payment plan how much more to charge online course

Full Answer

What are the barriers to pricing online courses?

How to know how much to charge to make a profit?

Why is value added in a course so high?

What does "more resources" mean in a course?

How many people can you sell a 20 dollar course to?

Do instructors deliver extra materials?

Is a free course an appetizer?

See 4 more

About this website

How much should I charge to create an online course?

It can cost anywhere from $200 to $10,000 to create an online course. The main source of expenses is the labor involved, followed by the equipment and software. If you are creating the online course yourself and not paying someone else to do it, this means that other than your time there are very few expenses involved.

How do you determine a course price?

How to choose a price for your online course:Do not price your course based on its length. ... Take a look at your competition. ... Quantify the value of the outcome your students can achieve. ... Test different price points. ... Consider your credibility/authority in your market. ... Consider the cost of your customer's alternatives.More items...•

Do payment plans increase sales?

Organizing payments into a scheduled plan allows consumers to shop more freely because they know they can easily make smaller payments over time. Payment plans give your customers greater power and flexibility, and in turn, you increase your sales and reach a larger market of shoppers.

Should you offer payment plans?

Payment plans are a crucial and effective business tactic. They offer flexibility for your customers and help your business build loyalty and stronger customer relationships. When surveyed, about 30% of customers said that without a payment plan, they would not have made a big ticket purchase.

Can you make money creating online courses?

Are Online Courses Profitable? Yes, they are. Online courses offer one of the best business models to digital entrepreneurs. The demand is rising and people are more than willing to pay for them, and they are one of the top ways to make money online.

How much should a mini course cost?

Create a mini course You can make your customers happy with a mini course at a low price range of $10-$50. It also is a fantastic marketing solution for busy side-hustle creators who don't want to spend long hours preparing an online course.

How do you offer a payment plan to customers?

When setting up your payment agreement:Review your customers history before you call.Have two or more options for payment arrangements in mind before the call.Repeat everything to the customer.Get it in writing and have your customer sign it.Follow up and follow up.

Why do people prefer to pay in installments?

The top reasons users prefer Buy Now, Pay Later services over credit cards are that it's easier to make payments (45%), and there's more flexibility compared to credit cards (44%); the services offer little or no interest (36%) and the approval process is easy (33%).

Why do customers prefer Instalment purchases?

The appeal of installment buying is that it allows prospective purchasers to enjoy the advantages of owning a relatively expensive good while paying for it gradually out of their future income, instead of having to save the necessary purchase price out of their income first.

How do you structure a payment plan?

How do I make a debt payment plan?Work out the total amount you have to repay your debts each month.Work out what percentage of your total debt you owe each creditor.Divide your total based on what you owe each creditor as a percentage of your total debts.

What are the disadvantages of installments?

So, here are 6 downsides to installment plans.Impulsive spending. ... Late payment fee. ... You have no choice about when to make the payment. ... May affect your consumer loan. ... You're Spending Money You Don't Have. ... Check Minimum Credit Score.

How do payment plans work?

Within a payment plan for financing, the consumer pays back a fixed amount of money every month until the balance is cleared. Credit cards require a more flexible payment plan, where there is a minimum required payment per month, and the borrower can decide how much to pay back and when.

How much should I charge for my workshop?

One way to calculate your time and workshop cost is by dividing your hourly rate by how many people you want in your workshop. If you want 10 people for a one hour workshop and you charge $250/hour, then you can charge $25/person + travel expenses and materials (this will make the price jump up to $30-$40/person).

How do I sell my education program?

Seven Action Steps for How to Sell Educational Products Know your customer. ... Know your competitors. ... Differentiate your solution. ... Understand the Pre K-12 environment. ... Develop a marketing and sales plan. ... Stay current on new developments. ... Manage to the school calendar.More items...

How long should my online course be?

Most experts confirm that a good length for a web-based course is somewhere between 15-30 minutes. This traditional opinion builds on psychological research, specific content patterns and, more often than not, gut feeling.

Is Teachable or udemy better?

Overall, Teachable wins in the design area because of its complete customization options and wide variety of easy templates to use. Udemy is great for complete design beginners, but we don't see the Udemy branding and design as beneficial for people trying to make their own businesses.

Should I offer a payment plan?

Payment plans are a great way to make a high-ticket purchase affordable. If you have a digital product priced at above $300, consider offering it w...

Can I offer payment plans through LearnWorlds?

Yes, LearnWorlds allows you to offer payment plans and installments. You will need to have a paid subscription of the Pro Trainer plan or higher an...

How do payment plans work?

Payment plans break a bigger payment into smaller, more manageable chunks. For example, if you have a product priced at $500, you can offer it for...

Are payment plans different from memberships?

Yes. Memberships or subscriptions are intended for a community, coaching or course which offers a recurring benefit and can potentially be indefini...

How much does it cost to develop an online course in 2020? - Raccoon Gang

Note: All of the above roles can be combined to one degree or another in one specialist, for example, a video operator and a video editor in one person.In addition, the development phases can also be combined. These two facts can reduce the cost of development stages by 30%. Wrapping Up. Technology and trends in online course development force the eLearning industry to keep up with the times ...

