I get asked this question a lot because Teachable’s plans are structured in a way that which one you choose can have a big impact on your course launch. What I do to help my clients is to walk them through a few questions to help them decide what is best for them. By answering these questions and comparing the features of the plans you can decide which will work the best for your course.
What is Your Budget?
Okay, I know that no one really likes to admit that this is a factor. After all, you are all in, you are going to get your course out there. However, in order to have a profitable course, it is important to consider your budget. The prices for the plans are listed below:
|Basic Plan||$39 Monthly or $399 Annually|
|Professional Plan||$99 Monthly or $999 Annually|
|High Volume Plan||$299 Monthly|
Most of my clients either choose the Basic or Professional Plans. As you can see there is a big difference in the cost of those two plans which leads to my second question.
How Fast Do You Need/Want Your Money?
Wait, what?! Yeah, I know. Let me explain. The biggest difference between the Basic Plan and Premium plans is the payout. If you have the Basic (or Free) Plan you must use Teachable’s payment gateway. It processes through PayPal which has a processing fee of 2.9% + 30¢. They also have a 5% transaction charge for paid courses. Which means if you are selling a course for $100 the Paypal fee will be $3.20 and Teachable’s fee will be $5. So you will keep $91.80 for every enrollment. Additionally, Teachable has a mandatory 30-day hold on funds to account for any refunds they may have to issue. They also only issue payments on the first of the month. So money earned in January will be paid out in March.
If you have the Professional Plan or High Volume Plan you have the option of setting up a custom payment gateway using PayPal and Stripe. (Stripe processes credit card payments.) Both of these payment processors have a fee of 2.9% + 30¢. However, Teachable does not issue a transaction charge with the Professional Plan. So using the example above if you charge $100 for your course after the payment fee you would get to keep $96.80. You would also get an immediate payout through PayPal or Stripe and skip the wait time that Teachable has when using their gateway. The downside to this option is that you are fully responsible for resolving payment problems and issuing refunds.
You can see why this is an important question. You must consider the cost of your course, whether you think you will have enough students to make up the difference in the cost, and how quickly you need the revenue from the course.
Do You Need a Special Refund Policy?
If you use Teachable’s payment gateway (Free or Basic Plans) you are bound by their 30 Day Refund. This means that regardless of the length or format of your course you must issue any refunds requested within a student’s first 30 days.
If you set up a custom payment gateway (Professional or High Volume Plans) you have the option to set your own refund policy. You can choose a 7-day, 14-day refund, or no refund whatever policy makes the most sense for your course and business.
Do you need/want any special features?
All of Teachable’s plans come with unlimited students, courses, video bandwidth, and hosting. However, they offer various features. I will highlight a few here For a more comprehensive comparison, I highly recommend you check out Teachable’s website here.
Support – The Free Plan does not offer support. However, the Basic and Professional plans offer product support and the High Volume offers product and onboarding support.
Coupon Codes – Any of the paid plans offer the option to have coupons or discount codes issued for a course.
Custom Domains – You can set up with a custom domain with any of the paid plans.
Graded Quizzes – Both the Professional and High Volume plans offer graded quizzes.
Drip Content – All of the paid plans offer the option to drip out content to allow a group to go through the course together. You can also use this to make sure that students have time to process one lesson before moving on to the next.
Owners and Authors – You might be collaborating with someone to create a course. In that case, you want to make sure that everyone gets the credit they deserve. The Basic Plan allows for 2 authors. The Professional Plan allows for 5. The High Volume Plan allows for 25.
I hope this article has been helped you decide which plan is right for you. If you have any questions or you would like some more help choosing the best plan for your course feel free to schedule a FREE Brainstorming Session with me. I will be happy to chat with you and get you on track to move forward with the course creation process.