Let’s say that you have an online course that you are selling and that you went about it in a thorough, steady manner.
- You picked your niche.
- You researched that market.
- You networked with the community.
- You built out great course content.
- You started marketing very early.
- You had a successful launch.
- You have happy customers.
If you end-up in this place then you need to give yourself some well-deserved credit. There are a lot of gurus out there that will tell you creating and selling a course is a “piece-of-cake”, when the reality is quite the opposite. Well, at least if you want your course to be successful (i.e. make money).
As you continue to innovate with your business, and you continue your marketing efforts, you may begin to consider ways to generate more revenue.
There are a lot of ways you can go with this. You could start an affiliate program if you don’t already have one – but that’s not always a good option.
You could create a premium portion to your course as an upsell (such as downloads, templates, documents, etc.). That’s fairly straight-forward.
You may even consider creating another related course and pitching it to your audience. Granted, that would be time consuming.
There are various ways to generate more income, but there is one way that can explode your revenue that many don’t consider – license your course for others to sell or use.
This is different than being an affiliate. Your goal is to generate a network of professionals (or businesses) who have a need for your course and then to charge them a licensing fee.
For example, let’s say you are a sales consultant and you give presentations to sales teams across a variety of industries.
You go to the businesses, present a workshop, then leave. If you have an online course on your main site then this is the perfect opportunity to license that course to the business for a yearly retainer fee. They can set it up on their own servers and have a valuable asset that their employees can continually visit. It also frees up your time to pursue more training opportunities.
Licensing tends to work best in professional industries, and not so much for courses related to hobbies. If you have a course in a professional niche and are looking for ways to increase your revenues then take a serious look at the licensing route.