Creating and selling virtual training is becoming increasingly popular. Just in North America eLearning market size was valued at $315 billion, and according to expert predictions, the value of the eLearning market in 2028 will extend 1 trillion (USD).
Thus, let’s understand how much you can make as an individual virtual trainer. Is it worth getting started now?
To find out, let’s start!
The following article covers:
What to consider when deciding on the price?
Consider the market.
Pricing strategy is an essential component of the success of your virtual training. If the program is cheap, it will be perceived as “not valuable,” and if it is too expensive yet you are new or intermediate in the industry, it will be perceived as “overpriced.”
However, considering the price includes more than just your level of expertise as a trainer. You also must calculate your initial investment costs, expected ROI rate, customer acquisition cost, and many others to get clear on final pricing.
What benefits does your training have?
When considering the price of your training, you can look through its benefits. Simply put, what value will buyers gain?
Here is a list of benefits you can aim to offer to provide value:
- Flexibility. Yes, virtual training is already flexible. However, it can be hard for some to schedule live sessions with you due to differences in time zones. Thus, you might as well offer a well-structured, pre-recorded training program.
- Accessibility. Virtual training is accessible to everyone, but usually, students access it from laptops. What if you make yours even further accessible by offering mLearning (mobile learning) experiences?
- Additional learning materials. Besides training content, you can also provide students with additional readings, links, videos, and other materials tol enhance their learning experience.
- Create a community. Make sure you incorporate collaborative learning, assign group activities, and have a chat where students can communicate with one another.
- Engagement. Make sure to engage your students with potent visuals and useful activities to contribute to better knowledge retention levels.
What advantages do you have over the others?
Besides the benefits that your training offers, make a comparison list with your competitors. This list will help you to identify what advantages you have over them.
Think about your unique selling point. You may teach the students a tool or technique that no one else has yet started to teach. That is an incredible advantage over competitors.
In the eLearning industry, most advantages are related to the newest technique, tools & products. Thus, make sure to always keep up with the latest market trends.
Calculate your expenses
Finally, it is time to calculate your own expenses to determine proper pricing.
Well, consider how much the technical equipment costs you. These include cameras, microphones, white/green backgrounds, etc.
Write down the costs you had to make. But also keep in mind that these are long-lasting tools. Thus you should not charge $2000 per month per individual (while being a beginner) to cover the costs you made.
Rather, aim for a certain profit from 5-10 clients.
Engagement during the course
Engagement during the course can be free or can be an additional cost. If you are incorporating various gamification tools, using paid design tools, etc., then you must calculate the subscription costs of these programs as well.
Content plan of your course
Including third-party resources, books & PDFs in the course (paid resources) comes at a certain cost. You must also consider these when deciding on the pricing.
The learning environment
The learning environment, otherwise put the platform, also comes at certain costs. One of the best ones on the market - Uteach starts at $39/mo up to $249/mo, depending on the package.
So, also consider the cost of the platform as an initial investment cost.
So, what is the final price?
Now, you must add up all these costs and get a certain amount. You will be able to decide on the pricing of the program.
Set goals, e.g., make 10% more than invested during 1 month with 5 clients. Goals must be SMART (specific, measurable, achievable, realistic, and time-specific).
The average market price varies from $100 to a few thousand dollars (hourly rate) depending on your level of professionalism and your demand as a trainer. For a beginner trainer, you can offer an hourly rate between $80-$150.
However, it is preferable that you offer monthly packages. Costs of these vary depending on industry and expertise level as well. The average is between $500 to $5000 per individual month. If you are hosting group training, take into account the fact that these cost 30% less per student. However, they are more scalable, save time & allow you to make higher profits.
Start your virtual training business at an affordable price
Well, it is your time to start your business at an affordable price.
Uteach provides you with every feature for a successful start and further expansion of your online training business. It offers live functionality, drag & drop website builder, course builder, marketing features & automation that saves time.
It also comes in handy with a good user interface, an affordable price range & incredible support.
So, stop hesitation and check it out right now!