Are you an expert or someone who have some specialized knowledge that people keep asking you for advice? If you are then how would you like to be able to profit from your expertise in a side business along with your everyday work?
You are probably wondering how can I monetize my knowledge. Well, you can do that in-person in the form of masterminds, seminars, workshops, 1-on-1 coaching, or better yet, you can do it through digital formats such as online courses, ebooks, membership websites, and webinars.
Entrepreneurs and regular consumers need to learn about solutions to problems they have in a convenient and useful format. You might think why should people pay to learn from you when there are millions of things available online for free?
Guess what! Because there are millions of things available online, that is the exact reason why people will pay you.
If you search something like “how to increase sales online” on Google, you will get a ton of different results teaching you different strategies and tactics. The thing is that not everyone has the time to sift through all those different things. Most people just want to the exact process step-by-step on how to get the result they wanted.
By strategically package your knowledge and expertise so that you can get them the result they wanted, people will pay you for that knowledge.
And the best part is, you can earn money from engaging in things that you love! Look at the advantages of a knowledge-based business:
Your Knowledge Sells Itself — and You
When you are putting yourself out there and positioning yourself as an expert, people will start viewing you as an authority. And when you’re seen as an authority, more people will hire you for tasks related to your area of expertise.
“But why will people hire me as a consultant if I’ve already put out online trainings?” Because people will see that you know what you are doing. And it is better to hire you to do something that you already know rather than them learning to do the same thing from scratch.
Expand your network
This is fairly self-explanatory. As more and more people you work with, the higher your chance of widening your personal network. Assuming you share your knowledge and expertise about something that you are passionate about, you’re now able to connect with others who also share the same passion as you do.
As the saying goes “Your network is your net worth.” What else could be better than getting paid to expand your network?
Your Extracted Knowledge Could Earn You Income, even When You Don’t
Most jobs are like, “no work, no pay,” especially for independent consultants who work per hour or per project. But if you extract your knowledge into content in digital formats, you can leverage it to solve the same problem for different people over and over again. You won’t have to spend time teaching the same thing to all of your customers.
That means you will be paid forever as long as there is a still a demand for your knowledge. And the best part is you only have to create it once!
Your Product could be Produced Anywhere — even at Home — with no Employees
I am friends with my entrepreneurs who operate a business that makes well above $1 million a year with little or no staff and have little operating overhead.
The internet lets you produce content anywhere you can bring a laptop — a coffee shop, a library, a park, even your home. Because you have everything you need to produce is in you, you can produce marketable content while you sit in your couch at home. And you can sell your products online; you don’t need a physical shop!
Also, you won’t need employees to produce your product. Should you need extra hands like camera and sound technicians for your video products, you could outsource them on a per project basis to freelancers.
You can start with little money
Since the business doesn’t have much operating cost, you won’t need as much cash to get started as you would with other kinds of business. You will probably need to invest in a good reliable computer and fast, consistent internet connection. You may also want to invest in marketing your product for it to sell more quickly. But you could do it in steps: a small amount in the first campaign, then reinvesting a larger portion of what you make in the next campaign.
The first step
So, do you have an expertise or passion that you want to share with the world, and at the same time earn an income from it? If that’s you, then you are probably wondering what are the steps you need to take to turn that into reality.
Everyone has unique qualities; the problem is that people don’t know how to utilise their qualities in a way that generates value for their customers.
The sooner you’re clear on your own expertise, the sooner you can monetize it and provide value to customers.
These are the questions you need to ask yourself:
1. What is the one topic of expertise you can focus on?
Jack of all trades, King of nothing. Don’t follow this mantra. You need to be focused on your one topic of expertise to effectively monetize it.
“But I don’t know what my expertise is.” That’s why I’m here to help you figure it out. Start by finishing this sentence for me:
“I use my expertise to help people_____”
Narrow your expertise down to the above sentence to help focus your efforts. Avoid listing something generic and instead be specific, which will enable you to be clear on the value you provide.
Don’t give me a vanilla response. E.g. “I use my expertise to help people build Facebook ads”. This to too broad and doesn’t highlight the value you bring.
