How to Start an Online Course Business
$240 billion! That’s what the online learning industry will be worth in 2023. Everyone has something they are either passionate about or really good at- including you- so it’s high time you considered starting an online course business. This entire article covers the nitty-gritty of starting an online course business and you will also get all the practical steps to launching your own online course.
The rate at which more online courses are springing up is alarming; the interesting part is the ever-increasing number of subscribers or students queuing up for them. The scope of this article will cover reasons why this is a profitable business, qualities that will make you fit for this business, how to go about launching yours, and also how you can make extra money directly from the business.
Why starting an online course business is profitable
If you’re wondering what’s so great about starting an online course business, well, there’s plenty. This line of business has merits that are reasons enough to assure you that you’ve chosen the right vocation.
Ever-increasing demand
The demand for online courses is easily the best reason to go into this business. This makes the online learning industry so attractive that even the top academic institutions in the world cannot resist the temptation. Nowadays, almost all the biggest and best colleges and universities one wouldn’t even dream of getting into have started having online classes and people from every nation, anywhere, are getting certificates and other diplomas from institutions like Harvard.
A big factor that has really boosted the demand for online learning has been the rather unfortunate emergence of the deadly coronavirus which will likely change the world’s order. Many people have stopped going to work and more industries are encouraging their staff to work from home. Most institutions globally have also advised their students to keep on learning and attending classes at home. This change has seen internet users and the number of people who work from home drastically increase in less than a year, making more people more receptive to online learning.
Learning on-the-go
Thinking you don’t know enough to start an online course could be anyone’s fear because let’s face it, you’re expected to be the “expert” and it’s fair to say that your reputation pretty much hangs in the balance if you flatter to deceive. However, starting an online course business offers you a chance to get yourself equipped and come back strong. You don’t need to have a PhD before you start every online course you plan- all you need to do is teach o sell what you know. In fact, if you only know just about 50% of the total subject (assuming you know that 50% really well), you can start finding students. For example, you want to take a course on the 50 states of the United States of America and you only know 30, that should not stop you from telling the world that you are about to start a training course on the subject. Study more, do research on the remaining 20 states, and then prepare the course content for the class. A lot of people who are successful in this line do it.
It is lucrative and shows promise
Let’s face it; no one starts a business to not make profit, otherwise it’s a charity. Is an online course business profitable? One hundred percent yes! It’s one of those businesses you do where you get paid so well, some people start to doubt that’s the only way you make money. That’s one of the top reasons why everyone and every institution is going online now, people pay top dollar for education. Tons of online courses creators make six figures while some are already earning more than a million dollars per annum through their online courses. This business also shoes great promise, it is the business for the future. If the already booming online course industry has not yet peaked, then imagine what the future of this business would look like. According to records released by GM Insights, a research firm, the online learning industry could be worth $240 billion by 2023 after its former valuation of $165 billion in 2015.
The courses could be about anything
Teaching has never been easier. The courses you offer would be handpicked by you. You have the freedom of choosing any course from any field as there are many who share the same interests already. What’s even more amazing is that the courses could be about anything at all- ANYTHING! This means any type of knowledge that people crave, whether it’s programming, fashion designing, babysitting or even if you’re great at playing video games, you could start courses on that. Yes, anything!
A course could run for years
Another advantage this career path has is the comfort that comes with it. Unlike running a business that involves the sale of perishable goods, an online course business does not need to be made fresh every day. When you set up your course outline and the content to teach your subscribers or students, you could go on and continue using the same pattern, material, examples and every other important detail for a few years. The only thing that you would have to do is update some figures and other necessary information with time. As long as the course content is relevant to the present time, you can keep on using it to teach the next class and then the one that comes after that.
As good as starting an online course business seems, a drawback would be the amount of time and effort it takes to structure the program to meet high standards. To get quality, you have to give quality and for beginners who would rather use the services of online learning hosts, they might have to do more than they thought would be enough to meet certain standards. It’s nothing to worry about, just be prepared.
