What You Can Do to Earn Money From Your Knowledge (It's Simpler Than You Imagine!) -
If you're a business owner or professional, you may be tempted to take your knowledge and experience for granted.
After all, it's what you do all day long therefore it has to be straightforward, shouldn't it?
In reality, no! The ability you have is that has been refined through years of immersion and practice, and regardless of the field you're in, that knowledge is valuable. You can even sell it.
What can you do to transfer your knowledge and skills into a real product that you can sell? Is there a market willing to pay for the experience that you can offer?
In most cases than not, the answer to this question is definitely YES. And the likelihood is that people will be grateful for your insight immensely; they simply need to have the information available to them.
This is a look on how to seize the chance, grab your bull in the face and monetize your expertise in order to empower and reach your audience to do exactly what you do.
In this post in this article, you'll discover:
- What can you do to avoid Imposter Syndrome
- What kind of expertise are able to be commercialized
- Questions to ask yourself before monetizing your skills
- What knowledge is it that can be made monetizable
- Tips to translate your experience into an Knowledge Commerce business
Overcoming the imposter syndrome (I do not have enough skills)
Isn't everybody aware of what to do? Perhaps, because I'm no expert. That is what we hear whenever course creators start their courses and we naturally think this way.
Even if you're not the best and have worked for time honing your skills, learned from your mistakes, and are now aware of the best method of doing things. That's why you are the expert and makes your knowledge in high demand.
Many times, the tasks we perform within the course of our day-to-day life seem easy.
It doesn't matter if you're a lawyer who creates corporations, a journalist who wrangles words into shape, or an artisan baker who creates pitch-perfect pastizzi, the skills that you consider to be basic may possibly be useful to another person.
Especially those starting out in their journey to learn new techniques.
You've made a choice and achieved success, and it's this success that will make you an expert in teaching someone else.
Too often, we do not realize that the skills we have are distinctive, and not just because they come easily to you, they may not become second-nature to someone who is not.
There are likely to be other HTML0 users with similar experiences as well, but they won't do this in the way that you do, and the way your future pupils will be taught by you.
The is the best opportunity to share what comes to you naturally and to capitalize on the skills, knowledge as well as experience that you possess, and monetize your expertise.
All paths are not the same, but it is possible to begin by teachingand profit from our experience by teaching
- How did you get to be where you are today?
- What do you think is the best way to do what you do?
- How have you gotten around obstacles people might come across?
- Strategies, shortcuts and How To's others should have
Tips:
- Make a list of all the questions you get frequently. If there is a repetition, chances are there is information that you could monetize.
- Jot down the frustrations you experience when someone doesn't understand XYZ, or ask you XYZ these are pain points you can instruct others about.
What types of knowledge can be monetized?
If you're asking the issue of which types of expertise can be monetized and what kind of expertise can be monetized, the answer may surprise you. Basically, it's anything that you have insight into which is likely to be interesting (and value) for anyone else.
Naturally, the greater possible audience will be, the higher the likelihood of monetization, but to make it more obvious Let's look at it in terms of.
Areas to consider comprise:
Hobbies
It doesn't matter if it's bird-watching and badge making or creating beeswax sandwich wraps, hobbies are prime fodder when it comes to sharing tricks, tips, techniques along with other.
Markets such as Etsy as well as global events such COVID-19. Hobbies are a large business.
How big? Well, Statista gives some insight with their latest data finding the global hobby market was worth US$456 billion in the year 2019, and is projected to rise to US$545billion before 2023.
As an example, Rolla Skate Club is making waves across the world that empowers women. They're even using roller skates to do it. Carla & Luca would like women to be as influential in their life, community like they are when they're on their roller skates.
Technical skills
As with other hobbies, technical knowledge is about sharing the how-to, and is based on the questions your customers actively ask of you, or information they frequently need.
For example, a professional in public relations could share their knowledge of how to craft a successful press release. Likewise, a gardening expert might share insight about how to plant bonsais.
It's all focused on examining subjects that regularly pique people's interest which are your own unique perspective on.
Expertise in the field or vertical
Vertical or industrial expertise may use a broad or more narrow view. It can offer insight on trends that are emerging in the specific industry as well as data and projections. It can also concentrate on a specific topic within your industry/vertical.
For example, Latrina Walden started a successful Facebook group that helps nurses during their difficult board examinations. After receiving a overwhelmingly positive response to some of the live Q&As she posted and requests from the comment section for additional materials and courses, she started selling them.
