Online courses are one of my favorite streams of income.
Work once and get paid on it forever.
But did you know you don’t have to create the course yourself?
That’s right. You don’t even have to be an expert on the topic.
You can hire someone else to do it for you.
Or you could partner with them for a share of the profits…which means no money out of your pocket upfront.
There can be more profits in being a publisher rather than the author.
Several clients have followed this path over the past few years.
One client used work-for-hire agreements. That’s my personal preference, because there’s less hassles over percentages and what expenses are covered in the agreement.
He simply paid a set fee for the content to be created for the course.
It’s sold under his own personal brand. It belongs to my client now, not the person who originally created it.
That means he gets to keep all the profits too.
But of course, it came with more risk since he paid for it upfront (once all the work was done).
Another client went a different route. He partnered with an expert who gets paid 20% of the sales price.
He didn’t have to invest the money upfront, but this can get expensive over the long-term and you need to put in writing any expenses that need to be accounted for in the royalties.
For example, what if you’re only breaking even on advertising…or you’re paying 60% commissions to affiliates and have an affiliate manager who gets another 20% on top?
You could end up owing more in royalties than you keep yourself!
Another client created a product in partnership with a publisher who already had a large email list in the market.
This became a source of immediate income for him…and helped him start building an audience of buyers in the market.
So, these types of deals can work both ways as long as everyone is honest about their goals upfront.
That’s one major concern you have to watch out for…make sure you’re dealing with ethical people and get everything in writing.
I go into more detail on this topic in the May issue of the Monthly Mentor Club.
It’s called the “1-Hour Work Day” and is all about running a lean dream team…Internet Lifestyle style.
You’ll discover how and when to outsource…and even what to look for when you’re partnering with others to grow your business.
Even solopreneurs need a dream team. You’ll discover the best place to find team members to help you on your mission…along with other sources as well.
And I give tips about multiple types outsourcing such as hiring customer service agents, ghostwriters, affiliate managers, Adwords managers, and more.
The issue goes for print & mail on Friday, April 30th.
Join today and you’ll get the May issue plus you’ll get immediate access to dozens of special reports and videos to help you Earn More, Work Less, and Enjoy Life.