Who the business would suits
To start an online course business mainly requires that you have a very good knowledge of what you are going to be teaching and a good platform but there are some traits that will make the business a lot easier to run and having them will be a great boost.
Educationalist by nature
This business is all about teaching and passing information across to those who need it, for this purpose you must be an educator by nature. Teaching and seeing people learn should be your cup of tea and it should drive and excite you. If money comes first for you, that would be a terrible mistake because when there’s nothing else to motivate you, you might start losing your touch. A great educator would relish making research to get better ways of teaching their class, be eager to answer questions thrown at them regarding the course, and make up excuses to spend more time teaching the course. Patience and a sincere wish to help students get better will see you through.
A problem solver
This business is different from the conventional formal education set up where an educational board arranges the whole course content and the students must conform to it even if it’s not what the student wants or needs. The courses you offer and the way you go about lecturing your audience should be influenced by what they want to learn and not the other way around. An online instructor’s job is more or less finding solutions to their students’ problems and finding answers to their questions. You must always strive to look out for the areas where your class need more assistance and proffer solutions to them. If you are not bothered about solving peoples’ problems, the questions from your students might weigh you down; a genuine interest in their development will aid your quest to find questions to their answers.
Organized
Planning and structuring the course outline has to be done methodically, without which your business will not live long enough to become profitable. It is your duty to get the business set up in a way that will appeal to even scholars who probably have a degree in a related field because you never know who could be “following” your business. The top online course hosting services like Udemy, would request your course outline among other useful information and a guide to see how well you have structured your courses. Great organizational skills will also be evident in how you plan your schedule and make special arrangements for certain clients without hindering the holistic progression of the course.
Camera friendly or clear vocals
Most of the online courses there are today are usually arranged in a video where the students will be able to see the tutor in action so that they can get a better understanding of what the topic is about. The gesticulations and examples the tutor gives in a video go a long way in enhancing the students’ learning and this is why the average person prefers a video tutorial. As the tutor, you will be in front of the camera and being camera friendly will make the job a lot easier and fun. Many online courses are done live where both students and instructors communicate in real time and with this, there won’t be edits or cuts so whatever you say or do can be used against you. A camera-shy person could lose confidence and that might be misunderstood for incompetence which could hurt your business.
Your vocals also matter as not all tutorial videos have the tutor speaking or teaching in front of a ginormous white board, some online courses use animations and slides to teach students. These animated figures will be the ones to explain the topics and theirs will be your vocals. A crisp and clear vocalization of thoughts and learning techniques will make your courses easier to comprehend.
Starting an online course business
Focus on your interests
An online course could be about anything- languages, lifestyle, science, and even some of the most unorthodox subjects you could think of- and there is a really big chance that what you’re very passionate about is among some of the problems many people need solutions to. It is very convenient having to teach what you practically live on a daily basis, so focus on your interests, develop your skills, and learn almost everything about them.
Research “sellable” ideas
There are two ways to approach your business idea in this field; develop your skills and start your business based off of that, or lookout for what most people would like to learn, learn it, get really good at it and make your business about it. In reality, the latter is the better option because it guarantees a market waiting to be explored. By finding solutions to people’s problems, you will do less advertising but there would be much competition.
Make your course outline
Professionalism is the key to having a good image in this industry. One of the ways to ensure that is by treating this business like it’s a big deal and that you have students who are professionals, smart individuals, and they are spending hard-earned money to gain vital information from you. Create your own course outline and let there be a clear blueprint of what the course is about and what your students should expect. You could also make spreadsheets and other learning materials to help buttress your lectures.
Get proof of mastery
You’re now an educator and some of your students or audience would be really smart, thus, you must be able to show that you are really good at what you’re offering. It takes more than mere words to convince some people; you have to show them proof. This is why you must have testimonials and document your “wins”. With each step you take and the progress you make, keep records. For example, if you want to offer courses on crypto currency trading, show them screenshots of your progress in the field and the last thing anyone would ask you will be “what degree do you have before I let you show me how you made six figures in a quarter”.
