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How are freelancers doing work-wise in this extraordinary year? The Global Survey of Freelancing, a project of my Agile Talent Collaborative and the University of Toronto, found that 60% of freelancers across professional categories either had enough project work or more work than they could handle. A similar percentage were confident they would achieve their financial goals.
But, 38% of the 1900 freelancers from over 30 countries and 77 freelance platforms and communities we surveyed were less sanguine, feeling their work portfolio and income was insufficient.
In recent Forbes articles, I’ve suggested that freelancers consider what I’ve called adjacent sources of income.
This is an area where freelance marketplaces can help. For example, Talmix actively markets interim management opportunities as does Ferovalo in Finland and Riverflex in the Netherlands. Expert Powerhouse in Germany and Sneakers + Jackets in France offer expert network services as well as management consulting. Mash and Fintalent are expanding opportunity for freelance consultants in new areas like branding strategy and M&A. And, AceUp has shown the potential for coaching and mentorship as ways for freelancers to grow income and client contribution.
An insightful colleague, Ethan Brooks, and I, recently teamed up to describe the potential for freelancers in writing paid newsletters. Well, Ethan has done it again with excellent research on profitable online courses. Having spoken with a great many successful course developers, he agreed to share the secrets of their success.
JY: Welcome back, Ethan. Let’s kick things off with a basic question: Online courses have been around for years. Is the opportunity still real?
EB: There’s still tons of potential. In fact, it’s never been larger. The online learning market saw a huge lift from COVID-19, surpassing $250B. Some pundits think it will double or more in the next 10 years. But, it’s a busy field and course creators must find ways to stand out. To do that, many are niching down and building very specific course material. For example, an early hit by EDM Prod was a business productivity program for music producers. They took a popular concept, and niched it. One innovative marketer has made over $1m+ with a course focused exclusively on how to paint water in landscape scenes. With more people connected than ever before, there’s tons of opportunity. But, you need to do your homework to understand what people need and will pay for.
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JY: That’s impressive! What’s the first step?
EB: The first principle is, solve the right problem. Freelancers are unique positioned because they’re professional problem solvers. People seek them out for their expertise. And, successful course builders generally focus on three things:
- What are the problems you solve most often for clients? Check your email or search your Slack archives. The key is to turn common but specific needs into a course that gives your specific target population a better way to solve their common problem.
- When you think about the projects you avoid or turn down, what do they have in common? For example, many designers have a rule about saying no to projects without realistic objectives and timeline. Create a course to teach project and timeline planning and you benefit twice: Once when people buy the course, and again when clients return as more qualified prospects.
- What type of work do you want more of? Creating a course can help position you as a topical expert. Building a course around favored work can become paid advertising for your freelance practice.
JY: I like this approach. But, wouldn’t you say that it’s one thing to create a course, another to successfully sell it?
EB: Absolutely. The temptation is start creating. But too many creators invest time, money, and effort into a product without doing their homework. The smart move, principle two, is to validate demand first. Successful creators start by hard-testing the concept, for example, sharing the idea with colleagues. That might be followed by a one page description of what the course will include and how it will benefit, shared again, and perhaps including also the invitation for people to pre-buy at a discounted rate. Doing so provides both a test of market interest, and often leads to pre-sales that guarantee a base level of income.
JY: Once you’ve built the course, how do you spread the word?
EB: Well, that takes us to the third principle: make a great course. Something that will get people talking, and attract “raving fans”. But, marketing obviously matters. Sam Matla at EDM Prod talks about the importance of a smart marketing calendar. They found their biggest sale days were Easter and Black Friday. And, in between, they rely on partnerships, affiliate sales, and new product launches to create buzz and drive sales. They’re a course-creation studio, but freelancers might take a page from their book and construct a calendar that makes sense for their target audience, and partner with colleagues and friends to spread the word. Tools like Thrivecart allow you to offer discounts, product bundles, payment plans, and create affiliate programs to boost sales. And platforms like Maven are focused on the online course market and specialize in helping course builders grow their business.
JY: Okay, last question… Is one course enough to make a big difference in income?
EB: Definitely. 80% of EDM Prod’s revenue comes from their best-selling course.
Thanks again to Ethan Brooks, an expert in adjacencies. In future Forbes pieces, I’ll share other creative ways that freelancers have found helpful in building their businesses and supplementing their income.
Viva la Revolution!
