Can you launch your e-course on a budget?
One of my biggest frustrations in business is seeing talented and smart business owners putting off their e-Course idea because they don’t believe they have the budget to pull it off. Are you waiting until you land the big client, maximise your profits and have a heap of disposable income to play with before you pursue your e-Course idea? It’s OK, I totally get it! I’ve been where you are right now. I’ve felt the fear. I also want you to know that this fear is a normal and natural part of the e-Course journey and that unfortunately it doesn’t ever really go away. But I do believe you can launch your e-Course on a budget!
Right now you have a choice. You can decide that you want to change things (this blog post might help with that). Change your life, change your business and step into the unknown. Remember: you have options.I breathe in my courage and exhale my fear. Click To Tweet
I don’t believe it has to cost a lot of money to launch your e-Course. In fact, I created my first few e-Courses for as little as $200 each (and then made 10 times that in profit). But before we start looking at the options available for your budget, it’s important to understand three main concepts that are vital to planning your e-Course budget. These concepts will transform the way that you view and feel about your e-Course investment and give you lots of options for budgeting.
When launching your e-Course, it’s easy to think you need all the bells and whistles. You might look at other e-Courses and admire their professionally designed sales pages, fancy videos and beautifully branded membership sites. But you don’t know what it took for them to get there and I’m willing to place a bet that most people don’t start here. Your e-Course idea should be part of a long-term strategy and in this case, incremental investments are a great option.
This means choosing a handful of expenses that you’re happy to initially incur and leave other costs to a later date. For example, for your first launch you might purchase a basic logo, domain name, website theme, membership plug-in and do the rest yourself. Now rather than thinking of these as ‘costs’ or ‘expenses’ think of them as investments that can be upgraded or reinvested in future e-Course launches.
My recommendation is to spend in the mid range of $2,500-5,000 for your first launch. My reason for that is that you are investing enough to come across professionally and you also have some skin in the game and will work harder because of this investment to make it a success.You have to spend money to make money. Click To Tweet
However if you cannot invest this much you can also incrementally invest and then choose one thing to upgrade each launch. For example, you might want to upgrade your basic logo from your first launch with a full brand identity in your second launch.
I also recommend that you look at the difference between capital costs and direct costs. For example: branding, sales page, copywriting and a membership site are capital costs and can be spread over multiple launches. This is different to direct costs like advertising and promotion which will incur each e-Course round. Capital costs are often a one-time investment and can be used in earlier rounds of your e-Course to help gain momentum and maximise profit to reinvest into other areas of the launch.
Reinvesting is taking the profit from each e-Course launch and using it to upgrade your future launches. It is not unheard of for people to make zero profit in their first launch but that really depends on whether you ‘go pro’ straight up or only invest in 1-2 things each round and incrementally improve your e-Course. A recent launch of mine made about 89% profit so high profit is very achievable once your e-Course is established.Be positive, be patient, be persistent. Click To Tweet
Money isn’t the only thing that you can reinvest into future launches, think of past expenses as being reinvestments too. For example, your professional sales page can be reinvested and used in future launches.
I hope these concepts have empowered you to step out of your comfort zone, try something new and do it to the highest level of professionalism that you can.
And if you’re wanting to learn more about creating an e-Course then check out the e-Course Launch Formula now.