Tuesday, September 21, 2021

How To Create An Online Course and Generate Passive Income?

How To Create An Online Course And Generate Passive Income?

Online Courses are all the rage right now. People are looking for resources to upskill, to start an online business, to learn investment, to create income, and so on. Content creators all over the world are coming to the rescue of such people. Whether through a free online course, or a paid one, content creators are trying their best to help with their expertise.

If you manage to create a remarkable course, it can turn into a passive income stream. If you are also wondering how to create an online course from scratch, this article is for you:

Ask Yourself If You Are Qualified To Sell A Paid Course

Never create a course with an intention of generating cash. Your sole motivation should be to add value to the lives of others. Money is simply a pleasing consequence. Be honest to yourself about your merit. If you are not qualified enough to create a paid course, you should develop the skills first. Creating a substandard product will never take you anywhere. Not only is it ethically wrong, but it also harms your reputation. This can thwart your long-term goals. 

Create Evergreen Content

Arguably, when you create an online course, it should be relevant 5 years down the line. If you want a passive income from your course, your aim should be to create evergreen content. When we say relevant, we mean the subject matter of the course, not the information. 

Information can become outdated and has to be updated regularly. Suppose you have created a couple of online courses to help in UPSC exam preparation. It is an evergreen subject, but some parts of the syllabus and exam pattern will change with time. You can easily revise the contents of your course periodically and enjoy the earnings.

There’s nothing wrong with creating content on trendy hot topics. But, they are short-lived; their popularity wears off in some time. They will not become a passive income source. 

Set A Budget And Invest Mindfully

To create an income, you need to invest first. Before beginning to put effort into creating a course, decide your budget, and spend accordingly. You will need to spend on recording equipment, management tools, and online software. Do not spend lavishly, thinking that you will get high returns in the future. Stick to what you can afford.

Vigorously Research Your Target Audience’s Needs

A vital portion of your time will go into researching what your target audience needs. You cannot sweat blood creating the course only to realize no one really needs it. Observe what kind of people are there in your target audience. Take some lessons in human psychology to understand what they like.

Also, observing your competitors, who are already selling online courses, is equally important. Try to include new information that they have not talked about. Employ different teaching methods to cater to everyone’s learning style.

Offer A Freebie

Imagine your course is to be sold at INR 8,999. How will you convince the audience to loosen their purse strings? Even if they are in dire need of your course, they won’t let go of their hard-earned money without a second thought. So, you have to create a short free online course on the same topic. In your free course, you will shed light on some important things related to the topic, without going in-depth.

Then you have to promote it actively. More often than not, people do enroll in free courses being offered to them. As you gather an audience for your free online course, you blow their minds with your knowledge. People will be awed, but also directionless. This is when you make them realize that they need your paid course. Offer them a discount for a limited period to create urgency.

Build A Strong Online Presence

Remember, passive income is not possible until you have made active income. People will only buy from you if they regard you as a professional in their field. For instance, if you have created a course on freelancing business, you have to have excelled in the same business yourself. Having a strong personal brand on social media helps gain trust among the target audience.

If you are willing to sell the course on one of the online learning platforms like EdX or Udemy, then you can ignore this suggestion. However, selling your course from your own website is considered the best practice. To generate a huge amount of money while sleeping, it is better to have full control over the ownership and usage rights of your product.

Parting Note

When we say “passive earning”, it doesn’t mean that you create a product once and leave it on its own. It only means that you have to work half as hard after creating the product, as you did in the beginning.