6 Tips To Price Your eLearning Courses - eLearning Industry

Summary: Content development, target audience research, and marketing are usually regarded as the most important elements of developing a successful eLearning course. Figuring out the perfect price point of the eLearning course belongs at the top of the list. In this article, I’ll go over 6 top tips on how to price your eLearning courses to sell.

What is an online course academy?

Online Courses Academy is a complete step-by-step implementation program for planning, creating, and launching an online course… and includes EVERYTHING you need to build your membership site.

What would happen if 25% of people with payment plans defaulted on payments after 6 months?

If 25% of people with payment plans defaulted on payments after 6 months that would result in a $30,000 write-off making total revenue $410,000 versus $200,000, a net gain of $210,000. In this scenario, the benefit far exceeds the risk. You can get a lot more granular here with the risk assessment but I think this is a good starting point.

Can you offer payment plans with Infusionsoft?

Finally, only offer payment plans if you have the right systems in place that will minimize the administrative work such as Infusionsoft, a cloud-based CRM, e-Commerce, and Marketing Automation system.

Is payment plan a pain?

While the increase in sales is great, payment plans can also be a huge pain so the decision should be made strategically.

Should you increase the price of your course?

You should always increase the price of your course for the payment plan option. The increase in price helps to offset the loss associated with the time value of money as well as the risk associated with the payment plans. The higher the risk the higher the price for the payment plan option.

Can you subtract the variable cost from the increase in revenue?

It’s not going to be exact, but attempt to estimate the increase in revenue if a payment plan is offered then subtract the variable cost, the additional costs that would be incurred with ongoing billing throughout the year, and the estimated amount that will need to be written off due to payments not received.

How much does a course admin charge for one time purchase?

You ask $400 for one-time purchase. However, instead of paying $400 your customers can choose to pay five monthly payments of $80. This is how a course admin sees payment plans. So, your audience will have two payment options: The user chooses the payment option they prefer.

What is a payment plan?

Payment plans, or installments, are plans that allow for a fixed number of payments that a student must pay. Payment plans can increase your school’s revenue by offering higher priced courses in a more approachable way. How?

What is an advanced payment plan?

An advanced payment plan (with a higher upfront payment and a number of lower installments)

Do you have to pay upfront for expensive courses?

For expensive courses provide an advanced payment option with an upfront payment. Don’t forget that some of your students will unsubscribe before they complete the course and pay all the installments.

Can you have more than two payment plans?

Don’t provide more than two payment plans. Each additional option adds complexity. You may risk of consumers failing to purchase due to the paradox of choice (according to this paradox, the more options we have, the more we become less likely to make a decision!).

Can you drip feed a course?

Then, you can drip feed your course however you like.

Is it reasonable to pay for a course with open hands?

Besides, you are not requiring all the amount upfront. You are rather giving students the chance to gradual ly pay of a course you are offering open hands. The total amount depends on the value of your course and the number of installments.

What are the barriers to pricing online courses?

One of the main difficulties and barriers when it comes to pricing online courses is the idea that you are charging for your expertise, which can be really intimidating. But something you should always keep in mind is that you are not just selling knowledge, you are selling a transformation (and if you’re not, you should!). ...

How to know how much to charge to make a profit?

To know how much to charge to make a profit, start adding up all your expenses with creating and selling the course. Another thing you need to understand, is that the effort required to market a course is independent of its price, the work is the same .

Why is value added in a course so high?

So the value added in a course is very high because you are not delivering something with expiration date, you are delivering something that can be tapped to achieve lasting results. Let’s look at the following three course topics: 5 mindfulness meditation techniques to relieve stress and improve your quality of life.

What does "more resources" mean in a course?

The more resources your course offers, the more value it delivers to the student, and one option is to let them choose whether they want to pay for it or not.

How many people can you sell a 20 dollar course to?

If you charge $ 20 for your course, it means you will have to sell it to around 500 people. With a current audience of 1,500, this translates into a conversion rate of 75%.

Do instructors deliver extra materials?

In the eagerness to offer the best course possible, many instructors deliver several extra materials to assist the study, for free.

Is a free course an appetizer?

It is common to find courses up to free, but make no mistake, often the free course it’s only an “appetizer”, a module for the student to test and realize how valid is to take the course.

When do you have to pay your bank account in full?

Your account needs to be paid in full by the end of February. This means that the earlier you start your payments, the smaller each monthly payment will be.

Has Liberty University increased tuition?

Tuition for all online undergraduate, graduate and doctoral programs has not increased in 6 years. While many other online colleges have raised tuition, Liberty has been able to keep costs low as a nonprofit university.

Does Liberty University have a payment plan?

Liberty University offers flexible payment plans for our online programs.

How hard is it to put together an online course?

Putting together a quality online course takes a lot of hard work, dedication, and giving up time that you could be doing something more enjoyable.

What to take into account when pricing a course?

When you're pricing your course, be sure to take into account all the upkeep and extra work you'll need to do in the future of your course. Including replying to emails, issuing refunds, live events, and other tasks.

