Learn about how to price your online class and 4 tips on selecting the right price for your class or course, even if you’re just starting out as an online teacher.
We all know that running an online class is a great responsibility with great standards, but did you know it could be fun for you?
You could make good money with it?
And you could plan your own course & payment plans all by yourself?
Well, you can learn here easily and it is time to MAKE YOUR DREAMS COME TRUE!
So if you have started or finished or even still planning to create your own course, let me tell you that you have reached here right on time.
Staying at home, the first question that comes into your mind is:
How much money are you going to make?
Or How much money you charge that fits accurately for your course?
Cut yourself some slack because no one is going to blame you for this first question which just popped into your mind, trust me, we have all been through it.
So this post is going to make you walk through all of your questions step by step towards exact answers you want to get to have a clear mind to start your own business.
Let’s get started.
Table of Contents:
Turn Your Class Into An Experience
Always try to keep this in your mind and if you were not thinking it from the start, you should start thinking about it now.
Now you know very well how much worth is of your skill that you polished through time and hard work.
When knowledge becomes your business you should start taking it as a business so it can give you the profit you require.
OWN YOUR SKILL TO GET THE BEST FROM IT AND DO NOT FEEL SHY
Now for instance, let’s look at it this way:
- How to be the best employee and stay in good books of your boss
- How to transform your body into the best shape in 2 weeks
- How to be a shining star hero among your friends
Each of these three online classes will affirm a strong result and a transformation which you are going to take your student through to make them see the difference between BEFORE and AFTER, just like people tend to focus on when they want a miraculous transformation.
Which is the best trick to sell your business.
Like, we can say that you virtually and figuratively showed and confirmed your students the results:
- From being a bad employee to the best among all.
- From not being in love with your body to the best shape you always desired.
- From being a dull person to the most shining one among your friends and colleagues.
Now, if you have understood our point and you are ready with your A game to ace this business, it is time to move onto our next step.
How Much Would You Value That Experience?
There is a friendly reminder for you again to keep it in mind about your calculations.
It is going to be very easy for you to calculate when your transformations include guiding your students about making money.
Well then, for sure, you can’t put a fixed price tag on your expensive skill because now you know how much of a worth you are. But it is important to put a price tag on your skill to let others know its worth.
Even if you are merely saving your students from a stressful time, it is very much important to put a price tag on it.
The more you attract and tantalize your students the more they are going to get attracted to your course with a sense to accomplish things or they would feel nothing but to take your course with a success in their mind.
Now for example, whilst you are playing with the words to attract their minds and eyes towards your course you also ought to know how much would they be willing to pay or how badly they would want it:
- Well surely everyone wants a dose of self-confidence.
- They want to accomplish their goals and know their worth in 2 weeks rather than 2 years.
- Everyone wants a quick result in order to feel satisfied.
- They want to be able to stress less and earn more.
As much tricky it may feel, it is as easy too when you know their needs and putting a price tag does not feel any more difficult now, would it?
Remember, your teachings matter, your choice of words matter and if you know your worth and calculations, everyone else is going to agree with you as long as you are confident with your plan.
Rule Of Thumb: Higher Prices -> Higher Earnings
Let’s just consider that you are shopping at a mall and you are surrounded by the big brands of clothes and jewellery.
Now think: when you know that the big brands are most expensive but you still feel attracted to their beauty and charm, what attracts you to make you pay their higher prices???
It is a fact that higher prices attract you to a good brand, now remember that you are a brand yourself and you are going to launch yourself on higher prices too to attract your customers/students.
Only because you know that your brand is worthy enough to charge higher prices so they would know that you are a high brand so you can earn higher prices too.
note: never to charge less than 99$
Do not let others underestimate your value.
Try not to confuse yourself with other brands because when you look at Udemy which offers their online classes for around 14$ only, do you really look at yourself doing this?
If you are getting confused go have a visit of tip #2 again because then it will make complete sense to you once more.
Now tell us, is the transformation or knowledgeable skill you are offering worth less than 99$?
No, right? So please do not sell yourself short!
Charging less for your skills and knowledge can tend to convert your hard work into the negative outcomes:
- A good percentage of your students can start taking your course not seriously and they will not be willing to put their best efforts and hard work into your course which will likely lead them to bad results or no results at all.
- Free courses will not lead you to attract a good number of students with no results at all, meanwhile a paid course will take you to a good earning.
- Your course will surely be taken as a lower one than any higher paid course.
- You will have to get more students then to reach your estimated amount of money.
