Masterclasses as a Business: Make Money on Training

A master class is a form of the educational process during which the coach shares a practical experience with the audience. Learn how can can make money sharing your expertise knowledge with others.

BY: EMILY SNELL ON WEDNESDAY, OCTOBER 21, 2020
Masterclasses as a Business: Make Money on Training

Approximately 20 years ago online education seemed fantastic. But step by step serious investors got involved in the game, and it became clear that e-learning is the future. Today, it is possible to find all types of online classes and courses. Everyone can acquire knowledge without leaving home. The pandemic and the self-isolation regime have led to a real boom in online education. The demand for distance learning has skyrocketed. And at the same time, the professionals found themselves in the best environment for selling their knowledge in the form of masterclasses. However, it only sounds easy.

For a master class, you need a program or a plan, an awareness of what you are giving and what you should see in the end. In other words, such classes should be focused on the results the listeners will achieve. And it presupposes the presence of some brilliant idea, that can lure the listeners.

What Is a Master Class?

A master class is a form of the educational process during which the coach shares a practical experience with the audience. It can be displayed in the following step succession:

Topic selection → Description of an actual problem → Theoretical knowledge needed to solve this problem → Practical training to consolidate the theory → A useful skill is formed that can be reapplied after the end of the lesson.

If after the event the audience does not learn something new, it is not a master class. In this case, it is just a lecture, story, public speaking, or something else. The trick of masterclasses is that they are tied to the acquisition of skill from a mentor.

A Checklist for Creating a Master Class

There are several aspects to be taken into account when you create a landing for your future product:

  • Topic. It should be clear and explicit, without any mythical benefits instead.
  • Cost. Indicate in once and do not change it later. Don't diminish the value of your product in the eyes of the buyer.
  • Date and time. No matter how obvious it may look, this information should be precise.
  • Additional benefits. If you plan to share some useful materials or free promotional codes, announce it. Perhaps for some, this will be the last argument in favor of participation.

How to Sell a Master Class?

You can deliver thematic content in a format convenient for you. It can be a classical variant in the form of text and graphics, as well as a video tutorial or an audio podcast. The finished material should be placed on your own resources to exclude free access and the distribution process begins. One of the very first distribution channels for online masterclasses was e-mail newsletters. And this advertising method is still relevant. A more recent format is via a paid subscription. Here you might need some help from web developers to implement it on your site. It would be great if your masterclass could attract a lot of people. But note that first and foremost you need the right people. You should engage not one-time visitors but those who would continuously buy your expertise.

Tips to Succeed

Every day, a new batch of educational products is introduced to the market. The formats are varied: guides and masterclasses, conferences and webinars, mobile applications,

and online courses. But a part of them is doomed as they are not always created by true experts and the presentation desires to be better. What to do not to repeat the sad experience? The approximate algorithm of actions is simple:

  • Work only in niches where you feel like an expert. Then you are guaranteed not to have to worry about the level of proficiency in the material and all problems will go to the area of packaging your knowledge in the chosen format and its further distribution.
  • Don't underestimate the way of presentation. No matter how useful information you may offer, it needs to be comfortable for the audience to access.
  • Think in advance what exactly you will teach. It is advisable to focus only on one topic not to scatter participants’ attention.
  • Make a reasonable investment in advertising. Endless cancellation of the master class under the pretext of “not getting participants” will scare the existing ones and they will demand a refund.
  • Don't forget to ask for feedback and push for recommendations. Then you will sell your next product to a larger audience, and the cost of attracting a customer will be significantly lower.

Always study your audience during the master class and pay attention to the issues discussed. For example, you organized a master class devoted to content for social networks, and many users would like to learn how to produce videos for YouTube. If you are working with content, then the next time you can prepare materials on this subject. The more burning issues you spot, the more events you can organize. As a result, you will become an expert, make money, and win the audience's gratitude.

About the Author

Emily Snell

Emily is a contributing marketing author at ChamberofCommerce.com where she regularly consults on content strategy and overall topic focus. Emily has spent the last 12 years helping hyper growth startups and well-known brands create content that positions products and services as the solution to a customer’s problem. To contact Emily about writing opportunities, her email is emily.snell@aol.com.

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