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.
This blog post isn’t a get rich quick scheme. However, it will provide you with a guide on how best to monetize your personal expertise. 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 do you deliver your expertise?
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.
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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. 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!
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