Greg Smith: How To Generate Passive Income By Selling Online Courses
Chatting With Champions Podcast Interview #92. Tyler Basu and Greg Smith “How To Generate Passive Income By Selling Online Courses”
Greg Smith practiced securities and capital markets law with two of the largest law firms in Canada. When he launched his own online course as a hobby, the passive revenues quickly surpassed his salary as a lawyer. Greg has since created and sold several online courses, and has helped hundreds of experts, bloggers and marketers to do the same.
Greg is the Co-founder and CEO of Thinkific, a platform that lets anyone create and sell their own online courses under their own brand. His dream is to help others have more time and revenue to do the things they love with the people they love. He does this by helping them earn passive revenue by creating and selling their own online courses.
Visit Greg’s website: www.thinkific.com
Topics discussed in this interview:
- Greg’s background and how he got started in creating online courses
- Why he started Thinkific and an overview of the company
- Challenges entrepreneurs face and how to overcome them
- Benefits of creating and selling courses online
- How to choose what to teach and assess demand for that topic
- Common stumbling blocks aspiring course creators face
- Selling in course marketplaces vs. self-hosting your course
- How to price and market your course for ongoing sales and profit
- Specific habits or activities that are key to Greg’s success
- Greg’s definition of success
- Advice for aspiring entrepreneurs
- Udemy (online course marketplace)
- The One Thing by Gary Keller
- The Lean Startup by Eric Ries
- Good To Great by Jim Collins
- The big thing that keeps me going is constantly being able to help people and hearing that great feedback from them.
- When you’re working in a regular job, generally it’s a similar position and a similar responsibility level every day ongoing. As an entrepreneur, things tend to change pretty significantly. Making those transitions is definitely challenging.
- When you’re selling digital goods, like an online course, you’re no longer trading hours for dollars.
- There are a lot of other things you can sell where you don’t necessarily hear back from your customers very often. But with online courses we’re really building communities.
- Do some marketing before you even have a course. Some of the results will surprise you, and in a lot of ways it will help create the curriculum for you, and show you what you should be teaching people.
- Spending too much time analyzing your competition and looking at what they’re doing can distract you from just getting out there and doing it yourself.
- Run experiments, see what works, and if it works, do more of it.
- I see a lot of entrepreneurs with entrepreneurial ADD. I see them pursuing 3 different ideas at the same time. I think your best odds of success are to really focus on one idea and to put everything you have into it.
- Don’t settle for less than great people. If you get great people on board your bus they are much more likely to take you to the places you want to go.
- Find out if people actually want what you’re going to do, rather than building it first and seeing if they want it.