Udemy is another popular service in the online teaching space. It is however, slightly different than the others.
At Udemy, you can create your own courses and then sell them to students. This is different than live tutoring. In this sense, Udemy can be more cost effective because you create a course once and then sell it multiple times.
Meet Victor. Victor is a freelancer who got his start on YouTube but has since moved to Udemy. Victor developed several popular web development courses on Udemy in English and Spanish. Over 50,000 Udemy students have signed up for Victor’s courses, and he has since earned over $900,000. Call Victor if you need a loan.
Udemy has 18,000 instructors serving eight million students with 30,000 courses. Udemy students are spread out across 190 countries.
To create a course, you simply upload a video of you teaching or record your voice to a video you create. You can use PowerPoints, PDFs, audio, or conduct live classes. You do not need to be a certified teacher to put a course on Udemy.
The Udemy topics range greatly: entrepreneurship, music, technology, arts, science, fitness, languages, etc. Most courses on the website are priced between $30 and $100.
According to Udemy, 96% of their instructors make money on the website, averaging $7,000 of total income. Of note, Udemy’s top 10 instructors have earned a combined $17 million. Let that sink in.
Udemy offers instructors a number of design tools to help create online courses. Udemy also has a huge support center with resources for instructors. Once you sign up, Udemy also has an instructor community center on Facebook where you can connect with other instructors.
For Udemy income, there are two options. You can promote your own course and keep 97% of the revenue (3% of the revenue goes to Udemy for transaction costs). Udemy will teach you how to market your course should you need the help. Or, you can allow Udemy to promote your course, but you only keep 50% of revenue.
A typical Udemy course has one to three hours of content, with a minimum requirement of 30 minutes. Udemy gets over four million monthly visitors on its site.
Although the average Udemy course is priced between $30 and $100, it’s suggested that you price your course, when you first start, at the low end of the scale. This can be between $10 and $30.
With eight million students and over 30 million course enrollments, there’s a lot of money to be made tutoring online on Udemy.
