Turning your knowledge and experience into profits by looking for ways to earn more income. Like many of us, you don’t have to reinvent the wheel to do so. All you need to do is use your current knowledge and experience, find someone who needs them and pitch yourself as an expert.
This is the beauty of the age of online entrepreneurship. Anyone can become their own boss because the internet gives people from across the world an equal opportunity to connect without physically being next to each other – or even in the same time zone.
Today, you can easily find potential customers on social media and they can also find you. Thanks to the internet, it’s easier and cheaper to turn your knowledge and expertise into a second stream of income.
Here are six questions to ask yourself if you’re looking to turn your existing expertise into a bankable income.
1) What One Area of Expertise Should I Focus on?
If you want to turn your knowledge and skills into profits successfully, you must avoid this mantra: “Jack of all trades, Master of none.” Instead, focus on one area of expertise to monetize it effectively.
Narrow your expertise using this sentence: “I use my knowledge to help people.”
This will enable you to focus your efforts. Don’t list something generic; be specific. Being specific will enable you to be clear on the value you can provide.
In other words, don’t give a vanilla response such as, “I use my expertise to help people create blogs.” This is too broad and generic and it doesn’t show the value you provide.
2) How Am I Different from Other Experts?
Thanks to the internet, it seems like everyone is an expert in something. Don’t forget that everyone can use the internet to monetize their knowledge and skills. However, the hard part is standing out from the crowd and showing potential clients why they should choose you as their expert of choice.
Take a pen and paper and list 3-5 unique things that set you apart from the competition. This list of unique things is your competitive advantage. Think about the skills and qualities that make you different from other experts.
What value can offer your potential clients that the competition can’t? This differentiation is what will make you appealing to someone who sees the real value in what you offer.
3) Who Needs My Knowledge and Skills?
This is a trick question and doesn’t answer it right away. What you need to establish is this: who is actively searching for your skills and experience?
It’s easier to sell to a receptive audience – customers who are looking for a solution to an issue they know they have. These customers already know they have a problem and they know the solution to their problem. If you offer value, they’re more likely to seek you out.
For example, a financial consultant can help anyone with their finances, but their target audience is people who know that they need help with their finances and are actively looking for someone to help.
Think through this question carefully because it’ll determine your target audience.
4) How Will the Value I Offer Make Someone’s Life Better?
Consumers won’t buy anything from you unless it makes their lives better. It’s your responsibility to understand and communicate how you’ll help customers live a better life with what you offer.
Complete this sentence to get a better perspective:
“Customers who pay for my knowledge and skills move from to ”
For instance, a personal trainer may complete that sentence this way:
“Customers who pay for my knowledge and skills move from living unhealthy lifestyles because of poor diet and not exercising to living a healthy and happy life with a balanced diet and physical activity.
How you complete that sentence depends on the value you want to provide.
Remember to be specific and narrow; this will help determine a clear focus area.
5) How Will I Deliver My Service?
After answering the above questions, you’ll be clear on:
- Your expertise
- The value you provide
- Your target audience
- How it benefits clients
You also need to be clear on how to deliver that value. This will help you establish how to package your expertise and value, and what format to deliver it to customers.
Will you offer your expertise through coaching? Online content? In-person training? Mastermind memberships?
Bundling your skills and knowledge will largely depend on what you’re offering. However, it’s up to you to determine the most effective way to deliver your service that your clients can easily consume.
6) What Are My Income Goals?
Why do you want to monetize your skills and knowledge? Do you want to make this your primary source of income? Is this a side hustle? How much income should you make for your time and effort to be worth it?
Thanks to the internet, it’s relatively easy to monetize your value and knowledge. However, it takes a lot of hard work and discipline to do so in a way that’ll bring you a financial return.
Make sure you have clear monetary goals; this will influence the service you offer, whom you target and the approach you take.
After answering the above questions, you may feel like it’s hard. Maybe you thought that turning your skills and knowledge into profits would be a piece of cake. However, don’t forget that nothing worth having in this life comes easy.
Hopefully, you’re inspired. Review your answers to these questions and use them to initiate a successful plan to monetize your knowledge and skills. Good luck!