Creating on online course is a great way to supplement or even replace your full-time income.
Almost everyone has a special skill, hobby, or knowledge that they can package and sell as an online course.
But many online course creators don't actually have a plan for making the amount of income they desire from their online course.
Rather, they leave it up to chance and hope for the best.
This usually results in disappointment mixed with feelings of confusion and helplessness.
I want to help you avoid this by showing you EXACTLY how to reach your income goals each month using a simple math equation.
I’m going to make this easy, I promise :)
Let’s start with the basics.
The amount that you will make from your online course depends on just 3 things:
Your course price — self explanatory
Leads — the number of email addresses you collect from people who are interested in your course topic , and
Your conversion rate — the percentage of people who purchase your course after seeing your offer.
(Don’t worry if you don’t have this data.)
From this point on I’ll be showing you how to reach your monthly income goals using my “Online Course Income Planning Worksheet.”
You can download a copy below and plug in your own numbers as we go along to see exactly what you’ll need to do to reach your income goal with your online course.
Step 1: Add Your Course title(s) (or Ideas)
If you already have an online course add the title(s) in the first column of the spreadsheet.
If you don’t have an online course yet, that’s okay.
The purpose of this exercise is to help you create a plan to reach your income goals so just write in your course idea or proposed course titles.
Step 2: Set Your Course Price
In column B add the price of your course.
Again, if you haven’t created your course yet, that’s okay.
Use your best guess.
Also, feel free to play around with the course price to see how that effects the number of sales and subscribers that you’ll need to reach your goal.
Step 3: Define Your Income Goal
How much do you want to make each month from your online course?
Don’t be afraid to set a goal that is a little bit uncomfortable or that seems somewhat beyond your reach right now.
Take a few minutes to think about this, then add your answer in Column C.
I like to set monthly income goals for my online courses, but you can change this to annual, quarterly, weekly, or even daily by clicking on the drop down box in Row 6, Column C of the spreadsheet.
Step 4: Enter your Conversion Rate
If you’ve already launched your course and know the percentage of people who purchased after seeing your offer, you can enter that into Column D.
If you haven’t launched your course yet or don’t have sales conversion rate data, a good number to use for planning purposes is 2%.
In most cases, you can reasonably expect that 2% of the people on your email list will buy from you. There are lots of things that you can do to improve your conversion rate, but we’ll save that for another post :)
Step 5: Review Sales & Leads Needed
Once you add your course price, income goal, and conversion rate numbers into the spreadsheet, it will automatically populate the number of sales and leads that you will need to get to hit your income goal.
In my example, my goal is to make $15,000 a month from my course. In order to do that, I would need to make roughly 50 sales (Column E) at $297.
In order to get 50 sales, I would need to get 2,525 new leads or subscribers (Column F.)
You can also break these numbers down into weekly goals.
So, for example, if I know that I need to get 50 sales and 2,525 leads per month, I can divide that number by 4 (because there are usually 4 weeks in a month), and then I’ll know that I’ll need to make around 13 sales each week and get 631 new leads to stay on track with my monthly goals.
Now, reaching my monthly income goal is just a matter of figuring out how to attract the number of leads or subscribers that the spreadsheet tells me I need to get.
Plan your profitable online course with my FREE 25-page Online Course Planning Workbook.