For someone earning 5, 10, or 20 lakhs, earning 1 crore in revenue in a year looks out of reach.
But if you are someone who has a skill that you can teach others, this is a realistic revenue goal.
Depending on your level of expertise, and the size of your existing audience, it takes anywhere between 6-15 months to build up to this level but when it starts working success comes in waves. And these waves continue to get bigger over time.
Here is how to go about it if you are starting from scratch. I’ll only be discussing the math of it and sharing how many learners you need at what price point to reach this mark.
Assume that it will take 15 months to reach the point where you are ready to earn revenues of 1 crore in a year.
Start by reaching out to those who already know and trust you and onboard them in your first online course. Keep the duration between 5-8 weeks depending on what you need to share. Teach one group per quarter. So in a 15-months period, you’ll be teaching 5 groups of learners.
Onboard 5 people at INR 1,000 each. So revenues at this stage, INR 5,000.
Here is a probable scenario for the next 4 quarters.
Quarter 2: 10 people at INR 2,500 each. Total Revenue INR 25,000.
Quarter 3: 20 people at INR 5,000 each. Total Revenue INR 100,000.
Quarter 4: 35 people at INR 7,500 each. Total Revenue INR 262,500.
Quarter 5: 50 people at INR 12,500 each. Total Revenue INR 625,000.
Total revenue by this stage. INR 5k + 25k + 100k + 262k + 625k = INR 10,17,000.
At this point you are ready for 1 crore revenue a year.
Let’s call it phase 2 – the phase where you’ll earn 1 crore in course/coaching revenue.
Here is how the math will look like for it, in 4 quarters (12 months) of phase 2.
|PHASE 2 REVENUE|
|Quarter||Enrollments||Price / Participant (INR)||Revenue (INR)|
|Quarter 1||50 people||25,000||12,50,000|
|Quarter 2||50 people||35,000||17,50,000|
|Quarter 3||70 people||50,000||35,00,000|
|Quarter 4||70 people||50,000||35,00,000|
So that is how you will reach 1 crore in course revenue.
In real life when selling a course at a price of INR 20k+, you will be offering a payment plan. There will also be people who will leave the course mid-way or ask for a refund depending on the course agreement.
Cash collected on payment plans is higher than one-time payments so it takes care of those canceling or asking for a refund.
You are able to increase course enrollment fee with each group because you will be able to improve course content, the outcomes and transformations for those who will attend will be more powerful and on point, and you will be able to use those transformations as social proof, and win new enrollments in the course.
The skillset you need to make it work are – the core skill you will be teaching (continue learning so that you are ahead of the game), audience building i.e. gathering people in a place where you can share thoughts and engage with them, email marketing and some copywriting. All these are simple enough to learn.
Keep aside 10 hours a week to learn these key skills and implement what you learn. In all you’ll be growing your audience, sharing useful content with the audience you build, and making an irresistible offer from time to time, and getting people into your course.
It is this simple. Are you ready to invest a small part of your day to build a new stream that will create a lot of free time to pursue your other interests?