When you’re trying to determine how much you should charge customers for your online course, it can involve a bit of guesstimating.
At the start, you should be ready to do some testing. You may find that your online course may not sell as well as you hoped initially. However, after lowering the price a bit, you may see an increase in the number of sales.
Most common price range of online courses:
Online courses can cost anywhere between $10 to $2000 depending on a number of factors such as the amount of course content, your expertise and the course topic.
Typically, you should price your first online course somewhere in the $50 – $200 price range. After that, depending on how well your sales are doing, you can choose to either decrease the price or keep it the same.
To determine the price of your online course, you should think about the following factors:
- The amount of money you’re spending to create, publish, market and manage the online course.
- The pricing of your competitors.
- The income level of your target audience. How much would they be willing to spend?
As for the payment plans, there are three main approaches that you can consider:
- A single, lump-sum payment for lifetime access to the online course.
- A recurring monthly membership fee for access to your online course.
- Lifetime access to your online course that is paid for through multiple payments spread out over a certain period of time.
Choosing between these three choices is going to take some insight into what your target audience is.
Would their income levels allow them to afford a single lump-sum payment? Or would they be more willing to spend money on your online course if they could spread their payments out?