Is it marketable?
There are several online sites where you are able to sell access to online courses you create. Udemy, one of the biggest e-learning sites, has over 14 million students on its platform. Yes, 14 MILLION! Imagine the reach you can have if you include similar platforms like Simplilearn or Skillshare. Creating content on specific topics can be a very good personal branding and side business move for you. People, like me, spend a few bucks every now and then to teach ourselves something new. In my case, I’ve enrolled in a few online courses to learn about SEO (search engine optimization). Earning money on e-learning content you create can be done, if you are driven enough to give it a chance.
Think about new technology and you’ll notice that people want to do more to understand it. For example, augmented reality is very new and I’ve come across people that want to learn how they’ll soon be able to use it in their business. Now, you might be wondering why an individual can’t just go to YouTube to learn. It’s true, there is good content on YouTube but a detailed curriculum is not always available.
How do I make money?
People want to learn. If they feel that you’ll be able to provide them immense value through your courses, they shouldn’t have a problem paying for something adequately priced. “Adequately priced” for me is:
VALUE > COST
I looked at several courses on Udemy and noticed that a popular price is $15 per course but can reach more than $100. But don’t think about the $15 as the total compensation you’ll make per transaction. Ultimately, you’ll be building a personal brand as an expert in a particular field. Such recognition can go beyond the cash transaction you see immediately.
What’s competition like?
Depending on the topic you create courses for, competition can vary from overwhelming, to minimal. For example, I searched for “social media for real estate agents” on Udemy and found very few relevant results.
However, it’s important to understand that making investments (time and money) in creating online courses won’t easily translate into sales. People need to be convinced that your content is worth it. If you have many years of experience in a particular field, you’ll stand out more than others that don’t. Similarly, it’s recommended that you have some type of case study to reference to suggest you are the real deal. For example, I know of people that call themselves social media influencers but they don’t have anything to show for it. At the same time, I know of someone that says the same but has shown me the social media accounts they manage that consist of millions of followers. A good track record can go a long way.
Estimated monthly bootstrap expenses?
I’m a firm believer that you can get started with $0. You already have an smartphone. Set it up on a table and start recording. Need a video editor? Check your computer. If it’s a Mac, it should have iMovie. If it’s a PC, you might have Movie Maker. Both are enough to get you started.
Looking to advertise your video for free? It’s as easy as asking your friends and family to share your social media posts promoting your course. Many people choose not to ask for help and in doing so, limit their reach. You can ask me. 🙂