Learning and knowledge is something that will never fall out of favor. Unlike other industries that have disappeared over the years, online learning is only getting more popular. For business people that understand this truth, their options are unlimited. People that choose to spread knowledge can get paid for the creation of informational products. This is something that I’ve witnessed many times.
What is Knowledge?
Knowledge and information are not the same thing. The internet is flooded with information. Whether that is articles, social media posts, blog posts and more. It’s not that these information sources are not useful – they are. But rather they are not the same as knowledge.
I share lots of information here to help readers grow. There is a purpose to that. The difference between knowledge and information, in my opinion, is experience. Knowledge comes from lived experiences. It is about a person’s personal experience and perspective.
Not too long ago, bloggers could make a reasonable amount of money simply sharing their knowledge online. It was enough to live on, but today, that’s not as easy. Today, customers have come to value the knowledge they pay for versus that which is simply given to them.
Consider – would you trust a doctor or dentist that simply offered treatment for free, or would you believe that it made sense to pay a premium for the service?
While some of us would love free healthcare, there is always a question at the back of our minds. Does this person have the right skills or are they learning on me? Is there something wrong with them and the way they’ve practiced in the past that is causing them to give it away? After all, they have gone to school for years and it only makes sense to pay for this knowledge. The phrase, “you get what you pay for” is something to think about.
What is the Knowledge Business?
When I use the term Knowledge Business, I’m referring to the practice of charging customers for access to our knowledge. And I am not talking about the traditional education system here. Anyone that has specialized knowledge can become part of the knowledge business movement and get paid to share their knowledge.
This could be through 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.
What’s the Knowledge Business Worth?
The knowledge business is a hidden $129 billion a year industry. According to Forbes, it’s expected to TRIPLE within the next 5 years! With that value and that growth, it would be criminal not to be part of the knowledge industry.
The Trends Powering the Knowledge Business
Think about the way you look for information today. When you are stuck on a problem or issue, your first source of information is likely Google. Like many others, there is a good chance that you weren’t able to find what you wanted on that first search. Over time, with many different searches and over many sites, you were gradually able to piece together the answer you needed.
Yet, it didn’t cost you money, but it cost you time and effort. You had to sift through hundreds to even thousands of results to find the exact thing you were looking for. While you got there in the end, it wasn’t efficient and was extremely frustrating.
This is where the Knowledge Business helps fill the gap. Experts that sell knowledge provide detailed blueprint, step-by-step guidance to get you from point A to Z.
They don’t just share information. Instead, they are giving you a complete picture and exactly what you need to get the result you wanted. You won’t need to waste time to test things out to see if it works, because they have already done it for you.
There are three trends at the heart of the Knowledge Business that we will now explore in more detail.
1. Self-Education Is The New Norm
Here is an interesting stat, 72% of those who have a degree never worked in the industry they studied in. And those who do, half of them don’t even like the job they got.
With the current $1.5 trillion student loans crisis in the U.S., many of the young people don’t want to go through the traditional education system anymore.
Even if you did graduated with a degree, you’d still have to constantly learning if you want to advance in your career. We all know that knowledge is power, and as you can see, people are shifting toward self-education.
Let me ask you this, if you could go back 5 years, 10 years, or maybe even 20 years and spend one day with your younger self, what would it be worth to you? Would you pay for the knowledge to avoid many of the mistakes you made and get to where you are today way faster than you did? That’s what the knowledge business all about.
You can extract your knowledge into a blueprint then share it with those who want to be like you, and get paid for it! Isn’t that awesome?
You don’t need a doctoral degree to teach other people how to improve their fitness levels, make music, enhance their personal development, or achieve any other goal.
2. Customer Relationship
Previously large companies pushed an agenda with regards to the brand relationship. Today, that power has in many ways shifted to the consumer. Now the consumer can define how a product looks and works. With social media, that power is continuing to flow towards the consumer.
Businesses have realized this shift and simply do not rely on advertising to the same extent as in years past. Now they look for viral posts and positive third party reviews to help build relationships. Fortunately, these tactics aren’t limited to companies with unlimited budgets. You can create the next viral video on your smartphone. You can build a rabid, passionate audience on social media. All of this is now possible without massive investment or cost.
3. Knowledge Matters More Now Than Ever Before
Today lessons learned are even more important. People are searching for information daily on a variety of different topics. You can see this is the plethora of different communities online. People want to connect with others of a similar mind. If you’re in the Knowledge Business Industry this is a great opportunity!
