The Truth About Online Courses
Online courses and programs are today’s infomercials. Only instead of Suzanne Somers shouting the benefits of the ThighMaster through your TV (BTW - shoutout to all those who still have one in the basement), industry gurus take over your social feeds and drop into your email daily to promote their latest educational offering.
These campaigns start with A LOT of HYPE, testimonials from previous students who’ve made 7-figures, promises of lifetime access, and opportunities for 1:1 coaching in a private Facebook group.
You start thinking that you actually do need to launch a course, build a sales funnel, etc. So, why wouldn’t you want to join before the cart closes? Because, in reality, video courses and self-guided learning aren’t right for most entrepreneurs.
Here’s how I’ve seen it play out:
Program kick-off – you have found your people! Fellow small business owners and entrepreneurs committed to using the program to get their business to the next level – did someone say 7 figures!?
The FB group is hopping; everyone is introducing themselves and sharing their Why (while secretly hoping you NEED what they offer). You can hardly wait to absorb Module 1.
“Video Courses and self-guided learning aren’t right for most entrepreneurs.”
Fast forward two weeks, and suddenly the time you carved out to work on this program has been gobbled up by client calls and urgent deadlines. You vow to dig in after dinner. But your partner starts binging a NetFlix series, and before you know it, you’re 4 episodes in and there’s no turning back.
What began as a surefire way to move your business forward has turned into a bookmarked page you’ll get to when life settles down. But life usually doesn’t settle down because it’s life. So, you beat yourself up for wasting money and not being disciplined enough to follow through.
Here’s what you need to know - the average completion rate for online courses is 15%.
If so few people finish online courses, why are they so popular? Because we all want to believe that there’s a shortcut, an easier way, that somehow a 6, 8, or 12-week course can equate to an advanced degree and years of experience. Wanting to believe that doesn’t make you stupid; it makes you human. Seriously, no one looks for the most difficult way to accomplish their goals.
The fact is, regardless of how energetic and inspiring the program spokesperson is, they did not get to where they are in 6, 8, or 12 weeks and neither will you.
But I get lifetime access and can hop into the learning vault anytime! While this is great in theory, anyone who had school-aged kids during the COVID lockdown will tell you that just because online learning is convenient doesn’t mean it’s effective.
“The average completion rate for online courses is 15%.”
What about the testimonials? Don’t they prove that small business owners just like me can make it work? This is where it’s important to understand context. The screenshotted message from a client saying they just made another $500k by implementing their learning isn’t the whole story. You don’t know where this “satisfied client” started. Did they already have a $6 million online business? An email list of 20k or 100k Instagram followers? As business owners, we’re all at different points in the journey, and that makes a difference.
So, what should small business owners do if they want to revamp their marketing strategy, launch a course, or build a sales funnel?
As a service provider and someone who has purchased her share of lifetime access courses (for none of which I recall the passwords), I say your money is better spent on someone who will deliver what you need.
There are only 24 hours in a day. Use them to do more of what you do and get help with the rest.
Think of it this way; if you spend $3k, $10k, or more on a program, statistics say you likely won’t finish, chances are you will end up in the same place you started. However, when you use that money to hire the right specialist, you know you’ll walk away with something tangible.
Time and money are business owners’ most valuable resources. Unfortunately, what often starts as a way to conserve one ends up depleting the other.
Solopreneurs and small business business owners can easily fall into the trap of doing it all in the name of saving money. I get it! On paper, $1,500 for a course that teaches how to write perfect email sequences looks like a steal compared to spending $3k to hire a marketing strategist and copywriter to deliver one.
However, when we really dig in, it’s not such an uh-mazing deal afterall. Stay with me…
If your hourly rate is $110, and your 12-week course requires an average of 3 hours a week, that $1,500 investment is really costing you $3,960, whether you finish or not.
Comparing the actual cost of the course to the price of hiring a specialist puts things into perspective. Remember, when you hire a professional, you’re not getting just a deliverable. You’re getting the years they spent learning and honing their craft, which translates into a deliverable done right. And, you have more time to do what you do.
Are all online courses a waste of money? No, but you need to ask yourself what the right next step is given where you currently are and the amount of time you can realistically commit. It’s hard not to get caught up in the hype, but you owe it to your business to be honest with yourself before you click BUY NOW.
Being a lifelong learner has its benefits, but as a business owner doesn’t it make more sense to focus on learning more about your craft instead of someone else’s?