This week we speak with Ankur Nagpal the founder of Teachable. Online education is blowing up, and everyone wants to know exactly how they can get a piece of it. With the industry now heading into the billions, I discuss with Ankur how we can find the right profitable idea to begin creating our first online course.
Here is what I learned:
- It’s more about the transformation, not the money. Yes, we are making online courses to make money, but the paper only comes after you’ve put out a product that can truly transform someone. Will this course change their life? If you make that the goal, you’re more likely to make an impact financially.
- Everyone is an expert at something. Many people suffer from Impostor Syndrome, meaning they feel they may get exposed as being phony. Truth is, you may be more qualified to teach a topic than someone who spent 20 years teaching it. People would rather learn from someone like them, not someone who is 100 steps ahead.
- Niche down. The more specific the topic you pick, the bigger your market becomes. Don’t pick broad topics to try and appeal to everyone. People want a course that’s personal and fits like a glove to their challenges. So, instead of making a course about training dogs, make a course about training pitbull puppies.
- Know your worth! The same effort you are putting into making a $20 course, somewhere else in the world, someone is putting the same exact time and effort and instead charging $200.
- Relationships are marketing. People buy from creators they like and know. So use content to build an audience for your product. That could be a weekly newsletter, blog post, podcast, or video series. Strive to become an authority online. This isn’t something that’s required, but could be a game changer.
- Side projects are a great way to test an idea. Ankur tested this entire idea out as a side project. He only took it seriously once he started to gain traction and make money.
- Build a solid team around you. Making great products are fun, but even better when you have a team to celebrate success with you. You have to get out of the state of mind that you can do this alone.
- Pick a date and stick to it. The problem with making a course and any project is actually finishing and launching it. If you don’t have a solid date you’ll most likely keep pushing the goal line and never get around to it. Ankur mentions this is one of the biggest differences between those who are successful and those are not.