Paddy McGill: How to Scale Your Business With online courses (Success the Summit Day One)
If you are an entrepreneur, you may be wondering how to scale your business?
The right spot is here. Maybe you've exhausted the time you have available to work with clients, or want attracting potential customers to buy your item. No matter what your model of business has reached the limit, you'll require an effective strategy for scaling your business.
This week, we'd like to demonstrate the ways online classes will help you achieve that by reaching out to more people and reducing time and expanding your circle of influence - no regardless of what kind of business owner you are.
Watch our free video with course development expert Paddy McGill, to learn how you can scale your business with online courses as well as see how other entrepreneurs have done it.
Expand Your Client's Business Using Online Courses
The business of a client can be extremely rewarding. If you're a freelancer consultant, influencer or service business, there's often an unbeatable satisfaction being able to work with clients in helping them reach a result that they could have achieved do on their own.
But there's one big problem when running a business for clients.
When you deal with customers for a single-on-one basis, you're trading your time for money. With only 24 hours in the day, there's no limit to the amount of clients you're able to accommodate.
It's a good thing the fact that with online classes it is possible to increase your time to help more clientswithout needing duplicate yourself.
Many types of entrepreneurs have shifted to online classes with similar results. Let's look at how different kinds of business that cater to clients accomplish this.
YouTubers
YouTubers historically have relied on ad revenue. Given the amount of content they've already produced, transforming it into an online course is straightforward, and allows YouTubers to earn a more lucrative return on investment as compared to advertisements.
Sunny Lenarduzzi is a great illustration of this.
Bloggers
Typically, bloggers would work to create content that is available for readers to download on their blogs and try to monetize their content by using banner advertisements and affiliate hyperlinks. Nowadays there are many bloggers who have found that they can earn more money using the same method through the conversion of their posts into online classes.
Speakers
For those who have hit a ceiling with the number of speaking engagements they are able to accept, online courses help scale past that barrier. A lot of experts opt to give talks for no cost to earn money selling courses online.
Michael Port has been giving keynote speeches on public speaking as well as professional development for over fifteen years. Michael Port is an example of a person with a successful career in public speaking who decided to transition out of keynote speeches and concentrate on creating a greater impact through online courses.
Podcasters
Podcasters are also abandoning the conventional sponsorship model instead, they are selling their own courses. This allows them to make money from the audience they are attracting without interfering with their shows with ads by other businesses.
John Lee Dumas is a podcaster who's used online courses to increase his followers and business. He created the popular podcast "Entrepreneurs on Fire and it grew to yield 6 figures in sponsorships. He went on to create an online course on podcasting which is now bringing in greater revenue.
Coaching & Consultants
Professionals who have reached capacity in their calendars and can't trade any more time for more money are expanding their business through the creation of more online classes through the creation of an online component of their business.
Mari Smith is a leading expert in Facebook marketing and consulting for many organizations. For her own growth, she decided to share her experience by creating online courses.
Authors
Authors can augment diminishing book revenues by creating online courses that are a natural extension of concepts covered in their books. A good example of this could be Dorie Clark, who is a top-selling writer and expert on branding. Following the success in her writing, Dorie decided to take her company to the next level with the launch of an online course titled, the Recognized Expert.
If you possess a talent or audience that people want, selling your online course can be an excellent option to grow your business and make additional money.
The online courses may also be used as a customer acquisition method, which can bring in more customers for other areas of your company. Let's dive into this in the following section.
Online courses for Customer Acquisition
Certain businesses turn the online course model on its head by using online courses to build an audience, to make customers purchase additional products.
A great example of this is Hootsuite the world's leading provider of software for managing social media. They provide the social media marketing for free online courses through the Hootsuite Academy. More than 250,000 individuals took these classes, as well as many of them become paying customers of Hootsuite's application.
Online Courses for Customer Successful
It is also possible to make use of online training courses to educate your customers to utilize your products, making sure they don't leave for an alternative. This is a good option in the event that your product needs an education curve in order to be used.
One good illustration of this can be found in Later, a company providing software that helps manage and plan social media posts. The software they offer is not difficult to use, lots of users don't know how to be effective on social media. Later found that people were able to sign up, then use the software without much results on social media before leaving the site.
Myths Concerning creating online courses
You might be thinking: if online courses are this amazing, then why can't everyone possess one? In the end, as you've observed from the instances previously mentioned, online courses can be useful to a variety of entrepreneursat different stages of their business.
In our poll, It turns out that there are a few commonly believed myths and misinformation about making online classes that hinder individuals from getting involved.
Let's dissect them.
Myth #1: I'm not an specialist, therefore I cannot make an online course
In reality, if you are able to help someone achieve the outcome they're hoping for, to that person you're an professional. While there may be certain things that you can be able to learn, if you are able to guide your viewers through the path they want to take, this is enough.
Myth #2: People can learn what I teach for free
While this could be true, what people prefer most and would be willing to pay for is the convenience. Through an online class students will receive a proven curriculum along with accountability and community. In fact, getting access to the community is an important selling point in someone's decision to invest in an online course.
Myth 3 I'm not sure how to impart my knowledge
Review the intersection of your interests, skills and market demands. What are you most qualified to teach? Do you have questions that are often asked by customers? If yes, it usually is a strong evidence that you should make an online class to answer those questions.
Myth 4: If I train them, they won't take me on as a hirer.
Not everyone wants to or has the money to pay for your services. Create your online course for those who do it themselves - it's likely that they are not looking to purchase the services you offer.
Myth #5"I'm not able to devote enough time
The creation of an online course will allow you to reach out to more students with less effort. By investing time up front, you will be freeing some time later.
Myth 6: I'd like my class to be flawless
Ah, perfectionism. In reality, there's nothing as perfect. This is because the students will be the final test of your course. Even if you think your course is perfect, your students will point out opportunities for improvement. Doing is always better than being perfect.
Myth 7: There's too plenty of competition
The competition is an indicator of the demand for market. It's not a negative issue. The thing you must concentrate on is out how to make your mark. Consider ways to align your topic to a specific target market, and infuse your message with your unique voice.
Do not let these myths stand in the way you of your taking action!
If you're looking for more tips on how to get started designing your own online courses, download this free guide to making and selling online courses.