Phil Ebiner for “How to Win at Teaching Online” writes: Teaching online courses has changed my life, along with thousands of other normal people like you who started teaching online courses. Starting out from scratch, I’ve been able to build a successful brand – including a website, YouTube channel, and student base over 125,000. Teaching online has been so amazing for me that I was able to leave my full-time job to focus on teaching online. Not only do I get to spend my days doing what I love, but I make more money than ever before doing so.
GuruFace comment: We’ve excerpted 3 of Phil Ebiner’s key reasons why teaching online courses is the best way to make passive income.
#1: The highest hourly rate you’ll ever be paid
Most people spend their days trading hours for dollars. According to the Bureau of Labor Statistics, the average U.S. worker makes $25 per hour. Is that somewhere around where you land? Now, imagine making $1,000+ per hour of work? That’s what’s possible with teaching online courses. Because most of the work is up front, and you can continue to sell courses for many years, the hours you spend making a course can be worth hundreds, if not thousands of dollars. For me, even simple courses that take 20-40 hours of work to create have gone on to make tens of thousands of dollars in income, which translates to an hourly rate in the $1,000 range.
#2: Ultimate scalability
Online courses are digital products. Most are video-based courses that students pay to access and view. It hardly costs you anything to allow another student to access this same material. So whether you sell a course to 10 students or 1,000 students, it doesn’t cost you more (aside from the time spent promoting your course). This is so different from other product or service-based companies. Imagine if you were a live yoga instructor. Maybe you can fit 20-30 students in your yoga studio. But after that, you’ll need to pay for a bigger room. Or you’ll need to teach more classes. If you taught a yoga class online, you can open it up to any number of students at practically no extra cost or effort. This is why teaching online courses is so great for making passive income. Once you create the course, you can continue to sell it without much work.
#3: $100 Billion industry in 2015, expected to grow in 2016
According to Forbes, the 2015 online course market was going to be over $100 billion. The growth of this industry continues to trend upwards, and it is still the perfect time to get started with teaching online courses. With new learners from around the world starting to purchase online courses, the market will continue to rapidly grow in 2016. Currently, Udemy, one of the most popular online course marketplaces, has over 9 million students from 190 countries. The top 5 instructors have earned a combined $13,410,792 a of July, 2015.
GuruFace Comment: If you’ve ever wanted to sell educational courses online — but simply couldn’t master the technology, marketing, or delivery – GuruFace is here for you. We help teachers, instructors, & trainers build a business online selling prerecorded courses and conducting live streaming courses. We help you create your course materials, develop a course plan, and a marketing plan. That’s what really set me off on this. Our strength is the marketing component we bring to you in creating your own landing page, SEO & emailing strategy.
There are other platforms out there that will allow you to set-up courses and to sell them. No matter what option you choose, there are always trade-offs. In some cases you can get started rather quickly, but you don’t get to keep much of the revenue from your sales. You should also consider your long-term goals when it comes to selling courses and with whom to partner. For example, if you built-up a substantial customer base but are selling on standard popular third party platform like Udemy, your customers aren’t really your customers, but rather the parent company’s customers. You will not have this problem with GuruFace, your customers are yours and we’re here to focus on helping you grow your business.