- Most likely, the people who charge less for their course get stuck between their students and their bargaining even on low amount of money, these buyers demand a refund and waste your energy which results into taking up all of your time, so simply just ask for a higher price in the first place to let them know how much your time is expensive too.
Your online class is obviously not all about getting it a higher price tag, it is more than this but all of the aforementioned tips were to get you the whole perspective.
The next point note-worthy here is about knowing your plan:
Either you want to make most of your income from your online course or how much do you need to make?
Or perhaps you just want to have an increase in your annual income, let’s say $7k to $10k from your course.
Because you have to be realistic always in setting your goal, it will always benefit you to set a goal first.
Let’s just consider that you want to have an increase of $10k per year from your course and you know your audience.
You have about 700 email ids in your list and 500 active members on your facebook or any social entertaining app, now being realistic we know that this is your audience.
Well surely you can attract people outside of this group but count these existing people first as most of your audience.
Now if you charge 20$ for your online class, it simply means you would have to get at least 500 students to make your cut, which does not seem like a good idea or an easy one.
But if you charge 500$ you can easily make the cut with around 20 people, now this looks like a more promising and realistic approach towards your goal.
By now you know what is the real deal here, isn’t it a good idea?
I hope you agree with us and let’s move onto our next step here, which would be:
How Much Does Producing The Class Cost You?
Alright! Now your work does not end here, a good earning from a business yearns for good marketing.
Once you are all set to launch your course, you will need to spend time marketing it, think about customer service and think about new ideas creating your attractive updates and offers.
Think about a flowchart in your mind through which you will take your students to let them see the whole sales process.
It seems like a good investment of some of your money and time on the marketing of your course to make it look attractive.
Business is mostly all about revenue; how much you spend on it and how much you make from it.
A good business proposal is when you make more money than you spend on it, which would be your revenue.
It is just that easy!
I think we should get excited about it now, because let’s just take it this way:
If you have spent a hundred dollars on your business and your course fee is 50$, after one sale your revenue would be 50$ and your loss would also be 50$.
However, stay with me, if you have spent a hundred dollars on your project and your course fee is 200$, after one sale you will have your 200$ back with no loss at all.
Wow, it is easy, right?
Let’s move onto our next step which would be our tip#5.
Use Creative Ways To Extend Your Class And Your Pricing
There are and there should be many factors in your course which prove to be creative for extending your online class and expecting bonus earnings from it.
For instance, it is not necessary for your course to be all tied up with its length only, the more bonus features or bonuses you add & offer in your course, the more you are able to charge for your course other than its typical length.
It is time to give you a good exercise to let you think!
- Start your course with a base price of $100.
- Now you will add bonuses or bonus features to offer your students depending on the sum of the amount you desire to increase, as an extension or important part of your course which will make your prices go higher automatically.
You can add Weekly Q&As, followed by:
- Productive discussions
- Productive comments
- Create an online community
- Expert interviews
- Video transcriptions
- Workbooks to download
Each of these bonus features will mean a good and interesting work on your part and more value for your audience or students.
That is why do not be scared to add these factors into your price!
Now you have hit a jackpot because we are on our final deal here.
After you have gone through all that yummy hard work which is soon going to give you your desired revenue, you have to decide one last thing according to your course and obviously your will, a planned pricing structure.
If you want to offer a payment plan, you have to break down your payment in installments like your $300 course will break into 3 month installments and not to lie here but this way, you can also attract those people who cannot afford to pay $300 at once and voila!
You will have a number of students in less time.
It completely depends on you what pricing structure you want to follow and what strategies you apply for your business.
Would you be willing to offer merely one standard course option or would you go for pricing tiers?
In pricing tiers, you can offer $199 for the basic version of your course, $299 for your standard version and $399 for your premium version.
It all depends on you and how you strategize your business.
Each of your tiers would likely offer varied amounts according to the content you are going to offer for that much price.
You will notice that most of your students will likely purchase the standard version of your course, it is human nature that when you cannot decide between 3 options you tend to go for the middle one.
Besides, they would feel more confident and hopeful in their decision when they try to compare the standard version from the lowest and highest price of the other two options.
Now let us finish these tips with this last thought: it would never hurt to check on other courses being offered around you or the business as yours because it can be really helpful to check your ground and competition before jumping all in.
Though do create your own strategies and do not let yourself be intimidated by other courses because you are only going to look at them to enhance your offers and strategies.
Let your journey begin with a hopeful thought, do not let yourself down, which is the most important and vital strategy to do a business.
We really hope these tips would prove to be very helpful for you. GOOD LUCK!