“Not another bloody Netflix for the personal development world”
That’s what I thought when I was approached on email over the weekend to add some of the Coach on Fire training modules onto a learning platform for experts.
It’s the 6th “opportunity” that I have been invited into, and the 6th one that I have said no to.
And it seems like it’s the new “Groupon” way that many are trying to cash in on.
We all know that the model works in business.
So the question is, does the training, coaching and personal development world, really need all of these new, on-demand training libraries?
Over 20 years ago Lynda Weinman and her hubby created Lynda.com (later selling it to LinkedIn for a reported $1.5billion). As well as the many thousands of individuals that use the site daily, they serve over 10,000 business organisations in 5 different languages.
Gagan Biyani and a couple of buddies founded Udemy in 2009 and now boasts I’ve 65,000 online courses that you can even get an unlimited pass to over 2,000 pre-selected business for just $20/month.
Do we really need another handful of platforms to get lost in, pay a subscription to that we wont ever use fully and then if we choose to publish our courses on them, we will never be able to monetise them elsewhere?!
Here’s the skinny on the “opportunities” that have been pitched to me:
Opportunity 1 - One wanted me to pay a monthly subscription of $600 to be listed and have my courses on there. I would earn no commission or revenue split, yet members would have to pay $67/month to get access to the library. The courses I would publish on this platform could not be published elsewhere either.
Opportunity 2, 3, 4 and 5 - Four of them were willing to split revenue with me at various percentages. 5% was the lowest commission and 10% was the highest. Members still had to pay a small membership fee for these platforms but each “course” inside was then still chargeable. So there was some potential to be paid, but when they two out of these four wanted exclusivity too, they were asking too much.
Opportunity 6 - The other platform wanted me to add courses for free, of which members who paid $47/month would get free access to. No revenue spit or commissions, just a platform that I could publish my courses onto that would get me “seen” by thousands, even though when looking, they had over 200 other experts with at least 2 or 3 courses on there. So mine would be in there somewhere. There was an option to then pay on this platform to be a featured course, but the slots for the next 18 months were taken and booked at a rate of $150/month for the private to be listed in the “Top 20 Courses” on the platform.
All in all, I think these new platforms will bomb.
I think users will get sick of seeing the same old faces and those that publish courses on there will get very little in return.
Personally, I think it’s best to stick to your guns and build your own brand.
The numbers stack up.
If you sell just one online course a day at $49 and that’s an annual revenue of $17,885.
Add on to that, if you made a further offer for a $25/month membership subscription to join your group coaching or training programme, that 10 of those new customers took you up on every month, if they stayed with your for 6-months that would give you an additional annual revenue of $19,500.
With one online training course and one low cost monthly membership product, you could be talking about an annual income from online, digital training products of, $37,385.
That’s on low price products, with very conservative sales figures.
Imagine if things took off and you did more than one sale a day, and if you had more than 10 people a month join your programme!!!
With this model I have seen clients achieve turnover figures of over $100,000 in a year easily. One even more! And that’s just their online course revenue. It doesn’t include events, private client work or mastermind income, which are all products you can offer after these.
To get there, all they did was take the strategies planned with them and IMPLEMENT.
Don’t feed someone else’s business with your content - monetise it yourself.
Don’t get sucked in with the thoughts of your content being seen by 1,000’s - it wont be.
Get it out into the world and build YOUR brand.
If you’re stuck book a call with Chris to chat things though to see how best to move forward from where you are today - click here to pick a slot in his diary.
And if you want to work through creating the best training course you can, wanting to work with me personally over the next 4-weeks, watch this video until the end and complete the application form that appear around 5-minutes in.
When you work with Ant he'll help you to galvanise and see how you can put that a proper strategy in place, to better MARKET, quickly GROW, and SCALE up your coaching business.