Are you capping your course profits?
You might ask: Why should I create and sell courses online? I already teach offline.
If you are already making money from your offline coaching institutes, Congrats! You are probably doing great.
But, here is a question for you: Are you capping the profits from your coaching institute?
Let’s check this out, by taking a look at the average expense required to run a coaching center of 500-1000 students.
- Rent – 1.5 lakhs
- EB bill for the entire month – 10K (6rs per unit )
- Salary for 10 faculties – 4 lakhs
- Water bill – 40K
- Marketing Expense – 1 lakh
- Other Expense – 50K
So, on average the monthly expense will be ~7.5 lakhs
Let’s say you are teaching 500 students every month and per student price is 4k rs per month
So, on average the monthly revenue will be ~INR 20,00,000/- (500*4000)
This is really great. But here is the catch. The more you try to increase your revenue, the expense increases as well.
If you want to teach 1000 students instead of 500, you will have to:
- Double up your marketing expenses
- Hire New staff & resources to accommodate this new change.
So, instead of spending INR 7 lakhs per month, you will be paying 15 lakhs a month to get a revenue of 40 lakhs per month income.
Create and Sell Courses Online: Cap your Expenses & Not your Revenue
If you are running a traditional brick and motor enterprise, you can increase your revenue by increasing your course price or course numbers.
You don’t want to keep the prices too steep, that it puts off students from joining your coaching center.
What if, there was a better way to optimize your earning?
What if you can teach students online from your own branded learning platform?
The best part is, you can do this without spending an extra dime.
By simply optimizing your expenses (eg: Other Expenses), you can start teaching courses online starting at INR 36k per year and teach nearly 250 students from around the world.
By spending the same effort and time, at no added cost, you can make nearly 50% more profit from your business.
Once you start getting the results, you can easily switch to a completely online platform approach.
What is the biggest advantage? The biggest advantage is: Your profits won’t be capped. But your expense is capped.
By creating and selling courses online, you are slashing your expenses by half and nearly doubling your profits every month.
Creating and Selling Courses Online – The Market now
As they say, the proof of the pudding is in the eating, let us see the truth by looking at the market for online teaching.
As per the current trends in the Indian market, online teaching is bound to reach figures of USD 1.96 billion by 2021.
Students willing to learn online are also set to increase to 9.5 million by the end of 2021.
These are 5 categories that have a huge potential for online growth. So, if you cater to any of these markets, you can hugely benefit from this trend.
Many coaching institutes and individual trainers are already making millions from their online academy.
Below is an article of how Purna Duggirala (who teaches excel from his website https://chandoo.org/) made USD 1 million from his own branded online platform
If you are a coaching institute, you can make 10X times your offline revenue with branded web and mobile learning apps.
Here are some customers who have made this possible.
- LearnCodeOnline (Teaching Coding Related Courses)
- Wizako( Teaching GMAT courses)
- 2IIM( Teaching CAT courses)
At the moment, over 350+ customers are making use of this amazing market and making amazing profits
This is exactly why you should create and sell online courses if you have the expertise.
Create and Sell Courses Online: How to
The very first step to create your online course is by
Solving student problems
“People buy courses because they’ve got a problem and want a solution. Your course is the bridge between the problem and the solution”
The first thing you have to do is to simply listen to their problem. Think of the problems your students come with you, and then see if you can create a course that helps them solve it.
- It may be a programming skill they want to learn
- Or it may be training to talk in an interview or group discussion.
- Or it could be simply to score 70+ marks in a math or physics exam
Whatever their needs are – Listen to them.
Validate your Idea
Before making a course, test the course idea with the market.
Check 20-30 reviews that students leave for courses similar to yours in Udemy or Unacademy. See, what you can offer better than these courses.
Go to amazon and check the best selling books in your niche. Read the 5 star and 1-star reviews and try to understand the student pain points.
Validate your ideas with market needs. Now, start creating your first course. Check the article on how to design an online course to know further
Market your course
After creating your course, you will need to market it.
Here is a post about how to market courses on social media:-
Using FB ads and for as low as INR 40 per day, you can reach out to students across the globe.
Based on your budget and time constraints, promote your courses using a mix of FB ads, Google AdWords and SEO.
If you have any doubt or question feel free to drop your comments below.
So, what are the next steps?
At Learnyst, we help you with the entire process of course creation to marketing, creating your own branded online academy.
If you already have course contents ready, signup with us and get your online academy for free 14 days
You can create your own academy names, upload, sell and get 100% course sales credited to your bank account during this 14 day trial period.
So, go ahead. Create and Sell Courses online and makes 10X revenue within months.