Here we have it, part 4 in our ‘How To Make Money in Cryptocurrency’ series. We’ve covered speculation, freelance and formal employment, as well as security token offerings for cryptocurrency startups. Today sees us revisit freelance work, but from a very specific viewpoint – education.
Education, Education, Education
It’s no secret that the education industry has grown exponentially since the early 2000s. As a result of the internet, stay-at-home online courses have exploded in popularity. Sites like Udemy, Udacity, Future Learn and The Open University are all capturing the demand to provide access to further education.
Meetups and conferences have also partially cashed in on this desire to learn (and connect). By 2022, the size of the ‘E-Learning’ economy is projected to be a staggering $275 billion. As the progression of technology speeds up, so will the desire to keep pace with and take advantage of new economies of opportunity.
The Power of Online
The desire to learn can be extraordinarily lucrative for the right teacher or course. For example, online Udemy course instructor Rob Percival fortuitously captured the rapamant crush of people wanting to learn to program – earning him a fortune in a very short space of time. Sure, success stories like this are uncommon, but they tend to overshadow the hard-working instructors not making the headlines but earning a very decent income. By running through two simple scenarios and sums its possible to demonstrate the potential windfall that online courses can create.
Scenario A – a local teacher creates a ‘101 cryptocurrency’ course. They advertise with flyers around the area and before long fill their bi-weekly class with 20 pupils each. They charge $10 for a 1.5-hour lesson and run 8-week terms. With a perfect attendance record and 3 terms, 40 pupils will pay $400 a week, $1,600 a month, and $9,600 a year. Not a bad rate of returns for 2 weekly lessons!
If the teacher has another source of main income from a school or college, this income becomes a nice little bonus. But what if they want or need more than $9,600 a year? Well, they have to put on more classes. Eventually, however, they will quickly saturate the local market and run out of clients, and most importantly, time.
Scenario B – a local teacher creates a ‘101 cryptocurrency’ course. Instead of advertising locally, they create a Facebook page, sign up for free Google ads, and record their 8-week course on their laptop – complete with slides. As they’re new to recording courses and video editing, it takes them 6 solid weeks of work to complete, with no pay. Not great so far.
However, they then sign up to a platform like Udemy and upload their course, pricing 8 weeks worth of lectures (normally $800 in person) for $90 – a huge discount. As it’s the first course, they elect for the platforms 50% revenue take in return for front-page promotion and advertisement, whilst also posting on Facebook – boosting the occasional post and run their free Google ads campaign.
Uptake is initially slow for the online course, with a trickle of pupils (30 over 2 weeks). They leave positive reviews, however, and the page is accruing more visitors every day. The trickle still brings in $2,700 – $1,350 after the platform’s take. Soon, however, Bitcoin massively spikes in price and the teacher’s page receives a huge bump in daily visitors (2,000 a day). By the end of the month, 600 pupils have signed up. Month 2 – 1,500 pupils, and month 3 – 3,200. Total revenue for month 3 is $288,000 ($144,000 after the 50% cut).
This course has been online 24 hours a day, 7 days a week. What’s more, 3,200 pupils is more than the teacher could ever teach in his local after-school class, and, amazingly, is a ‘small’ audience for the internet. If it were to do a ‘Rob Percival’ and have over 100,000 paying pupils, the teacher would make $4,500,000 pre-tax (this includes the 50% take deduction). Somewhere in the middle? A few hundred thousand dollars in income.
By combining the powers of online audience figures with an in-demand topic, taught well, the value and income potential are gigantic. Just like the desire to learn to program took off and made people millions, so will (and already has!) the desire to learn more about the next wave of technological innovation – cryptocurrency and blockchain technology. The opportunity and demand is there in abundance.