Phew, it’s finally summer over here and that means A LOT of posts are coming with the aim to help all teens utilize their summer time to earn some nice online income. But let’s not get ahead of ourselves and finish all the loose ties. I sounded too cryptic, didn’t I. Well, today we’re gonna take a look at part 2 of the previous post on How To Earn Income With Online Courses.
Let’s get back to it then !
III. Some Ideas About Courses Creation
Let’s start off with something cool, here’s Mmo4teen’s own introduction sequence for our upcoming videos, which can obviously be used for videos of a course or a video course XD.
Pretty cool huh, you can easily make your course a lot more eye-catching and professional by adding something like this.
Now there are many ways to deliver a course to your customer, you can opt-in for the traditional pay-and-receive model or try out something like a subscription base model. Each has its own pros and cons which we’ll be diving in right now.
The Pay-And-Receive Model
Essentially, this is the old school way of trading things, your customer send you the money, you send them the course. Only one transaction and done. Although it seems simple and almost a no brainer since pretty much this is how human has always been trading things. But here are the pros and cons:
- It’s what everyone is familiar with so you won’t scare away any customer with a complicated transaction method
- The buyer know exactly how much they will pay and in turn will eliminate their fear of the unknown ( pay more than they originally thought )
- You’ll get the money easier and things will be easier to track, your income will always be: the number of buyers X the cost of the course
- Testing and updating will also be straight-forward. Wanna do some A/B testing, just make 2 products. Have something to add to the course, just add it in
- Since you'[ll need to collect all the money at once, the cost at the time of check out might turn some people off
- Some buyers will feel the risk of making the wrong choice since they are paying everything. True that nowadays there’s always a money back guaranteed but you know what I mean
- You’ll only make money by getting new customers, which can be rather difficult
Now let’s see what the other newer shinier method can do:
The Subscription Model
With this model, you’ll charge the buyer on a timely basis instead of making them pay all at once, let’s see how the pros and cons fare out with the old school method:
- The initial cost will be very small since you don’t need to collect all the money upfront which in turn will make it seems like a very good bargain which will of course encourage them buying. Sometimes you can price it so low that people would treat it like changes and have no second thought on wiping out their credit card.
- Having the option to stop at anytime will put many customers at ease
- You’ll be able to have a recurring source of income every week/month which mean you don’t have to try that hard getting more customers but instead focusing on how to earn more from the existing ones which usually is a lot easier considering that they’re already interested in your product line-up ( that’s why they’re subscribing right ? )
- Make it a lot easier to do follow-up sales or to be precise, release follow-up bonus to keep them subscribing
- This is a very important aspect: Depends on how well you do things, a subscription model have the chance to make even more money than you could’ve made with the previous method since some people will subscribe for a rather long time and with time, the money will add up.
- It’s generally harder to implement technical and might actually requires some maintenance from times to times which means a lot more work needs to be put in compares to the set-and-forget method above
- You take the risk of not being able to collect all your money since some people might just unsubscribe before the subscription fees covers the price of the course if you were to give it a price.
- However, there’s another way to think about the above scenario. If you were to give it a price and sell it, maybe some people wouldn’t even buy it in the first place, which means absolutely no money for you but if they were to subscribe and then unsubscribe, you would be able to make some money. Some is better than nothing right ? ( Maybe this should’ve gone into the Pros section… )
- Some people just want to know exactly how much they’ll need to pay in advance which something like a subscription won’t cut it for them.
I’ve done my part, I’ve listed out the pros and cons of the two most popular means of selling an online course or actually any kind of online products now the rest is up to you to decide which one you should go with. But I’m gonna provide you with some more tips to utilize for both of them.
Ok teens, here’s some tips to help you make some more money online:
- Price it with a bonus, just add in any kind of freebies should make the course feels like a good bargain. We teens know it best looking for bargain since most of the time we’re fixed into our allowance right 🙂
- Offer money-back-guaranteed, this one is rather obvious
- Accept multiple methods of payment
- Occasionally cutting the price
- Bundle multiple courses with each other for a cheaper total price
- Have time-limited offer
- Free first month offer or cheaper promotion price
- Bonus for joining
- You can also utilize some of the tips for the other model
I think that’s pretty much it for this post, maybe there’ll be a part 3, maybe not but there definitely will be a new post coming right up.
How will you teens start making money online this summer ?
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