“Making money is what you have to do to sustain a business”
Lynda Weinman, Lynda.com
You’re powerful. You’re amazing. And you’re driven to share your knowledge with the world. And you have to give yourself the credit you deserve. Free courses are an effective way to get your foot in the door; to help your e-learning venture take off, and to attract the initial few sets of students.
But the tried, tested, and proven way to grow your online learning business is to create paid content and sell it.
You might think that setting a price for your courses might bring in fewer students. And while you wouldn’t be wrong, the upside is that you’ll see better engagement rates and outcomes. In fact, students are more serious about paid courses. And they help not only help you, but your students too.
Why you should create paid courses
You can earn a revenue or supplementary income of $1k-$5k (if you’re starting out new) and upwards of $10k- $50K per month
You can use your earnings to market your courses and reach out to more students
You become serious about teaching and offer additional services like 1-on-1 sessions, personalized feedback
It’s easy to setup and sell paid courses along with free ones
Because students pay for the overall experience and your guidance
You attract a more serious set of students who expect more from a course
Paid courses convey higher value
Students expect to pay for premium education
Your courses would still be affordable compared to formal university education
You save time by getting rid of uncommitted students and having fewer students to manage
It will bring you fulfillment from your online teaching endeavor
Why students prefer paid courses
Premium courses bring in responsibility and commitment because students have made a monetary investment
Students who want to make a major career change, level up their current position, or supplement their income in a fixed time-duration prefer paid courses
Paid courses help students follow a schedule
Students are happy to invest in their education and it’s cheaper than enrolling in an institution
They’re given a credible certificate of completion
They can reach out to industry experts and career assistants for help and guidance
They prefer having a mentor so that they don’t have to wonder how they’re doing, or deal with uncertainty
Learning becomes predictable with tangible outcomes
Students don’t have to suffer through ads
Discipline comes from the course curriculum
They don’t have to rely on self motivation and course completion rates improve
They are presented a professional course structure and schedule to follow
They don’t need to take up time to create a study plan
Students get additional benefits like support from a peer network of learners
They get supplementary resources like downloadables or takeaway reference materials
They get hands-on training and the opportunity to work on professionally-made assignments
They are more likely to give you feedback and reviews
They see paid courses as having more value
Students feel a sense of satisfaction by having supported the teaching community
They feel it’s more credible and trustworthy than a free course
It’s interesting to know that on sites like Udemy and Skillshare, less than 10% of courses are free. If you think this is the right way for you, the awesome part is that it’s effortless and free to start selling your courses on Moodle.
What are your thoughts on selling courses? Do you think courses should be free? Or is a fee justified? Let us know, in the comments section below!