You see it’s not just about marketing anymore. Customers are actively looking for solutions. They want the knowledge and information – it’s just a matter of finding them. If you think about the billions of Google searches daily, you must know that if you package your information right, you can generate income from it.
What Does It Cost To Get Started?
There are many advantages to get started in the Knowledge Business. The first is that it does not have a high cost of entry. You already have the most important thing for this business, which is your knowledge.
With the Knowledge Business, you do not have to worry about shipping and warehousing a physical product. You don’t have to think about inventory control at all. You have complete control over your “product” and can set the price appropriately.
Of course, there is some promotion required. But, the majority of the time is actually spent on creation which lets you build a schedule that suits your needs. You also have the option of flexibility in terms of how you share your knowledge. Your audience might prefer audio instead of print, or in-person event instead of digital and vice versa.
How you build your content is completely up to you. The best part about digital Knowledge sharing is that your audience can access it wherever they are. There is no need to go to a specific lecture hall. Instead, they can download the information to any internet-connected device.
How To Sell Your Knowledge
It’s not easy to start any business. There is always risk and uncertainty. Knowledge Business is, however, one that possibly has the lowest barrier to entry. Here are some different ways to capitalize on this industry.
An online course is simply a series of materials linked across a specific topic. This is something you are already an expert with and that you can teach others.
You can host this on your own website, or through another online platform. SkillShare is a good option. If you have a course that will appeal to a specific company you might want to consider licensing.
ebooks are a great revenue stream. They work as lead magnets and can help you collect consumer information. You can basically give away ebooks in exchange for email addresses. Once you have that email address you can continually market other services.
Seminars and Classes
Knowledge Business can extend into the physical world as well as the digital one. Classes and seminars allow you to meet your customers in person. You can present your ideas and interact with your audience before and after the event.
If hosting a live seminar sounds like too much work, then how about a virtual event? You can host the entire live seminar in the comfort of your own home with just a computer and internet connection.
Coaching & Consultation
This is more of a one-on-one relationship instead of a seminar. However, when you find individuals or groups looking for help, this is a great way of sharing knowledge. Similarly to seminars and classes, you can do this online or in-person based on location and desire.
By charging a regular fee for membership, you can build a recurring revenue stream. Here you’d be offering regular seminars and webinars as well as exclusive content. This is also a way for your clients to connect with and network with each other.
What If I’m Not An Expert?
Most people will wonder if they should be an “expert” in their niche before they start monetizing. If you read some sites online, you’re probably astounded at the level of knowledge that is being shared. Rest assured though, the people sharing this information are not Nobel prize winners or University Professors. They are normal people like you and me that have gradually, over time become knowledgeable. So the short answer is no, I don’t think you need to be an expert or have a degree in most cases.
If your inner voice is saying you’re not experienced enough, you don’t have sufficient skills… then let me tell you this, the truth is that the majority of experts out there didn’t know what they were doing when they first started either!
Just imagine yourself as a university student majoring in mathematics. You won’t be viewed as an expert in the eyes of your professor, but you surely are in the eyes of your little brother, who is in high-school and needs your help with his math homework.
The key thing here is that as long as you’re one step ahead of your target audience, you are the expert in their eyes. It might not be in everyone’s eyes, but they don’t matter here. You are not targeting everyone. The clear caveat to this being if you want to share medical, legal, or financial information. In these cases, you should definitely be an expert. Otherwise, you just need to be one step ahead of the people you’re targeting.
The World Needs What You Have!
While what you know might not be unique. How you’ve learned it, your personal journey is. Whether it’s about how you overcame depression, how you took your business from zero to multiple 7 figures, how you saved a marriage that was falling apart, how you went from obese to six pack abs, or whatever experience that changed your life, the world is looking for that unique insight and knowledge that only you can share!
This is really powerful. You can use your unique viewpoint to spread information that only you have – and get paid to do it. To make this happen you need to become a part of the Knowledge Business industry. Self-education is the new norm. The need for knowledge, as opposed to information, is greater now than it ever has been.
Maybe you want to create an online course, design a membership site, publish e-books, host seminars, or become a consultant. The Knowledge Business industry offers nearly infinite opportunities to sell your knowledge and share your passion. You just need to extract your knowledge and turn it into a blueprint that people can learn and follow.
How To Get Started Selling Your Knowledge
So you want to get started in the Knowledge Business but don’t know what’s the first step?
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