A lot of bloggers think they can’t make $100,000 a year because they don’t have a large following or because they think they have to be a business blogger in order to make this amount of money.
The truth is you don’t have to have hundreds of thousands of followers and you don’t have to teach people about business.
The key is to not put yourself in a box. There are several ways to make six figures as a blogger or content creator. I'll be discussing the many ways to do that over the next couple of weeks. Today, I'm going to focus on online courses.
So what should you teach in an online course? Teach people about what you’re good at and what people ask you all the time.
If you’re a style, beauty, or hair expert, imagine how many people you could reach in an online course versus doing an in-person workshop, where you have to pay for a venue and other expenses.
I’m not a business blogger, but I know how to work with brands. I also know how to engage and influence my social media followers, so this is what I teach my audience. I definitely have a following, but in comparison to other people, I’m small potatoes.
Last June, I was let go from my 9-5 where I made $49,000 a year. Since August 2015, I’ve made well over $150,000 with $85,000+ of that from online courses.
The thing I love about online courses is that they’re scalable because you can create different price points for each course.
I’ll break down the price points for you. In the last 12 months, I've made:
$97 courses (masterclasses): $52,671
$297 courses: $15,147
$497 courses: $17,897
$97 - $297 Courses
aka Practical Pricing
The first two price points are between $97 and $297. This is the "sweet" spot" for my audience. I call these practical price points because they’re accessible and approachable. I love the $97 price point because it’s not scary to people. A $97 course should provide general but useful information about a specific topic.
People are willing to buy a course for $97 because it’s under $100, but it’s also enough to make someone feel like they’ve made an investment.
My masterclasses - which I started teaching in October of last year - have been very successful & I decided to increase the price to $297. What I'm learning - and what we already know is that the higher the price point, the more in depth your course should be. More money must equal more value. Courses that are value packed and give your audience their bang for their buck should typically be at least $297. $297 isn’t a scary number, especially if the content is so good that people feel like they’ll make the $297 right back.
$497 - $997+ Courses
aka Premium Pricing
The other two price points are between $497 and $997, and I call these premium price points. If you think about it, you wouldn’t be able to charge $497 for something like an ebook. However, the awesome thing about premium pricing for courses is that as long as your course is super useful, your audience won’t hesitate to pay for it.
I currently only offer one course at a premium price at that is my #LiveWhatYouLove course which teaches how to transition out of your 9 to 5 (day job) to what you love to do in 12 months. I'm currently working on my first $997 course that I plan on releasing by the end of the quarter. While the "sweet spot" for my audience is $297, my goal is to create even more valuable online courses for my audience who is willing to invest in themselves. Plus, even if I only sell a handful of a premium priced course (or service) it will help me meet my monthly income goals faster. It will certainly take much more effort.
C L I C K T O T W E E T.
How can you actually make 6 figures in 12 months with online courses?
I’ll use $150,000 as an example. If you want to make $150,000 in a year, your income must be $12,500 per month.
Since last October, all of my masterclasses have made at least $11,000 each— and that was mostly from selling $97 courses. That means I averaged 110 to 140 masterclasses every single month until the first quarter of 2016.
So, to make $150,000 strictly from $97 courses, you need 129 people to buy your courses each month. However, if you create a $297 course, you only need 42 people to buy your courses each month. This isn’t really that farfetched.
Let’s say you have a small audience, but you have a killer sales page. On your own, you can get 25 people to buy your course. Then, you can create an affiliate partnership with a like-minded person who has a similar audience that doesn’t overlap with yours. When you create a partnership, you only need 17 more full price sales from your affiliate in order to meet your goal of selling 42 courses. (Of course, you'll have to technically sell more courses through an affiliate because you'll have to pay them a commission.)
Now let’s get into the real tea—selling more than one course at a time, with different price points.
When you’ve proven your value with a $97 course, and it’s clear that people find your course very useful, then you can create a course at the $197 price point. Even if less people buy your course at the $197 price point, you only need to get half as many people to buy at this price point than you would with a $97 course.
It’s the same thing with your premium pricing. Aiming for 20 sales at a $997 price point is almost $20,000. Not too shabby.
In order to make $12,500 a month, you need to make $3,125 per week to reach your annual goal of $150,000. That’s about 30 sales of a $97 course and 11 sales of a $297 course.
This is why doing engaging activities like Periscope and webinars on a consistent basis is so important—they give you opportunities to upsell your courses.
So in order for you to reach your goal of $3,125 per week, you could do webinars on your own and do collaborative webinars with someone else — this way, you’re able to provide valuable information and gain exposure to their audience. You should focus more on getting in front of new audiences than getting more followers.
What if you sold 20 courses at each price point?
Let’s break down your income for each :
- $97 price point: $1,940
- $297 price point: $5,940
- $497 price point: $9,940
- $997 price point: $19,940
This adds up to a total of $37,760 of income per month.. For the entire year? That’s well over $450,000. Even if you sold 5 courses at each price point every month, that's $125,000/a year. And this is just from upselling courses in free webinars and collaborations on a weekly basis. It’s a lot of work, but it’s certainly doable.
What you need to remember:
- You don’t have to be a business blogger or have a huge following in order to make six figures
When you break down your annual income goal into monthly and weekly amounts, it’s not as scary
As long as your courses are incredibly useful, your audience won’t hesitate to pay for them at different price points
Getting in front of new audiences is more important than increasing your followers