paying upfront fees for education. Think about college. Students have to pay a tuition fee before they can go to class. Charging up front for your online course works the same way.
Additionally, charging up front alleviates any confusion about payment options, and it prevents students from forgetting to pay down the line.
Charging up front makes it easier to sell courses in the future too. For many users, they are hesitant to pay for more items if they pay for subscriptions. By selecting a charge upfront model, students expect to pay for every course, which makes them more likely to purchase in the future.
Idea #2: Charge for Certification
Another great way to make money on your online course is to only charge for certification. What this means is that you will provide the course content for free, but students will only get a certification if they pay. Now, you may be thinking that most students will just use the free option, but other companies like Coursera used this model and have earned over $1,000,000 in their first year.
Here is why this model works so well:
1. It allows students to gain trust before purchasing the product. They get to sign up for the course with no strings attached, which alleviates any fear of paying for a wasteful product.
2. Providing a free course helps you to build a larger email list that will allow you to market better in the future.
3. Offering a certification adds professional value to your course, which is something that people are more likely to pay for.
Idea #3: Presell Your Course
The third idea for making money on your online course is to presell your course. Though preselling your course may not sound like it will have a big profit, preselling is a great marketing strategy. In fact, many online sectors are built on preselling products.
Here is why preselling your online course is a good idea:
1. You know before you create your course what the customers are interested in. This will save you time, effort, and money in course creation.
2. You can focus your time and energy on projects with high customer interest.
3. You avoid spending money on a course that eventually fails.
4. You get to test the waters using a free pilot lesson, which will then allow you to build a subscriber or email list.
After preselling, you can decide which course topic to follow through with and which to ditch. You can even set up fundraising campaigns and other ways to generate money for your project.