How To Monetize Your Knowledge By Creating An Online Training Business
Discover how to monetize your knowledge by creating an online training business that focuses on providing solutions to people’s problems.
Hi Trish Davies, here and today I am going to get straight to the point about making money. I am very economically focused, and money has always been a driving factor to my success. The fact is you want to learn how to monetize your knowledge otherwise you wouldn’t have landed on this webpage.
The principle of monetizing your knowledge is not new, it has been around for centuries. The normal path for life is to go to school and learn the basic skills to life. Then as you move through your educational cycle gain more advanced knowledge and skills.
This enables you to enter the labour market with you first job. Therefore, you are monetizing your knowledge and skills from when you are around 16 – 18 years. What you receive in the way of renumeration reflects the level of knowledge you have.
The natural progression is to gain higher qualifications which enables you to achieve promotions. Your money increases in relation to the position you hold, and this can be a continuous cycle until you retire.
That’s it in a nutshell. You amass skills and knowledge over your life, and you trade that for money. Most people settle for this but it is restrictive so what do I mean by this.
There’s Only 24 Hours In A Day
The restriction is time as there are only 60 minutes to an hour and 24 hours in a day. On average the working day for most people is 8 hours so this is where you make your money. Yes, you can work more if you want to but that eats away at the remaining 16 hours and on average you sleep 8 of those.
Therefore that 8-hour section of your day is reduced due to the need for making more money. Not only are your trading your knowledge and skills for money you are trading your time.
Time is one of the most precious things you have in your life and something that you can never get back. Now this is another option for you to monetize your skills and knowledge which I will cover shortly.
Before I do this though you must define what you know and what skills you have. There is a clear difference between knowledge and skills which I have addressed in another post. Just take a few minutes to read that post here.
How To Monetize Your Knowledge
I have established that you already monetize your knowledge through the work you do and the career you have. To recap you are trading that knowledge and time for money. Here is the other option you have that I promised I would cover.
The concept is very simple. You take all the knowledge, skills and experience you have and turn them into an online training business. I have been doing this for a number of years now through the knowledge I have gained in various different industries.
The online training and education industry is booming. You only need to do a search online and you will see the different platforms there are that provide online education.
These platforms are easily accessible from the devices that you, I, and everyone else uses on a daily basis. These platforms are perfect for you to position yourself as an expert and monetize your knowledge.
The biggest benefit to having your own online training business is that you don’t have any time restrictions. Instead of trying to maximise those 8 hours you have in you job you now can leverage the entire 24 hours in every day.
That means you can monetize your knowledge 24 hours a day and 365 days a year. No downtime for when you are away on your family holiday. Also, you are open for any bank holiday you have including Christmas Day.
So, what does this business look like?
Creating A Suite Of Products & Services
Your online training business is structured in a very simple and effective way. It can comprise of a handful of products and services that potentially can provide you with time and financial freedom.
What you will do is create a suite of products and services based entirely on your knowledge and skills. The perfect example of a suite of products is what Apple provides. Their products cover a number of uses and functionality, but they all compliment each other. Meaning you can connect all of them together to work in sync.
Each product is a natural progression from the previous product, so they provide a great user experience. This is a scenario that you can create through your own online training business with a business set up similar to the one below.
- Lead Magnet – Free
- Video Course
- Mastermind Membership
- One On One Consultation
- Retreats
What this represents is called funnel of products and services. Each one leads on from the previous product to give the user the ultimate experience. A funnel of 5 products and services has the potential to generate a 6 – 7 figure business if set up correctly.
Leveraging Technology
The beauty of this kind of business model is that most of the process is automated using technology. This is what frees up your time to do the things in life that you love and enjoy.
There are elements of this process that would require your physical input but not to the level of a regular job. For example, the mastermind would only take you 1 hour a week. I should know because that is what I do within my Build Your AU program.
Any one on one consultation you do would command a high-ticket price. I am talking many hundreds or even thousands of dollars per hour. Therefore, you could sherry pick how many you wanted to do and with the people you want to work with.
With both the mastermind and one on one consultation you can do from anywhere in the world. As long as you can connect online you are in business, therefore you have no geographical ties.
With this business set up you will have more time on your hands and generate money on autopilot. The time that you do trade for money will be much more lucrative than working a regular job. You will receive what you are truly worth which is something that you set and not what other people think your value is.
So how can you put all this together?
Putting All This Together
I have developed a process through my Build Your AU program that will help you put all this together. What may sound overwhelming at the moment will become clearer through the process I have developed.
You can do this, and I will show you how to monetize your knowledge within Build Your AU. To give you an indication on how powerful the process is I have created a video series of previous masterminds.
Each one shows how my members develop their own online training packages based upon what they know and what they are good at. Click on the button below, register your details and I will send you the first mastermind. When you are ready you can then join the program create your own online training business.
Helping you build your authenticity, authority and audience.
Trish Davies
Build Your AU
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