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The $100 MBA Show
MBA2237 How Make 10K a Month with Live Courses + Free Ride Friday
00:15:55
There are lots of ways to share what you know. But one is the most complete, comprehensive, and effective: live courses.
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- [00:00]
Omar Zenhom
Got a 7am meeting on a Monday expensing breakfast because it's in policy wasting all afternoon submitting an expense report for that breakfast. If your company used Ramp, you could submit expenses with just a text. Yay. Free your team from expense reports today. Switch your business to ramp.com. hey. Welcome to the hundred dollar MBA show giving you the business lessons you need to build the business you want every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher, Omar Zenholm. I'm also the co founder of Webinar Ninja, an independent software company. I started my co founder back in 2014 and today's episode is Free Ride Friday. On Free Ride Fridays, we give away a lifetime membership to one of our programs. We're giving away our live recording of our $100 MBA two day intensive, become a better entrepreneur. 100% guaranteed. If you want to win a free ride to the $100 MBA, just leave us an Apple podcast rating and review and you enter our weekly random draw we call Free Ride Friday. Listen in on Friday. Just like today, we announce today's winner a little bit later in the episode. In today's episode, you will learn how to make $10,000 a month with live courses. Recently, I've been all in on live courses and it's for good reason. They're amazing in so many ways that I'll explain in today's episode. But more than that, I want to show you how life courses can start generating you $10,000 a month and beyond in revenue. How it's the most effective way for you to package your knowledge and deliver it to an audience at a premium. I'm going to share with you my three step process as well as how you can get free training on how to pull it off. Let's get into it. Let's get down to business. I love live courses and let me tell you why. I want to start with the biggest reason. The reason why it actually makes a huge impact on your customers, on your students and on your business. And that is with live courses you can offer a greater outcome. What does that mean? Well, what it means is that when you're offering a course, you're basically offering some sort of outcome. You're going to learn how to do this. You're going to be able to do this by the end of the course. With recorded courses, you're really restricted. You can't make compelling promises of outcomes. That's because you can't ensure certain factors. You don't know if they're actually watching the video, if they're completing the course, if they're doing what you're teaching correctly, if they're doing it right, correct, you can't course correct them or coach them through it. So therefore, what you can promise as, hey, if you take this course, you're going to get this outcome can't be that significant because you really can't promise that. But with live courses, you have a very high likelihood of them hitting some pretty amazing outcomes in a short period of time. This is what makes it so incredible. Let me give you a real life example. Would you prefer learning how to ski the fundamentals of skiing so you can start going down the slope on your own with a one day, four hour session with an instructor live in person, or would you rather watch an on demand video in the form of an online course on skiing and how to become proficient in skiing? You most likely are going to say, I rather learn from an instructor in person, live. Now let's dissect. Why? Well, because when you're live and the instructor can interact with you, they can tell you what you're doing wrong, they can course correct you. You're gonna learn faster. It's actually a funner experience versus having to watch it alone on your phone or on your computer and not knowing if you're doing it right. But the bottom line is, is your belief in reaching the outcome is much higher when it's live. You believe it's highly likely that you'll learn how to ski if you actually learn live with an instructor versus watching videos and therefore you're willing to pay more. This is what makes live courses killer. It demands higher prices because it is inherently more valuable. Now I'm talking about online live courses where you're teaching live on camera. This is as close as possible as you can get as being in person, where you still can see what your students are doing via camera. You can still instruct them, help them, coach them, and make sure they're on task, make sure that they're on track to their desired outcome. But even logistically, life courses are amazing because there's far less pre production work. I don't need to record and edit and do all these fancy stuff before I even can put this course together and sell it. Essentially, with life courses, all you really need before you can start selling is your course curriculum, what you're going to teach, so you can use that curriculum and display it on your sales page. The next thing you're going to need, but you don't even need it to sell it. You just need it before the first day of the course. And that's your slides, your presentation slides. That's it. Remember, this is live. So you're going to be teaching live and it's going to be recorded and then you're going to have the recording later to offer your students and then you can use those recordings as part of your library or resell them as a recorder course. The point here is that the pre production is far less so. It's so much easier just to get going and start selling your knowledge. I love the fact that you can get just in time feedback, iterate on the course. So the next time I run it, it's even better. How many of you recorded a video or an online course or training and rerecorded it and re edited it. Once you've learned what to do and tweak, most people will say no, okay, that's a lot of work. But with live courses it's not a lot of work because you're just going to run the live course again and make the changes that you want to make in the next time around, which when you're doing it live. Now what my students say, what they love about life courses is that they can demand higher prices. There's so much more value in a life course because it's coaching. There's a very specific outcome that they're promising in the course that means they don't need to actually have a lot of people buy the course to make serious revenue. I've sold courses that are six weeks, I've sold courses that are four weeks. I've sold courses that are two weeks. I've sold courses that are two days, even courses that are two hours and all of them at our different price point. And they're all highly valuable and I can all charge a good amount of money. For