How to make money through Online Teaching
If you have skills that you can teach others, then monetizing your skills through online teaching is an excellent way to make money and earn passive income. All you need to do is to create your contents and as long as your contents do not go out of date, people will buy your courses, even while you are sleeping.
You may be wondering how do you teach online? What are the tools and resources that you need? How do you get started? In this blog post, we are going to share with you all the good tips and resources that we have gathered over the years.
Two Online Teaching Paths
Before you begin your teaching journey, you must know that there are two paths that you can make money through online teaching.
Path 1 – Teach in e-learning marketplaces – The first path is the fastest and most focused. It is the path of focusing on content creation and teaching. That is, be an online instructor or course content creator and sell the courses e-learning marketplaces. This path alone is good enough to earn you huge income. For example, one of the best selling course in Udemy is “The Complete Digital Marketing Course”“. At the time that this post is written, this course has 694,973 students. The listed price is $118.98. You can do a computation and know how much the author has earned even if most of the purchases were made during promotion with 80% discount and assuming if the author earns an average of 37% of the revenue. To learn more about how Udemy pays their instructors, you can refer to this article on “How much do Udemy instructors make“.
Path 2 – Build your own e-learning business – The second path is becoming an e-learning entrepreneur path where you build your own online academy. For this path, you need to build your own website equipped with learning management system, payment gateways and other customer support functionalities. For this path, you have the potential of becoming a strong competitor of Udemy.
Which Path to Choose?
If you are all alone, no partners, no capital, and particularly if you have little technology and marketing knowledge, then Path 1 is where you should take to make your first pot of gold. After that, if you are ambitious and would like to embark on a more challenging path to be an entrepreneur, you can then go into Path 2.
However, if you have a group of friends who could help you, have the funds to pay for technical and marketing services as well as the dream of building a successful online academy, then Path 2 is where you should take the leap and embark on a very fulfilling journey.
What You Need to Know?
The key difference between Path 1 and Path 2 is that, for Path 2, you need to build the online store to selling your teaching materials (courses, videos, books, etc.), ensure that your payment gateways are working well and provide a helpdesk platform for your customers.
Regardless of which path you take, you need to build your contents, market your products, and manage your finances.
The below take summarises the resources that you need:
|What You Need to Know||
Be an online Instructor in MarketPlace (Path 1)
Be an E-learning Entrepreneur(Path 2)
Where to sell your courses?
You need to know where are the online marketplace that you can sell your courses.
(Optional) You might also want to set up a simple website to promote your courses.
|You will need to build an ecommerce website and/or Mobile App equipped with LMS, payment gateway and multi-instructors management.|
Technology for Content Creation
What are the tools needed to create your course contents?
|Depending on what you teach, some tools that you might need are: screen recording, video hosting, video cameras, powerpoint, animation software, images and footages.||As long as you are also teaching in your own marketplace, you will need all the tools to create your contents as listed for Path 1.|
Payment & Collection
What are the paying options and the shopping cart flow.
|Already done by the MarketPlace. You just need to ensure you get paid.||You need to make sure that the payment gateways work perfectly and the user experience for the purchasing of the products is smooth and easy.|
How do you draw traffic to your courses and achieve a high conversion rate?
|In an existing marketplace, there are ready traffic. However, when you first publish your course, you may still need to promote your course.||If you wish to have multiple instructors selling in your site, then not only do you have to market your courses, you will need to promote your brand and site to get other instructors to sign up.|
How will students be supported after their purchase?
|Online MarketPlaces are well equipped with community forums, helpdesk ticketing and live chats. So you need not have to work on this.||This is an important part of e-Learning business to ensure continuous success, you would need to equip your platform with all these functionalities.|
How to Get Started
The above forms a checklist for anyone who is keen to teach online. To help make your journey smoother, we have equipped this site with all the good resources that we have accumulated and learned from in our journey. So click on your preferred path and get started as we walk step by step with you.
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