Create a business social account
An online business with its customers online requires an online platform and that’s your next line of action. First things first, this is a business, therefore, no matter how many online social platforms you are on, you must separate business from pleasure by creating a professional one. If you want to, you can convert your personal social media accounts to a more business-oriented account. Also use video conference calling applications to communicate with your clients and even take your live classes there.
Decide on a platform
You have the choice of either creating your own platform where your clients will gather and get the necessary information they need from you or join an established online course service where your courses will be taught and accessed. The choice you make depends on the type of course you intend to offer and the customer you target. For example, if you want to teach how to apply makeup like a pro, your audience would mostly be young adults. That way, it’s okay to use YouTube; break the course into 5 or 10 minute tutorials and teach. Using an online learning host will require that you have your course outline, possibly lecture notes and spreadsheet as well, and other methods of teaching you will use defined and sent to the service hosts to approve and advice you on what or what not to go forward with before you start. This type will make it possible for you to have a proper interactive session with your students and sell materials to them more conveniently. If your target audience includes CEO’s, professionals, adults or children, then you must have a proper platform either owned by you (your website or app) or you register with hosts. Some of the best platforms to market your courses include;
- Udemy
- Teachable
- Skillshare
- Learnworlds
- Ruzuku
- Thinkific
- WizIQ
Start online course
The moment you start offering online courses is not the time when you sit back and let everything run on autopilot, it’s when you sit tight and get ready for takeoff. As soon as everything is set to start giving lectures online, your attention should go towards managing the business the best way, which is by making sure that your services are in tune with your clients’ demands. During and after every class, ask for feedback.
As time goes on, you will be doing your students a favor by creating a schedule that would suit each one of them. Seeing that the nature is online and people from different time zones will be involved, you can create options where students can choose what time will be convenient. Then you should also take time to update your courses occasionally when the need arises so that it will remain relevant with the present time. Create a payment system that will be easy for your clients to use when paying for your services or any other material the purchase from you. Make different payment options available like PayPal, bank transfer, or even crypto currency depending on how convenient it would be for everyone.
How to make some extra money
If you think the money you’ll be making directly from tuition fee is the only way you can make money in this business, then you are in for a surprise. These are ways to make extra money running an online course business.
Adverts
These days anyone can advertise on any platform as long as that’s where their target audience is and that’s another way by which you can earn extra money. Your course will almost certainly be tailored to suit a particular set of clients and as far as business goes, these people are not your clients alone; they are also someone else’s potential client. It could be someone else who offers services that are related to your field or a company that sells products that will be needed by the class of people in your virtual class. In trying to get to them, they’ll come to you for assistance and they will be willing to pay you for it. Think about YouTube channels and how they make extra money, especially those with a good following, and how they recommend products and do giveaways courtesy of the sponsor and you’ll have an idea of just how much you could gain here. You could also go as far as recommending someone else’s social media handle so that your clients will go check it out and you get paid by the owner.
Creating a platform for other tutors
Who says you have to be the only one using your platform? By giving others who are also passionate about teaching or training people on different topics a chance to get their own ideas across, you will be generating extra income. It’s like being a landlord. Funny, if you look at it that way but it is not far from the truth. You could offer additional courses and materials (especially the ones that are in tune with the ones you’re offering) from a third party and in return, they’ll pay you either in cash or in commission. The best part would be if you owned the platform, you could easily permit other seasoned tutors to register their courses, get clients and pay for their time on your virtual turf.
Read also: How To Start A Content Writing Business
Sell learning materials
When there is a market, why shouldn’t you sell? It is completely okay to make learning materials like ebooks to help your clients improve their learning and get paid for it. There are ways many online trainers and tutors sell their learning materials which are similar to advertising. Most of the online instructors today provide links to their products and other learning materials on their social media platform, especially YouTube, so that their viewers can get them easily. Apart from selling your own learning materials, you can sell for other instructors directly as well. Have them give you all the necessary information you need, let them tell you the necessary keywords, and how to get the products through you.
So, if you think this business idea is good for you, just give it a shot. In a few months or years to come, you see the money rolling in.