example, I have a six week course that I sold for $5,000. The outcome is pretty significant where they create a whole new product for their business and they're ready to sell it. So for the students it's a no brainer. This is great value, five grand. What a great investment. Especially when they compare it to other live teaching alternatives which is like group coaching programs which can cost 15, 20, $30,000 a year. Students love the fact that hey, I know I'm going to pay this much money and I'm going to get this outcome in this time. They do it in a group so they get the accountability. They also get the coaching and the guidance. So it's A fantastic value for the audience. So how do we put this together? How do we earn 10k? Let's get into it. But before I do, I do want to mention that I go into detail with all of these things, showing you how to implement it in own business. With a free workshop that I'm running over@webinar ninja.com workshop, you can sign up for free. There are limited spots, so make sure you do that right now. Webinar ninja.com workshop it's a free workshop to show you all the details of what I'm talking about today and show you some examples that might apply to your business. So in order to create a course that demands 10k a month in revenue, at least there are three steps or stages. The first step is creating the course itself, and the first step of that is is deciding on the outcome we want to promise. What do we want our students to be able to do or have at the end of the course? This drives everything because with this defined, I will know what I'm going to be teaching, how long the course is going to be, how valuable the course is, and how much I can charge. It's going to drive my curriculum. It's going to drive everything about the course. Now, what you want to do here is actually focus on an outcome, not a how to. Like, I don't want to sign up for a course that tells me you will learn how to play the piano. That's too vague. It sounds like this is just instructional. I want an actual outcome. So a better outcome would be how to learn these popular four pop songs from the 70s, 80s, 90s, and 2000s. In two weeks, you're not going to learn how to play any song on the piano. You're going to learn how to play these songs. Now, the reason why this is so powerful as an outcome is because it's specific. Because they know exactly where they're going to get or who they're going to be. At the end of the course, they're going to be somebody who can play these four songs. That's pretty impressive. And these are popular songs. These are songs. Everybody knows it's going to be impressive to play these songs in front of their friends. This is why people want to learn how to play the piano. So choose your outcome is very important. Then you're going to prescribe a value to that outcome. This doesn't have to be a dollar amount, but you have to also understand what they're actually getting. Well, in this example, with learning those four popular songs, here is really what people are going to value from this experience. One, they're going to be able to say, I can play the piano. Number two, they can impress their friends at parties playing these songs. Three, through these four songs, they're going to learn the basics, how to play some other popular songs that they want to pick up. Four, in the course, they're going to show you how to record these songs so they sound great on video so you can share it on social. Again, this is really why people want to learn the piano, so they can show off and show their friends and get attention, really. So this is the value of the actual course. This is what they're actually getting. This is why they would actually want to sign up. When you outline this, it makes it easy for you to be able to charge a significant amount because that's valuable. What I just mentioned, the things I just said, you're going to get out of this course at the end of the two weeks. People feel important, people feel significant, people feel liked, popular. How much would somebody have to pay to get those things right? Maybe if they went on a fancy holiday, they'll get those things, but it's just temporarily. They can't keep doing it. They can't keep playing those songs. Songs, so to speak. So charging $2,000 for this course is sort of a really easy price point for people to say yes to because that's pretty valuable. They've paid far more money than $2,000 in the past to get a fraction of the things, the value of this course in the past, you know, so to them, no brainer. The other thing is, how else will they learn this? How else will they be able to do this in two weeks? This is why it's a compelling outcome. So that's all in the create stage. The second stage is all about sales and marketing. How are you going to create a compelling sales page so that you can sell this product to the perfect audience? This is when we start attracting leads that are perfect for our course and the desired outcome that we're promising and converting them to customers through a sales process. Now remember, if we want to earn a minimum of 10k and our course, for example, is $2,000, we only need five students a month. That is pretty easy and very attainable versus trying to sell 100 students $100 course. The whole point in this stage of sales is identifying buyers, people that actually are interested in what you have and showing them the value of your course so they sign up for the next cohort, for the next date that you start and this is what's great about live courses, that you don't have to constantly be selling. You sell when it's time for the next course and when the course starts, people can start signing up for the next one if they're interested. So you basically have a backlog of buyers waiting to enter your next course. And we talk about how do you limit your course, how do you sell out, how do you create urgency, all kinds of stuff. And number three, deliver. How do we deliver this course? So it's fun, it's interactive, it's enjoyable for the students and that we actually get them the outcome that they signed up for. We also want to make sure we get feedback from our students and get testimonials so we can use it in our marketing. We want to be able to have a strategy for fielding questions and coaching our students to success. Ryan Reynolds here from Mint Mobile. I don't know if you knew this, but anyone can get the same Premium Wireless for $15 a month plan that I've been enjoying. It's not just for celebrities. So do like I did and have one of your assistant's assistants switch you to Mint Mobile today. I'm told it's super easy to do@mintmobile.com Switch upfront payment of $45 for 3 month plan equivalent to $15 per month required intro rate then full price plan options available, taxes and fees extra. See full terms@mintmobile.com and we're back folks.
