In recent years, there has been a growing disparity between the salaries of college professors and the revenue generated by colleges and universities. According to the American Association of University Professors, the average salary for a full-time, tenure-track professor in the United States was $100,230 in 2021. However, the average revenue generated by colleges and universities was $41,360 per student. This means that for every student enrolled at a college or university, the institution is generating over four times as much revenue as it is paying its professors.
There are a number of factors that have contributed to this disparity, including the rising cost of college tuition, the increasing number of adjunct professors who are paid less than full-time professors, and the declining value of tenure. As a result of these factors, many college professors are struggling to make ends meet.
How Teachers Can Make More Money by Selling Online Courses
One way that teachers can make more money is by selling online courses. Online courses can be a great way to supplement your income and reach a wider audience. If you have expertise in a particular subject, you can create an online course and sell it through a platform like Udemy, Coursera, or Turion. Out of all, Turion provides the best revenue-share rates.
There are great benefits to selling online courses that you won’t get in a traditional setting:
You can set your own price.
Most platforms that were just mentioned allow you to set your own price. This creates a market within the platforms, where you can control where you stand in that market. You can monitor your sales and adjust your courses’ prices in ways you see fit.
Your income is much more scalable, compared to a fixed salary at a traditional institution.
Unlike a traditional institution, such as a brick-and-mortar school or college, your income is limited to your yearly salary. Depending on the institution you work with, you might have more students in class than your colleagues, but make less on a yearly basis. With your online courses, the more you can reach and teach, the more likely it is for you to earn more. It is a system that not only incentivizes teaching more people, but also teach better to attract more students.
You can reach a global audience.
One of the main reasons your income is more scalable– your reach. Online courses in most cases have a global reach, in terms of audience. Your student base is no longer in a city or town, but students from anywhere in the world.
You can create and sell your courses on your own schedule.
The flexibility one can get out from creating online courses is wonderful. Once you know what you’re going to teach, you can plan and create the courses on your own schedule. You can take enough time to create great quality courses where a lot of students will enjoy. In return, it might even yield a better return, just because you’re not creating courses under pressure!
If you are interested in selling online courses, there are a few things you need to do. Here is a guide on how to make your online course.
Conclusion:
The disparity between college professor salaries and college revenue is a growing problem. Teachers who are struggling to make ends meet can supplement their income by selling online courses. Online courses can be a great way to reach a wider audience and generate income. If you are a teacher who is interested in making more money, consider selling online courses. There are great options like Udemy, Coursera, Turion, and so on.