Questions to consider when considering monetizing your expertise
If you're thinking about whether your skills can be monetized, it pays to ask yourself a few simple questions.
They can help you figure out if there is demand for your skills and help you identify the kinds of information that will allow for the monetization.
These comprise:
- Can I share a unique perspective?
- Are there 'insider' tips?
- Are there questions my clients frequently ask me or my company?
- Does something is easy for me to understand but others may find difficult?
If the answer to one of these questions is yes, it boils down to finding which is the best way to make money from your insight.
How knowledge can be used to make money
Expertise and knowledge is monetizable in a host of different ways. Many of these are already familiar to you, but some of which might surprise you. They include:
Monetized content
This can be described as audio, written or visual content that you're paid to provide your insights or knowledge, for example blogs, YouTube videos and paid speaking roles for example.
Digital products
It is possible to be paid directly for these products or through sponsorship, advertisements, or hyperlinks paid to external websites.
Memberships
It could involve mailing out newsletters or limiting access to certain areas of your website so only members who pay for access can read these articles or the information.
Community
You can charge for access to your group.
Online courses
Courses online allow you to showcase your knowledge and make participants enroll (and pay) to follow a process. And with , they are easier to create than you would think.
It's an easy download that will help you work through the information and methods to make money from it. Course Creators Circle.
How do you translate your knowledge into commerce-based business that generates revenue
So, now that you've decided, you've got the experience to share and it's likely to provide value to other people.
Now what steps do you require to take to make it profitable and also decide which method is best for you?
Be crystal clear on the services you provide
The initial step towards understanding your product and its customers is to clarify your expertise that you can provide.
Also Complete this sentence: "I use my expertise to assist people with"
Akin to an elevator pitch, this single sentence can help define your message and the audience.
As an example, "I use my expertise to help individuals find opportunities in the media'.
This means that potential areas of expertise and monetization would include:
- How to write an announcement for a media outlet
- Tips on strategies for public relations;
- Tips for interviewing
In this instance, this means that my potential audience could be individuals and business owners who are looking to boost their social media profile.
Where is your audience?
You've now defined your expertise and your potential audience. Where is that people likely to go to find information?
Could it be done via podcasts or blog post, tutorial videos, online courses? This could be false, but it may include a few of these channels.
What's your point of the difference?
It's essential to determine what makes your service unique from the other offerings. Are you able to comprehend it? Does it have a proven track record or is it a trusted source? Do you think it's because you're well-known in your field? Are you a pioneer, or have you stood the test of time?
Basically, answering this is about the reason... Why would anyone seek out your insights more than any other person?
Pro-tip: the answer to the question must be specific. This can't be merely because you feel you are "better" than someone or someone else.
How can you resolve the problem?
Any thing that is sought-after (aka is valuable) is likely to resolve a problem by enabling the possibility of transforming from Point A (their present situation) and to point B (their desired future)
The issue you're trying to solve is one that you'll need to define and it can be established by asking your self: What problem does my expertise solve?
Answering this question helps clarify exactly what information you should offer and also provide the reason why people should part with their money.
Going off the example above, which was "I utilize my experience to help people find potential media outlets' is clear that the issue to be solved is that it is drawing media focus.
Since we live in an era of noise it's difficult to get seen by the media without the proper plan.
More importantly, people pay big bucks to hire PR professionals, however that's not something that small companies or individuals can afford.
Get started on building your personal database of information
This is the fun part, with your knowledge, skills in problem solving and a clear mind about your audience It's the time to begin making your knowledge bank and some of you might already have embarked on this journey.
For example, in your company blog posts, videos, and social media content, you might already have a bank of content that is relative to your audience.
If so, great! Because now you have an opportunity to build all of this content, and start building something bigger like a YouTube channel, an e-book, speaker's profile, or online courses.
The last takeaway
There's a good chance the knowledge you use each and every day is valuable and taking this information into a product that can be sold offers a host of benefits.
It is at the very least, it might add another review stream for your business, but If the audience and demand are sufficient, you may turn that information to create a separate business.
In the interim this helps you establish your credentials as an expert, while providing your expertise to a wider audience.
Do you want to jump in? You can create and sell online courses for no cost on .
Download the Monetizing your expertise worksheet to help you align your expertise with a business which you could begin.