- [13:14]
Jim
It looks like Jim from sales just got in from his client lunch and he's got receipts. His next meeting is in two minutes. The team is asking can he get through his expenses in that time? He's going for it. Is that his phone? He's snapping a pic. He's texting around. Jim is fast, but this is unheard of. That's it. He's done it. It's unbelievable.
- [13:33]
Omar Zenhom
On ramp expenses are faster than ever. Just submit them with a text. Switch your business to ramp.com to wrap up today's lesson, I talked about the three stages, the three phases of creating a 10k life. Create, sell and deliver. When I teach my students how to create a life course, we always make sure the price point sits around two. $3,000 is a good starting point when you're starting live courses. Why? Because this is not a prohibitive amount of money, especially if the outcome is worth it. Don't change the price, change the outcome. If that means you have to make your course a little bit longer, a little bit more in depth, offer a bit more value. That's fine. Don't cheapen your value, okay? Keep the value high. Keep the price there. This allows you to have less need for students or volume. You can have four or five students every single month to hit your 10K. What you'll find is after your third or fourth month, you're getting 10 and 15 students each time you're on the course, making you 20, 25, $30,000 a month, delivering incredible value and outcomes for your students. My favorite thing about life courses, though, is the transformations. You make real transformations with these people because you're working with them in a live fashion. You actually see them go from one person to another person completely with a new mindset, new perspective and a new set of tools and a great outcome. Nothing like seeing a satisfied student again. If you want to learn more about this whole system and how to implement it, go ahead and sign up for our live workshop that we're doing over@webinar ninja.com workshop so that you can grow a 10k a month live course business that wraps up today's lesson. But today's episode is not over. It's Free Ride Friday. Let's see who won this week's Free ride. It's a duo, Zoe and Marlon. Zoe and Marlin say OMAR is awesome. 5 stars. Thanks guys. If you own a business, you need to subscribe to this podcast. Quick, simple and easy to follow actionable advice to implement in your own business. Episode 2221 really hit home for me. Time to make a change was the topic. It's a great one if you're feeling stale in your business. Thanks so much for the review, Zoe and Marlon. Your mission is to email me over@omar00nba.net so I can make sure to hook you up with the free ride to the $100 NBA. If you want to win a free ride, just leave us an Apple podcast rating and review and you enter our weekly random draw we call Free Ride Friday. Listen on Friday, just like today, to see if you won. It's that easy. Before I go, I want to leave you with this. Anytime you add something to your business that allows you to learn more about your customers has compounding effects in your business. When you do a life course, you're constantly learning about your students, about what they're struggling with, what their needs are, what they're good at, when they're not so good at. This allows you to make mental notes and take actual notes and say, hey, I need to create a new product that's all about this. I need to create another guide about this. My next blog post should be on this topic. It becomes a factory for ideas because your interaction with them is so direct versus creating a record. Of course, just giving it to them and hoping that they email you with some feedback. The more you interact with your students, your customers, the easier it is to improve your business. Thanks so much for listening and I'll check you in Monday's episode. I'll see you then. Take care.
- [17:29]
Jim
And we're back folks. It looks like Jim from Sales just got in from his client lunch and he's got receipts. His next meeting is in two minutes. The team is asking can he get through his expenses in that time? He's going for it. Is that his phone? He's snapping a pick. He's texting. Ramp. Jim is fast, but this is unheard of. That's it. He's done it. It's unbelievable.
- [17:50]
Omar Zenhom
On ramp expenses are faster than ever. Just submit them with a text. Switch your business to Ramp.