You have your skills and expertise all ready to share and are plunging ahead with developing a course but are completely confused at how to make money from your online course. Firstly, look at your competitors to see how much they’re charging and for what and also what model they use for payments. Take clues from them to see what is successful and then read below to build your own payment model.
– Charge up front with one single payment. The learner can access the course for a certain time period. Usually enough to do the course and then review the materials a few times. Often these expire after three or six months depending on the length of the course.
– Charge for each module. Depending on how your course is structured you could charge individually for each module. If doing this I recommend offering a discount for learners wanting to purchase a package of modules.
– Subscription. The learner can pay at reoccurring intervals in order to have access to any updates or new information that you might develop. These are usually quarterly, half yearly or annually. Have a think about your course and whether you are going to provide ongoing support. This ongoing support might warrant a longer term subscription. Remember, if you have a few payment options a discount is offered for the longer term subscription.
– Freemium. give out a few modules and then charge for the rest, or offer free content but then charge for the more complex and specific information. This is a popular model at the moment. You get to ‘tease’ the learner with what can be expected when they pay.
– Charge for the assessment. This is popular with free online courses through universities and established online schools. Learners follow the lessons and participate but only get accreditation or a badge when they pay to take the assessment. Credit is then given on the results of the assessment.
– Discount vouchers. Get people on board your course by pricing the course appropriately then offering discount vouchers to the first 30 (or however many) people. This will get people participating to give more interactions and feedback and therefore more credit to your course.
Lastly, forget about making money from your online course you could give the whole thing away for FREE and make it your contribution to
sharing with others and giving yourself a little bit of a legacy.