This post is part of the Course Creation Myth busting series: Because courses rock… but there is plenty of bull out there, it’s time to share some truth.
Myth: Courses will make you rich
Want to roll around on the front of your Ferrari throwing handfuls of cash in the air?
Or take us on a YouTube tour of your huge mansion and giant library?
All you need to do is create a course and put it on Udemy, right? And you’ll make millions of dollars over night, without doing very much more…
Right?
I often see people promise riches, when you just follow their 3 step plan and sell your course on line.
The Truth
You can make good money selling your knowledge online…
BUT (come on, you know I always have a “but”)
You won’t make millions over night.
And if you’re only getting into it for the money, then you’re probably going to get fed up of it pretty quickly.
You see, it can take a fair bit of time to set up a course.
And it takes a whole heap of work to run one.
It can definitely be profitable, but make sure that you know what you are getting yourself into.
Setting the price
Before you pull a number out of your ass it is important to consider the expenses involved in running your course, otherwise you’ll end up doing a whole heap of work for very little money.
Your set up costs
-
– Time spent writing your content, recording your videos etc
– Purchase of equipment (lights, microphone, camera)
– Use of other services (videographer)
– Set up of the course website (time involved in building the site, or cost of the developer)
– Software or plugins purchased to run your course
– If you are running your course on another site, fees involved with set up, or fees paid while during set up.
Your running costs
-
– Website hosting
– Video hosting
– Ongoing fees for software, plugins or the platform you are using
– Your time involved with running the course, including answering emails, answering questions inside a support group, running Facebook lives or coaching calls
– Fees from payment platforms such as Paypal
– Tax you will need to pay on the income from the course
– Wages for a VA or anyone assisting you in managing and running the course.
Plus, you’d like to make a profit right?
While you won’t recoup all of these expenses in your first sale, you need to make sure that you make a profit over the duration of the course (if you are running one round live) or over a set period of time (if you are going to run an evergreen course).
Consider your overheads
If courses are going to be your only source of income (or your main source of income) then you need to consider all of the other expenses and overheads that come with running a business.
This could include equipment such as your laptop, expenses such a business registration, and paying yourself a wage (including allowing for superannuation, sick leave, holidays, insurance etc etc etc).
You get the picture by now.
Yes, a course can definitely make you money.
And yes, once it is up and running smoothly, there should be less expenses, making it far more profitable.
But make sure you consider what’s involved.