So you got an idea for a course you want to create but you’re just not sure if it’s right for you. Or you may have even heard creating online courses is a great way to earn an income online.
However, you still have this tiny little doubt in the back of your mind that says this may be too good to be true or worse yet someone might be telling you it’s a get rich thing.
According to Udemy in 2016 there were over 15,000 courses published, they had over 27 million people enroll in courses (up by 30%) and course consumption itself was up over 64%. When it comes down to it online course and here to stay.
Better yet the industry is growing at a rapid pace so if you are still wondering if creating your own online courses or worth it the answer is a big YES!
However, if you’re still not sure I put together this article to give the pros and cons of creating online courses to help you out.
Pro: You Earn 100% of the Profits
To the biggest benefit of creating an online course is that you get to keep 100% of the profits. Unlike most business models this does not happen at all.
A good example of this is would be drop shipping. I was recently looking at this business model and considering the idea of starting my own Shopify store but after a week’s worth of research, I found that most drop shippers only earn about 20% of the sale after they pay for the product and advertising.
When you create a course you earn 100% of the sale because it is a digital product that does not have to be manufactured.
Con: You Create Something Nobody Wants
On the downside, there is also the chance you could create a course that nobody wants to buy. Imagine working on a course that you think everyone wants for 6 months only to find out nobody wanted it in the first place.
To be completely honest it shouldn’t take you 6 months to create your course. With tools like Teachable around now, it makes this entire process a lot easier.
Pro Tip: To avoid this from happing to you it’s better to just create 1 or 2 modules of your course and presell it. This way you get just enough of the course built to show your students and get their feedback.
Pro: You Own the Course
Another benefit is that you own the course 100% lock stock and barrel. Owning a product that is completely yours takes your business to an entirely new level.
You can earn money online in a whole lot of ways like drop shipping, affiliate marketing, to running Google ads but when you create your own product you go from an online follower to an online leader.
When you take a look at the top online marketers they all have their own products. This is what makes them unique and stand out from all the other people online just trying to earn a buck.
Con: You’ve Never Created a Course Before
Creating online courses can be overwhelming, especially if you’ve never created one before. To be completely honest I’m in the process of creating my first course as of this article and I’m using Course Lifestyle to document my process and share what I’m learning.
As I go through this process I know I’m going to face challenges that I wasn’t expecting since this is all new to me. But I’m willing to face those challenges and learn what it takes to get past them.
So make sure you stick around to follow me on my journey.
Pro: You Course Doesn’t Have to Be Huge
A lot of people have this thought that courses need to be huge in order to be successful and this couldn’t be further from the truth. Over the last 10 years, I’ve invested thousands of dollars into courses. Some were short and fast while others take up to 6 months to complete.
The thing is both of these courses can cost exactly the same amount of money.
How is this possible?
Because the length of a course has nothing to do the value of the course. Rather the price of the course is determined by transformation you give to the people who take your course.
For example, if you have a course that teaches people how to knit a scarf you might charge $50 for that course. However, if you have a course that teaches people how to run retargeting ads using Facebook ads you could easily charge $350 for this.
Con: You Need to Invest in a lot of Technology
One big downside to creating a course is the technology you’ll need to launch your course. However, it has gotten much easier in the last few years.
Back several years ago you would’ve to set up a complete WordPress website, buy some fancy course plugin, pay for some costly video hosting service, and a whole lot more.
Today you have sites like Teachable that handle everything from setting up your sales page to hosting your videos for one low price. Going this route eliminates the technology challenge and lets you focus on what you do best.
Pro: Lets You Earn a Passive Income
If you like the old saying “Make Money While You Sleep” then you’ll like creating courses. Once you launch a course that is exactly what can happen.
Once you’ve put in the hard work and created your course you can literally earn money at any hour of the day with it.
Personally, I’ve been doing this for years with affiliate marketing but when it’s your own course it’s even more special because you’re earning money from something you created.
Con: You Need a List of Interested Buyers
In order to have success with your online course business, you’ll need a list of interested buyers. The best way to do this is to build an email list.
Building an email list is the best way to bring an interested group of people together that want to buy your course.
The problem is if you’re just getting started this can feel like an uphill battle to build even a small list of people. However, the great thing about creating courses is that you don’t need a lot of people on your list to earn a decent income.
If you have a course that earns you $300 per sale and you start by making just one sale per month you’ll be on your way. You start earning 1 sale per week and you’ll be earning $1200 a month.
Pro: You Create a Brand of Your Own
The final benefit to creating online courses is that it allows you to build a brand of your own.
As I mentioned earlier when you create a course it 100% yours but as you create your first course and second course you’ll be building a brand of your own.
The great thing about a brand, especially a high-quality one, is that people will come to trust your brand over others. This, in turn, will build a loyal following that will regularly buy your courses.
Teachable also makes this seamless with your business as well. When students join your course for the first time it allows you to upsell future courses as well.
Con: There is No Guarantee You’ll Make Money
In the end, there is no guarantee you’ll make any money at all. Obviously, I can’t make any income claims but just to say that it is definitely possible to earn an income from courses.
Over the last ten years, I’ve earned income online from a variety of different ways but the thing I’ve found to bring you the best chance of success is to focus in on what works and stick with it.
Resource: Want to get started creating your first course now? Check out this free live training by Teachable that will show you the 7 Steps to Launch Your Own Profitable Course.
So are you thinking about creating an online course? What are some pros and cons that have you interested or concerned? I would love to hear your thoughts on this in the comments below.