If you are starting out as an online teacher, this blog post would be much of a help to you! I want to show you which online platforms for teaching and learning I personally use to generate passive income.
This is by far the most famous one, maybe you've heard it before. To give you some ideas, let's have a look at some stats. At the moment of writing this blog post, Udemy has over 7 million students worldwide; more than 30 000 online courses. Udemy was founded 2010 and it has become one of the largest online platforms in the world.
Instructor revenue share:
When you publish a course there and do your own promotions, you keep 97% of the revenue; however, if you make so-called organic sales (Udemy students found your course by using the search box or browsing categories) you keep 50% of the revenue.
Udemy also runs ads (mostly Facebook) and if a sale is made you keep 25% of the revenue.
In addition, Udemy has affiliate business model set up as well. If an affiliate sells your course, they get 50% of the revenue, Udemy gets 25% and you get 25%.
More detailed explanation here:
I dear say Skillshare is my favorite one! They have an interesting business model. You get paid by the number of students enrolled in your course(s) for a month. For example, this month you have 500 students enrolled in your course, you will get approximately $1000. Next month, you have 250 students, you will get approximately $500.
Here are some stats: $3.5+ million paid to teachers; 1 million students; 45000 project assignments.
In order for your course to be approved you have to come up with a "project assignment" for your students.
Instructor revenue share:
Students pay small monthly fees ($10) and the revenue at the end of each month is divided between instructors, who get 50%, and Skillshare, they also get 50%.
Skillshare pays teachers $1 to $2 dollars per premium enrollment, which means that if you have many not premium but free enrollments, you won't get any revenue from them, however, those free enrollments can be used to boost your course in the rankings, which is awesome and will help you get more premium enrollments later down the line.
An average instructor makes $3500 per year, whereas top instructors make around $35000.
For more detailed explanation here is a great blog post directly from their website: How can I earn money on Skillshare?
My advice to you:
Create your first course (if you haven't yet) and upload it to all of the three platforms. Udemy only approves courses which are more than 30 minutes. For Skillshare, you can create even 10-15 minutes courses (if we can call them that way).
Then, create your second and third and fourth and fifth and so on. The more courses you create the higher passive income you will be receiving each and every month. I like the idea of using 2 platforms instead of one because you diversify your income, which means if one platform doesn't do well this month (in terms of money) the chances are that the other platform will have better results.
I had months in the past where I made more than $1300 on Skillshare and only $100 on Udemy, but I didn't have a problem with it because at the end of the month I still got a nice payday. If I had relied only on Udemy alone, I wouldn't have made such a nice income. So, diversification is important - do not put all your eggs in one basket.
In order to receive your payments, you need to have a PayPal account for the two platforms mentioned above.
In this blog post, I don't give you ways to promote your courses. I will do that in future posts. I might even write a post on content creation so you have an idea where to start from and which online tools you would need.
I'm trying to write one post per week but sometimes I'm getting behind. The reason for this is because I'm working on my next course on Marketing Psychology, anyways...
I do believe this blog post is valuable to you, I wish I knew these online platforms for self-published instructors when I created my first course on Leadership.
If you have any questions, I'll be happy to help you out.
Share this blog post with any of your friends who can benefit from it.