Replace Your Income By Launching an Online Course
Many people I talk to want to replace their current income with some form of online income by launching an online course.
Whether you are providing 1:1 services, consulting or you’re a service provider or a coach, you most likely want to free up some time for yourself and replace your income.
Maybe you’re working a 9-5 job and desperately want to leave and work online as your own boss.
I work with people who want to start selling online courses, as well as those who already have online courses but want to make more sales.
I teach the entire eco-system of creating a course, implementing a content strategy and launching your course, as well as turning that course evergreen so you can make sales year-round.
I’ll be sharing my top tips on how to replace your income by selling online courses and group programs and launching an online course. Watch the video below.
How much money do you need?
The first step in transitioning to making a full-time income from your course or group program is knowing how much money you need to make, in order to swap your day job for selling online courses.
This might seem like a really obvious question but you would be surprised by the number of times I’ve asked someone this question and they’ve not thought about it or don’t have an answer.
Sit down and great a spreadsheet of all of your monthly expenses – business and personal – to establish how much money you need to be making each month.
Don’t forget to account for tax etc. as you will need to put some money aside each month for this (I’m not a financial advisor so make sure you research this in your local area!)
You also need to think about paying for additional things such as Facebook Ads, team members etc. that you will need to invest in to grow and scale your business.
If you already have a business and want to use courses to add another income stream, you still need to think about how much you want this course to earn for you.
Once you have that figure, make sure it is clearly written out so you can work back from there. Save this figure somewhere prominent like a post-it note on your office wall or in the notes section of your phone.
It will serve as great motivation!
How many courses do you need to sell?
One of the great things about having an online business is that you’re not restricted to a monthly salary. Whilst you might need $5,000 per month to replace your income, you could make $20,000 in one month.
Because of this level of flexibility, I like to think about how much money I need to make in a whole year, rather than per month.
Then I work backwards from this annual figure to work out how many courses I need to sell in order to achieve that goal.
Let’s say you want to make $100,000 each year and your course is $500. You only need to sell 200 copies in order to reach your goal.
When you think about it, selling 200 courses over a 12 month period in order to make $100,000 is very achievable.
If 200 copies feels like a lot, increase your price. Like I said, one of the great things about running your own business is being able to make decisions such as how much you earn and how you price your courses!
For example, if you raised your price to $1,000 per course, you would only need to sell 100 copies over the period of the year.
Calculate how many courses you need to sell each month in order to meet your annual income goal and make a note of it.
Will you be launching an online course a few times a year?
From that number, work back and figure out how many courses you need to sell each month.
If it’s 200 courses per year, that’s only 17 courses per month. This is super achievable, even with a small email list.
Again, you don’t have to restrict yourself to those numbers, this is just to show you how achievable it is.
If you decide to do 2 main launches per year (more on this below), you’ll make lots of sales during two months of the year but none during the other months if enrollment is closed.
As long as you are making those sales and bringing in that income, it doesn’t matter when it happens.
How will you make those sales?
So now that you know how many sales you need to make each month or during each launch phase in order to replace your full-time income, it’s time to think about the actionable steps you’ll be taking to make it happen.
I always recommend a combination of strategies, for example, launches and webinars.
If you want to make 200 sales per year, you might run 2 live launches per year (one every six months) with 100 sales in each launch. Launching an online course can be stressful, so plan your launches well.
Or maybe you make 50 sales per launch but also set up an evergreen funnel which consistently makes 10-20 sales per month.
Remember: Your first launch will always be a learning experience so make sure to take note of what works and what doesn’t so you can continue to improve with each and every launch.
Want to ACTUALLY take a step towards replacing your current income by creating and selling an online course? Join us in the Accelerator program for all of the strategies!