Having multiple income streams is everyone’s dream. It frees up your time and gives you the flexibility you need.
It’s the best way to run and grow your business because you never have to worry about running out of cash.
We will cover 20 ways to create multiple income streams from an online course.
1. Have a lite version of your product
Create a lite version of your product and offer it to customers. If you are selling a course on web development, for example, the lite version can cover the top 4 ways to build a website and tips to secure it. The complete course should share in-depth information and include templates plus other free resources.
2. Make the most of your ‘thank-you’ email
First-time buyers often open thank-you emails. So, take advantage of that. Advertise a related offer to attract sales. It could be your own product or an affiliate link.
You can put the offer in the footer or within your email content.
3. Upsell your customers
Don’t let your customers leave your checkout page without upselling them. Add a related product to your order form to get more sales. Add a discount on the upsell that’s only available on the order form to influence buying decisions. For example, state that the discount is available only if the customer buys NOW and not later.
4. Use freemiums
Create freemium bonus materials that are only available to first-time customers. For example, you can turn half your course into an eBook and make it available to students that buy the full course.
5. Advertise your offer in your bonus materials
Promote your products or paid offers in your bonus materials. Make sure every product you give away has a link to one of the products you are selling. Add a short paragraph highlighting the main features of the product to convince prospects to buy.
6. Create groups
Create social media groups or support forums where you will answer common questions and solve customer problems.
Build an engaged community and advertise additional offers within the group. You can also make money by creating the group as a free bonus to customers. For example, only the people that buy your product can join the group.
7. Build a members-only blog
Build a members-only blog that’s accessible to your students only. Share valuable content here and there to boost engagement. Promote related offers within the articles, in the sidebar of your blog, or place ads in the header and footer.
Write an article that’s 100% promotional once a month to get conversions.
8. Start a webinar
Create webinars and give your customers free access. You can create your webinars monthly and archive them so that new customers have access to all of them.
The best ways to make money through this method is to sell resell licenses to your webinars, promote your product/s during the webinar, or sell the webinar and upsell your course to everyone who purchases it.
9. Sell SaaS products
Sell SaaS products within your lessons. Have customers pay monthly to access the software. Discontinue service when they stop paying.
10. Use solo ads
Send one solo email advertising a specific offer to your subscribers once a month. If you want to advertise an affiliate product, make sure you add all the relevant links and adequate information to help prospects understand the offer.
11. Create different products
Create different products from your main offer. Turn the complete course into a 6-part eCourse and add it to your list of freebies. Advertise the full course and other related offers within the short course.
If the full course lasts for a year, turn it into a 6-months e-Course and get paid monthly.
Another option is to turn all the lessons into a complete video course that can last up to 6 or so hours. Use Microsoft PowerPoint and a reputable screen recorder like ScreenFlow or Camtasia.
12. Have a ‘recommended’ section
Add a list of recommended resources at the end of each lesson. They could be your products or affiliate offers. Make sure the recommended products are related to the lesson.
13. Sell advertising space
Sell advertising space in your lessons, emails, and blog. This method is preferable if you have a decent number of students. That way, you and the advertisers are guaranteed to make money.
14. Use Soft-sell advertising
Mention product recommendations within your content to increase your chance of getting a sale. Your customers will see your offer as helpful and not pushy. Especially if it’s related to what you are teaching.
15. Feature guests
Feature guest speakers or authors and promote their offers. Make money through your affiliate link.
You can also ask your guest to create content and then sell it as a standalone product. It could be a webinar, a report, or a teleconference interview. Make sure you have reseller rights. Upsell your complete course within the product.
16. Leverage ads
Add ads at the top or bottom of each lesson. Advertise related products or affiliate offers.
If you don’t want to go down this route, start or end each lesson by promoting another product.
17. Sell a related service
Sell a related service and earn more. For example, consulting or coaching services in addition to your course. If your main product is about launching a successful blog, offer writing services. Offer to write blog content to your customers and charge a monthly fee or a yearly fee.
18. Offer exclusive discounts
Offer prospects exclusive discounts that the competition isn’t offering. If you are promoting an affiliate offer, talk to the vendor about exclusive discounts and determine how you can benefit.
19. Sell resell rights
Sell resell rights licenses to your full course. This works because you get the license fees upfront. Just make sure you set a high price and remember that the resellers keep 100% of the front-end profits. Research the best ways to sell resell rights online.
20. Divide and sell individually
Divide your main product and sell it individually. For example, if your complete course has 60 lessons, splinter those lessons and sell them individually at $8 per lesson. If you have a 200-page eBook, sell chapters individually.
You don’t have to worry about brainstorming various product ideas to create multiple income streams anymore. That is because we’ve covered 20 ways to create multiple revenue streams from one product. So, practice what you’ve learned today and see how it turns out.