Why do coaches want to create online courses? Well, that's a great question that we will explore in this post. There are, as always, many reasons coaches should create an online course, the main one being it's working smarter, not harder. When you work smarter, you're more profitable, plus you have more time to do the things you love!
Reignite Your Coaching Purpose and Passion
Many coaches find that when they start creating online courses they feel a powerful sense of purpose. They're able to rediscover their Why and renew their passion for coaching. They also reconnect with their core values and what's important to them when running their business.
Coaches realize that creating courses gives them a much stronger affinity with their audience, which enables them to help their clients get better results
Boost Your Business Profitability
Coaching is a business where you trade your time for cash. If you don't work, you don't get paid.
How much a business coach earn? Well according to Zip Recruiter the average annual pay for a Business Coach in the United States is $80,895 a year. That works out to be approximately $38.89 an hour. In the UK, the average business coach earns £32,185. In Canada, a business coach earns on average CAD 67,000.
While this might sound like a great salary, the word salary is deceptive. You're a business owner, so that's your income before expenses and business costs. It's not pure profit. After expenses and taxes, you may be earning as little as $15 an hour.
There's a limit to how many hours you can work, so you have to scale your coaching business in order to increase your income. That's why you need an online course. It frees up more of your time and ensures your business is more profitable. It also gives you the opportunity to turn away prospects who aren't a good fit for coaching, but still offer them something valuable that they will pay for. People who are not yet ready for 1-2-1, or don't have the budget, will be perfect students for your online course.
This means your online courses will help more of your audience get the results they're looking for.
Position Yourself as a Thought Leader
A coach with a course is seen as more of an expert than a coach without one. It might not be true, but it's how people perceive them. If you find you aren't booking as many clients as other coaches, try improving your marketplace position and reinforcing your personal brand with an online course
It doesn't matter whether you're an established coach, or a new coach, an online course makes all the difference to your position in your field of expertise. People want to learn from someone they see as a thought leader.
Pre-Sell Courses to Test New Coaching Services
You can also presell a course to test the demand for new 1-2-1 services you're considering.
Say, for example, you want to branch into offering email marketing services to clients. You can first offer your course on email marketing and then see if your audience is willing to pay you right away to take the course. Yes, that's right. When you pre-sell your course, you're being paid to create the course. Our customers who do this love how much money they make and how profitable their business becomes. Simply put, if they don't pre-sell the course, they know their audience has no interest in the topic, so they move onto another course topic.
By pre-selling a course, coaches are able to earn money as they create the course while also seeing if there's an opportunity to offer new coaching services on that topic. It's a no-risk way to scale your coaching business and your income.
Earn Passive Income
I've not saved the best to last, because earning 'Passive Income' isn't truly passive. It still requires spending time spent on marketing. Whether it's ads or email marketing, your course won't sell itself. However... you can make 5 figures with a good launch. And if you launch every month, that's a 6-figure income. For many coaches, this is their motivation for creating online courses.
Over to you...
What's the reason you create online courses?