Example 8: Pricing based on hourly rates
I've recently developed a class on line, but don't know how to price it, can the time recording data provide me with some reference?
First of all, I can give you an estimate of the time to record a course, recording time = final draft time * 15, that is, to see a 1-minute course, recording plus post, etc. 15 minutes will be invested.
So assuming there is a 1 hour recording session, how much would it sell for?
Let's do the costing:
Assuming my hourly rate is $50/hr, then the course sells for a minimum of $750 from a time cost perspective.
Of course, in a real business environment, pricing is certainly not so hasty, and the actual price of a commodity is not equal to an hourly wage but to supply and demand.