What is the sweet spot in online course pricing?

That's the "sweet spot" in online course pricing where you're making the most money you can, but customers are still satisfied and happy with the product.

What does it mean when you sell at a low price point?

When you sell at a low price point, you need way more students to reach your income goal. That means a lot more time, effort, and money you'll need to spend on marketing to attract more people.

How to give students more flexibility when it comes to your course?

Another way to give students more flexibility when it comes to your course is by offering payment plans.

What happens when someone pays you?

When someone pays you, they aren't just getting access to your course. They're also paying for technical support if something goes wrong, and in some cases access to you one-on-one through forums or discussion boards where they can get personal answers to their questions.

How much value should I give to students?

I like to try and give students at least 10x the value that they're paying for the course. But sometimes what that learning experience is worth can be hard to calculate.

How long can you pay for a premium course?

For the premium course, you can charge your customers more and consider using payment plans where you can either pay once or pay for up to six months or yearly. You can go premium when you offer exclusive content or more extended course offering more features or an advantaged course e.g. towards winning certification in the medical field etc.

Why is an online training course worth more than you give it credit for?

That is because an online training course is the amalgam of your work and life experiences, years of learning and education.

Why do you need free courses?

If your business is not only about education and training, then free courses can help you attract potential customers for your other services or products. Your next customers may be people whose first online course was a freebie you provided and that they appreciated. So, they proceeded with purchasing a paid online course from you to further benefit from your expertise.

How many people can you connect to a premium course?

A smaller group of quality learners that can afford your premium course will provide a better experience for them. People tend to connect much more in groups of 7-9 persons, and even online learning can become crowded after a few dozens of people in each course.

What is LearnWorlds platform?

When using LearnWorlds as your platform of choice, you will be giving them access in the most high-end educational platform and the added value of joining a community of similar learners where they can network, engage and communicate. It is not just an educational experience, it is a life experience worth valuing high.

What is online course?

Online courses offer valuable knowledge not found anywhere else. Your years of experience in a multimedia format for them to learn. Learners, students, and clients pay to get access to something they value.

Why do we use different prices for the same product?

Different prices for the same products can also be used to test prices and give more options to potential customers. You can see the price point where people respond more.

Why do you offer a lower rate for online courses?

You may consider offering your course as a lower rate because you don’t believe you’re a true expert in the subject matter or that all the information you acquired can be easily found online. While this may be true, your online course will still offer value to students who don’t know as much as you when it comes to the particular topic.

How long is a $2k course?

I’ve taken courses as low as $10 to as high as almost $2,000. Yes, the $2k course was a 4 to 5-month long branding training program and I took it much more serious than the cheaper courses I purchased.

Can you sell yourself short by pricing your online course too low?

Don’t sell yourself short by pricing your online course too low. You’ll not only do a disservice to your business but potentially to your students as well. Consider using some of these tactics to change your mindset and confidently set your course at a higher price point.

How long is a $2k course?

I’ve taken courses as low as $10 to as high as almost $2,000. Yes, the $2k course was a 4 to 5-month long branding training program and I took it much more serious than the cheaper courses I purchased.

Why charge more for a product without guilt?

For that, you can charge more for the product without guilt because you’ll probably be saving people more time and money by taking the fast track route (via your course) to achieve their desired results.

Why is taking a course important?

You may consider offering your course at a lower rate because you don’t believe you’re a true expert in the subject matter or that all the information you acquired can be easily found online.

Can you sell yourself short by pricing your online course too low?

Don’t sell yourself short by pricing your online course too low. You’ll not only do a disservice to your business but potentially to your students as well. Consider using some of these tactics to change your mindset and confidently set your course at a higher price point.

What are the barriers to pricing online courses?

One of the main difficulties and barriers when it comes to pricing online courses is the idea that you are charging for your expertise, which can be really intimidating. But something you should always keep in mind is that you are not just selling knowledge, you are selling a transformation (and if you’re not, you should!). ...

How to know how much to charge to make a profit?

To know how much to charge to make a profit, start adding up all your expenses with creating and selling the course. Another thing you need to understand, is that the effort required to market a course is independent of its price, the work is the same .

Why is value added in a course so high?

So the value added in a course is very high because you are not delivering something with expiration date, you are delivering something that can be tapped to achieve lasting results. Let’s look at the following three course topics: 5 mindfulness meditation techniques to relieve stress and improve your quality of life.

What does "more resources" mean in a course?

The more resources your course offers, the more value it delivers to the student, and one option is to let them choose whether they want to pay for it or not.

How many people can you sell a 20 dollar course to?

If you charge $ 20 for your course, it means you will have to sell it to around 500 people. With a current audience of 1,500, this translates into a conversion rate of 75%.

Do instructors deliver extra materials?

In the eagerness to offer the best course possible, many instructors deliver several extra materials to assist the study, for free.

Is a free course an appetizer?

It is common to find courses up to free, but make no mistake, often the free course it’s only an “appetizer”, a module for the student to test and realize how valid is to take the course.