As this blog has pointed out before, in some instances, earning a passive income does require you to put in some degree of work at first. There are many ways to make money on the side with little to no effort, but reaching the stage where a venture turns into a reliable source of consistent, steady income usually involves putting in some initial work.
For instance, people with a special skill set or who are particularly knowledgeable about a specific subject can earn extra money by designing and publishing online courses.
You might consider doing the same. If so, the following information will help you plan and execute your project.
Choosing a Topic
Obviously, before you create an online course, you have to choose a topic of focus.
There’s a lot of freedom to pursue your own interests here—you don’t have to restrict yourself to otherwise “scholarly” topics. While you can certainly design a course that helps customers develop a professional skill or learn how to use Excel, you could also design a course that relates to a hobby of yours. Do people compliment your skills as a chef? Consider designing a course in which you teach customers your favorite recipes. (Of course, you should first confirm there’s an audience for your course subject before you start actually creating it.)
It’s important not to give up early when listing course ideas. Many people who assume they don’t have any skills or knowledge worth teaching are surprised when they take the time to genuinely review their talents. During this phase, you should list any hobbies you have but also consider skills you may have picked up in your work. Perhaps your job has forced you to become particularly adept with a software program many others also use. It’s likely a decent number of people would find a course on the subject valuable.
Take the time to create a thorough list of your skills and knowledge, then review the list, removing items you don’t think you could realistically teach with any genuine authority. Once you’ve narrowed down your list to a few items, research existing courses on those subjects to learn more about the competition.
Deciding Which Technologies to Use
Online courses can include text, audio, digital slideshows, still images, and even video. Of course, your ability to include certain multimedia elements may be limited by the technology you have available. However, the most important factor to keep in mind during this phase is what type of content will most effectively communicate your ideas. If we go back to the cooking course example, images could convey how to prepare and cook a meal relatively well, but you’d probably get better results if you filmed yourself. Even if you don’t own the equipment to do so, borrowing or renting it will result in a stronger course that’s more likely to earn you money when it’s finished.
Choosing a Platform
There are many platforms for hosting online courses, including Udemy and Teachable. Each offers their own set of benefits. For example, Udemy is fairly popular, which can make it easier for instructors to find an audience for their courses. Although not necessarily common, some Udemy instructors earn six-figure salaries annually.
That said, you’re not restricted to existing platforms. You can host the course on your own website, allowing customers to download it after making a purchase. While this may require you to invest some more time in marketing efforts, if you already have a following—perhaps you’re a popular photographer on Instagram and have designed an online course that teaches basic photography techniques—you could leverage your existing audience to help you find customers.
Marketing Your Course
Odds are good you will have to do some degree of marketing work to find customers. Your existing audience, if you have one, can help you spread the word.
You might also want to create a blog dedicated to your topic. Publishing blog posts regularly can help you establish yourself as an authority on the subject. A blog will also boost the odds that a potential customer will find your course when performing a relevant Internet search.
Of course, it’s also smart to maintain social media profiles that market your course. Doing so costs nothing, requires little effort, and can help you maintain a loyal base of customers who may purchase additional courses if you create any in the future.
While making an online course does require some effort, it can also be a genuinely stimulating experience. If you’re truly good at it and what you teach, it can be very lucrative as well.