Unlocking the Potential of On-Demand Courses: Why Create Your Own?
In an era where lifelong learning has become a necessity, on-demand online courses have emerged as a beacon of flexible education. For experts, professionals, and passionate individuals, creating an on-demand course is not just a means of income—it's a way to make a lasting impact, share knowledge, and grow personally and professionally. Let's check out some compelling motivations and benefits of creating your own on-demand course.
“The Online Education market is estimated to reach a revenue of US $185.20bn in 2024. It is expected to experience an annual growth rate (CAGR 2024-2028) of 8.61%, resulting in a projected market volume of US $257.70bn by 2028.”
The digital age has democratized education, providing a fertile ground for sharing knowledge through on-demand courses. The motivations for embarking on such an endeavor are nuanced. For many, it's the passion for teaching and the joy of imparting wisdom to others that drives them, such as one of my clients, Honey Bee Wild. Others find motivation in establishing themselves as thought leaders, as many of my clients have done (Power Partners Formula) within their industries, leveraging the power of online courses to amplify their expertise to a wider audience. Then there are the entrepreneurs at heart, who see on-demand courses as a scalable business opportunity that offers not only financial returns but also the satisfaction of creating a self-sustaining educational product, like one my clients, Kreate Photography who created Momentum Method to help photographers reach their business growth goals. Each of these motivations is underpinned by a desire to impact the world of learning and connect with learners from every corner of the globe, transcending the traditional barriers of education.
The three motivations (some of which may resonate with you!) that I hear time and time again from my clients are…
Fulfilling a Passion for Teaching:
They believe that sharing knowledge is a calling. Crafting an on-demand course allows you to fulfill this calling on your terms, reaching out to and connecting with like-minded learners from around the globe. Gone are the days where students were only funneled into colleges and universities, teachers are among us outside of the traditional classroom setting.
Establishing Thought Leadership:
They know that by creating a course, you position yourself as an authority in your field. This can lead to speaking engagements, consultancy opportunities, and a solid professional reputation. Having a bonified course can help your business with the providence it needs to continue growing in it’s B2B or B2C context.
Creating a Scalable Business:
They’re interested in offering alternatives to traditional teaching methods, on-demand courses can be sold repeatedly without extra work for each sale, offering a scalable business model that can significantly augment your income. Not all online courses add a reliable revenue stream, but for many in the right niche, it can lead to significant financial growth-or, at the very least, can help support your professional overhead in your own terms, outside of the traditional 9am to 5pm experience.
So, what are the benefits of creating your own online, on-demand course?
At it’s heart, it’s the ultimate Professional Development> Here’s what I mean by that…
Expertise Sharpening:
Teaching a subject requires a deep understanding of it. In the process of course creation, you'll deepen your expertise and stay abreast of the latest trends and developments in your field. Nothing helps you bring your practices up to the present like teaching! It helps you re-engage with what’s out there-what’s new and trending, as well as what’s established and trustworthy. Your expertise can be invaluable to those just beginning on their journey, or for those learning to hone on in a few skills and growth opportunities.
Personal Growth:
Skill Enhancement: You’ll develop a set of valuable skills, including technical skills related to course creation tools, soft skills like communication and engagement, and marketing skills as you promote your course. Mentoring can be a wonderful way to inject new energy into a professional path that you may have been on for quite some time! Sometimes mentoring, coaching, instructing can help bring the passion back into your businesses practices as you work with those that are new on the scene or are just plain eager to learn from your extensive experience.
Financial Benefits:
Passive Income Stream: Once your course is created and uploaded, it can provide a source of income that doesn't require your constant attention, allowing you to earn money while focusing on other projects or even while you sleep. One my clients, who already had a successful online course, decided it was time for a revamp. The changes we made throughout the course (embedding adult learning theory, manageable learning objectives, edited resources, and targeted course workbooks) allowed them to shift the price from $999.00 to $ 1,497. You might be thinking, “well, that’s interesting but it’s not that much…”. But let’s do some quick math: A simple increase of $498 per person, for a cohort of 15 people is $7,470. If you run a cohort 3 times a year, that’s an extra $22,410 in profit-from a product that they had already created! They were able to re-monetize their already popular course so that the course could work more effectively for them and their business. If they decide to run a 4th cohort, that’s an extra $29,880 annually that is helping support their personal and professional lives.
Networking Opportunities:
Building Connections: As your course attracts students, you’ll also build a network of professionals and enthusiasts in your field, which can lead to collaborative opportunities and community building. Educators love to work with other educators, whether it’s at conferences, on podcasts, on vlogs etc. Tapping into education as a possible professional networking tool can help you reach new customers, clients, or users. Being seen as an educator adds provenance to your professional niche in a mentoring capacity. Having your own course can help you apply for speakerships at conferences, helps you widen your net for podcasts and article interviews, and can help you get your blog/vlog published to a wider audience. Teachers LOVE to teach…but more importantly…they love to CHAT! The professional juicy G is out there-why can’t it be about you?
The ultimate…Work-Life Flexibility:
Autonomy Over Your Time: An on-demand course gives you the flexibility to work on your own schedule. This autonomy can improve work-life balance and give you more time for personal pursuits. Just to be clear, building an online, on-demand course is no easy feat. Many are overwhelmed by LMS choices, creating instructional materials that actually work, constructing outlines for group coaching calls, and time it takes to advertise and promote your course-it’s not always easy as a “set it and forget” (though many do achieve this status).
Creating an on-demand course can be an enriching endeavor, opening doors to a world of opportunities. Whether you're driven by a desire to educate, to establish yourself as a leader in your field, or to create a business that grows with you, the benefits are clear and compelling. So, why not turn your knowledge and passion into an educational experience that can transform both your life and the lives of your learners?
Are you ready to speak to an expert? Let’s meet! Email me and we can set up a time to talk about the pros and cons and see what alignments might ring true for where you are in your professional practice!
