If you’re a yoga teacher or wellness entrepreneur you probably didn’t choose your profession to become rich. You just want to help people, right? Still, you want to make a living, and I want to help you with that (I think we can all admit that teaching in studios or on zoom alone isn’t going to cut it).
In this post, I’m talking about why you should charge more for your online course to grow your business.
Let’s talk about your offers and why I think you should create an online course with a higher price point to grow your business as a yoga teacher or wellness entrepreneur – and to make a bigger impact.
If you’re like most entrepreneurs I know, you wouldn’t mind earning more without working longer hours. You’d also love to help more people, maybe even from far away, while working on your own schedule. This is why online courses are so great and I’m still in love with that business model. Nearly 80% of my revenue this year comes from selling online courses and I love the freedom that gives me.
When it comes to digital offers, there are basically 2 different strategies.
- Creating a product with a low-priced point and selling tons of it to generate revenue
- Creating a product with a higher-priced point and selling only a few
Funnily enough, creating a product with a higher price point is very often easier, especially when you don’t have a huge audience. Let’s take a look at why…
1. More Revenue
More revenue is the number one reason for why you should charge more for your online course. But it’s definitely not about taking advantage of your audience or charging more for something that doesn’t have the same value as the price you’re asking for it.
You want to build a sustainable business – this means that running it has to be worth your time. You probably also want to grow and be able to save money and pay a mortgage at some stage and all those things that can be really hard to achieve when your income relies solely on teaching classes in a studio for example.
You already know this and know how online courses can help you scale. The beautiful idea behind an online course is that you create it one time and then you can sell it again and again…
Unfortunately, it doesn’t work like this. You can’t just create an online course, put it on your website, and then people will buy it every month and you’ll have a nice additional income. A few people will probably buy it this way but not as many as you’d like. Trust me, I’ve tried it – I put my courses for sale on my website and very rarely made a sale.
This has nothing to do with the quality of your offer or that people don’t need it, it’s just what we do as humans – we procrastinate. We think “oh, this looks interesting, I should do this, I’ll look at it later” and then we move on to something else and forget all about it. A lot of the time, we need a deadline and maybe a special bonus or discount to get to a purchasing decision. This is totally normal and A-Okay.
The funny thing is (I noticed this in my business as well), conversion rates aren’t automatically higher because your product is cheaper. You would think that more people would buy a $100 product than a $1000 product, but that’s not always the case. When you do the math, to earn let’s say $10000, you have to sell the $100 product 100 times, and the $1000 product 10 times, which really is easier, unless you have a huge audience.
For example, my main offers right now are my courses Blissful Websites, (which until recently I sold for $400, it’s now $500) and my course Blissful Biz Academy, which I sell for $1300. My website course sells better, and I get more sales, but I actually make more revenue with my course Blissful Biz Academy.
Launching this offer was what helped me make six figures in the last year, and it’s only because of the higher price point. Unless you have a really big audience (which let’s face it most of us don’t), you’ll do better revenue-wise with a higher-priced offer. But more revenue isn’t the only reason why you should charge more.
2. Your Students Will Get Better Results
Charging more will also help your students get better results. You are in the business of helping people, and you want to see them get results.
“People who pay, pay attention.”
This is why customers who join your paid offers always get better results than people who look at your free content. When you pay more, you have more skin in the game, you are more invested and you are much more likely to take what you learn and put it into action. When people pay even more for a higher-priced offer, they tend to take even more action and get even better results.
I’ve seen this in my own business and I’m the same, too. When I pay a lot for an online program, I’ll make sure to get my money’s worth and I invest time and effort in it. I’ve also purchased those course bundles in the past, where you get a ton of courses for around $100. It always sounds like a great deal, and it is in a way, but I ended up rarely looking at those courses – I wasn’t invested.
I can truly say that creating a higher-priced offer and charging $1000 for an online course transformed my business, and helped my students get better results, which is a total win-win in my book.
However, if you think it was easy for me to get there, to create this offer at this price point, you’re wrong. It took me way too long to finally get up the courage to ask for that amount of money, and I know I’m not alone with this! You might agree with all the reasons for charging more for your course in theory, but actually doing it is a different story.
One of the biggest problems is that so many entrepreneurs don’t feel comfortable charging higher amounts of money. They say things like:
“My audience will never spend that type of money.”
“Am I good enough to sell a $1,000+ price product?”
“No one else in my industry is offering this type of offer.”
Let’s take a moment and look at those beliefs, because I had them all, too.
Limiting Belief #1: My Audience Won’t Pay That Type Of Money
This limiting belief is in fact true – there will be part of your audience who won’t pay a higher amount. They might have their own money mindset issues, but it’s not your place to judge that – it’s not your place to assume what someone can or can’t afford.
But, how do you know that your audience won’t pay a higher price? So many of us think this before ever offering a higher-priced offer. Remember, people want results more than anything. If you have an offer that can help them get the desired outcome, they will buy your course.
One thing that can make your higher-priced offer more affordable is by offering payment plans, which I highly recommend.
Limiting Belief #2: I’m Not “Good” Enough
If you’re like me, you always want to overdeliver on your promise. You want to make sure that your students have the absolute best experience when working with you.
When it comes to charging more, you might start to wonder… “Am I good enough to charge these rates?” or “I need another training before I’m ready to charge this”. There’s nothing wrong with that, you should do all the trainings you want, but don’t let that stop you from charging more NOW.
“Good enough” is 100% subjective; all it comes down to is getting people results. If you feel that offering a higher-priced offer will help your students get better results, then you should start creating and selling your offer.
Limiting Belief #3: No One Else In My Industry Is Doing It
Finally, if no one else is offering a higher-priced online course, stop looking at it as a negative and instead as a positive. You don’t compete with all the free videos on YouTube, and you don’t compete with the $100 yoga for beginners course someone else is offering. A higher-priced offer will actually help you stand out from all the other people who are offering similar services. This will differentiate you and show that you’re not afraid to make your own path.
Sometimes people want a more expensive offer because they want additional support and are willing to pay for it. Maybe they already bought a cheaper course and it didn’t help them as much. They want more and they are willing to pay for it – so offer it! Give them the chance to invest and don’t be afraid to be different and stand out in your industry!
In summary, offering higher prices will allow you to earn more money and work with people who are committed and want results at the highest levels.
I know it’s not always easy to start out with a higher-priced offer, but I’d like to invite you to be open to the idea and think about it. I promise it could transform your business and your life. But as always, this is your business and you should focus on spending time on what you love. Keep testing and see what works best for you and your audience. Maybe float the idea out there in an email to your list and see what people respond.
Finally, have fun with the process and be proud of believing in yourself enough to launch new offers like online courses. These offers will help you scale, grow your business, and hit your goals faster than you thought possible.
If you want to elevate your brand and offers and build a six-figure business, you’re invited in The Mentorship.
The Mentorship is a 12-month mentorship program with unparalleled support for coaches and other service providers who are ready to elevate their brand, sell out their offers and scale their business to six figures.
What really sets it apart is that you get a ton of video trainings to help you implement things and take action, but you also get 1:1 coaching, group coaching, and personal feedback and critique for work you submit.
Go to www.susannerieker.com/mentorship and get all the details.