Nine best practices for an online teaching business
Can you teach via video? If you can, it might be a great source of passive income.
You can improve your net worth by developing multiple sources of revenue, especially passive income.
Passive income is defined as income you get on a regular basis, with very little effort.
So if you’re looking to launch a cash cow in an online teaching business, it might be a good idea if you’re an expert.
It sounds like a simple process. Merely shoot a video teaching on your favorite subjects. Then, load the video on a site.
If you can’t host the video, there are sites that do. Some don’t require payment in advance but others do. Count on all sites charging a commission – a fee on your income.
Warning: All the sites can alter the terms of the commission and terms of service with no warning. One of the best known sites, Udemy, is guilty of decreasing the fee you can earn, which it did in 2013.
To launch an online teaching business, here nine best practices:
1. Pick your subject
The keys are to choose a topic in which you’re knowledgeable, one you really like, and for which there is a demand.
As in any type of sales, passion and enthusiasm lead to success.
2. Select your platform
There’s a myriad of sites that host online education: Litmos, Mindbites, Udemy, and WixIQ. Each has different guidelines and terms of service.
However, the most dependable site – to avert any negative surprises – might be your own site, if you have good technology resources and financial ability to absorb bandwidth costs.
3. Buy the right technology
You need an up-to-date computer with a quality camera and microphone. Also, video editing software is a prerequisite.
It isn’t necessary to have a quality Hollywood production equipment and values. But it does it need to look and feel as though it’s professional to your target audience.
That means using techniques for a professional look.
4. Develop a script
Forget speaking extemporaneously. Plan your points. Review them to make sure you cover all needed information.
Use the techniques of all professionals and quality broadcasters: Practice your presentation in front of a mirror.
5. Plan your environment
Make sure you don’t have an embarrassing background. Don’t make the mistake of videotaping in front of a window where people or cars are moving behind you, or have poor lighting.
Have a suitable background for your subject matter. If you don’t have one, a solid background will suffice.
6. Get advance feedback
After completing your video, get opinions from critically thinking, savvy associates on your performance and presentation – from speaking your inflection and enthusiasm to clarity on your points.
Make any necessary changes.
7. Determine your fee
Research your competition. Know what others charge. A mid-point price-point is usually best. People don’t want to pay the highest price. Nor do they trust content if it’s the cheapest price.
If you’re convinced you have the best information in a quality presentation – then by all means – charge a premium price.
8. Develop and implement quality marketing
You’ll need stellar marketing. Create Centers of Influence – people and groups that will influence business your way.
9. Stay with it
Consistency works. The higher number of classes the better. You will look more prominent on the Internet and you’ll develop repeat, loyal business. Multiple classes will increase your odds for long-term passive income.
From the Coach’s Corner, here are relevant tips:
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“To become a billionaire, you need luck, knowledge, a great capacity to work and the main thing – the mentality of a billionaire.”
-J. Paul Getty