Try something like, “I use my expertise to help people reach their target audience through targeted Facebook ads”
2. How are you different from other experts?
Thanks to the internet it appears that every Tom, Bob and Harry is an expert in something. You must remember that anyone can monetize their expertise. The hard part is standing out from the crowd and showing people why they should choose you as their expert of choice.
Grab a pen and paper and jot down the 3-5 unique things about you that separate you from the pack. This list of unique things will form your competitive advantage. Think hard about the traits and skills that really set you apart.
What value can you add that the competition can’t? These points of differentiation will make you the perfect choice for someone who sees real value in what you offer.
3. Who needs your expertise?
Don’t answer that right away. It’s a trick question and not the one we actually want answered. What we really need to know is “who is actively seeking out your expertise?”
It’s much easier to sell to a warm audience, these are people who are seeking a solution to a problem they know they have. These people are more aware of what they are after, and if you offer value they will seek you out.
For example, a financial advisor can help anybody with their finances, however their target audience is people who actually KNOW that they need help with their finances and are actively seeking that help.
Think this question through thoroughly as it will determine your target audience.
4. How will the value you add change someones life?
People will not buy anything from you unless it adds value to their lives. It’s your job to understand and clearly communicate how you will help customers move from point 1 to point 2 with the value you provide.
To help clarify this, fill in the blanks on this sentence:
“People who pay for my expertise go from ______ to ______”
Here’s an example of what a personal trainer might write to that sentence.
“People who pay for my expertise go from living unhealthy lifestyles due to bad diet and not exercising to living a full and happy life with a balance of diet and physical activity. “
Your sentence will differ depending on the type of value you provide. Again, it’s important to be as specific and narrow as possible to be clear on your focus area.
5. How to get paid for your knowledge?
If you’ve followed all the questions above, you should now be clear on the following:
- What your expertise and value is
- Who can benefit from it
- How it helps these people
Now you need to be clear on how you deliver that value. This will determine how you bundle up your expertise and value and what format it is provided to customers.
Is your expertise and value provided through mentoring? Online content? In-person workshops? Mastermind memberships?
It really depends on the type of service you’re providing. It’s up to you to determine the most effective method to deliver your service that your audience can easily consume.
Want to learn how to effectively deliver your value from the experts like Tony Robbins, Dean Graziosi & Russell Brunson? Click here to learn about their KBB method.
6. Do you know your income goals?
What is the motivation behind monetizing your value and expertise? Do you dream of making this your primary source of income? Is it a side hustle? How much money do you need to make for the time and effort to be worth it?
Thanks to the internet, it’s easier than ever before to monetize your value and expertise. However, it still takes time and discipline to do so in a way that will give you any financial return.
Be clear on what your monetary goals are as this will influence the service you deliver, who you target and also the approach you take.
Now that you’ve answered all the above questions, one of two things are racing through your mind.
- You’re disheartened as it all sounds very difficult and you thought that monetizing your expertise would be a piece of cake. Sorry to be the bearer or bad news but NOTHING worth having in this life comes easy.
- Hopefully you’re inspired! Eager to review your answers to these questions and start kicking some goals.
My hope is that the majority of you landed on #2. If so I wish you all the best. Use your answers above as an initial plan to successfully monetize your expertise and value.
And while it sounds like a business that you can run with little effort, you will need to put in hard work to make it profitable. You not only need to look like an authority, you really have to deliver with the expected excellence. Also, you have to exert a lot of marketing effort to be visible to your potential customers. But all that effort could pay off big-time, if you work at it well and continuously develop and evolve with the changing markets. Good luck!
How cool would it be if you were able to get paid for a skill, passion or hobby you already have (or get paid for what other people know)?
Heck, you can even get paid for just bringing people together in a community that helps them grow!
And if you want the fast track – the actual business blueprint to teach you:
- How to create a new income in your life…
- How to make an impact on people’s lives…
- How to start or scale your business…
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For the first time in their 75+ year careers they pulled back the curtain and exposed how you can profit from a pretty much “hidden” $355 million dollar a day industry that’s expected to TRIPLE within the next 5 years according to Forbes.
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