How To Monetize Your Expertise
Turn what you know into a cash cow! People want to pay you for what you know so learn how to monetize your expertise and turn your talent into an atm.
Hi Trish Davies, here and today I want to help you monetize your expertise. One of the most valuable things in todays world is knowledge and people will pay you for it. Not that is not hype, it is fact and something that I have done many times over.
The thing is it’s not just me as millions of people have set themselves up as coaches, trainers and mentors. People are working from their home offices, kitchen tables and sofas taking information from the head and creating training material and resources. You could do the same!
Much of my Build Your AU program is geared to helping you create online training programs and learning communities. Let me take this moment to invite you to experience Build Your AU through my free 9-week program. Details can be found here.
Many people take what they know for granted but you have worked hard to know what you know. You are an expert and that is down to many years of practice therefore your expertise has a monetary value. Therefore, you can cash in!
You can cash in by turning your expertise into products and services. Then connect them to an audience of hungry buyers and I am going to show you how! Before I do though lets address one elephant that is always in the room and in the way.
Is Imposter Syndrome Holding You Back?
Many people fail to get started because they think that they are not good enough. It is called imposter syndrome and assuming that people already know what you do. Well, the truth is some may, but the majority of people don’t.
Many people haven’t spent years crafting and toning the skills that you have. You are an expert and not an imposter so let’s get that out of the way right now. You find what you do easy because you have learnt from mistakes. Then you have continued to practice and get to as near perfect as possible.
That’s what makes you an expert and the skills that y may take for granted can be of value to other people. The success that you have achieved are the qualifications and credentials you need to teach other people to do the same.
You are unique and do things your way, you are an expert and not an imposter. To help you more and gain clarity on your expertise ask yourself the following.
- How did you get to where you are?
- How do you do what you do?
- What obstacles have you had to overcome?
- What tips, shortcuts and other “how to” nuggets can you pass onto others?
These are all things that you can monetize. Also, what questions are you often asked? What fundamental things are you amazed people don’t know that you do?
Take some time to answer these points that I have raised, and you will find a treasure trove of information. These answers could well be the foundation to enable you to monetize your knowledge.
Monetize Your Expertise – What Expertise Can Be Monetized?
You will gain clarity on what you can monetized from the answers to the questions I have set for you. On top of that I want to give you some areas to look at that will give you further ideas.
Let’s start with your hobbies and interests. What pastimes do you excel in and could teach other people to do the same? Hobbies are big business and people with the same interests as you will pay to become more proficient.
Maybe you are an expert in pottery, carpentry, fishing, golf, the list goes on. People take up new hobbies every day and are looking for a helping hand.
What technical skills do you possess? In many ways this is similar to the hobby segment as you can teach people how do to things, only this time in a technical way.
For example, maybe you have built your own website which can be technically challenging. You have worked it out so could drastically reduce other people’s learning curve by showing them step by step how to do it.
Finally, you may have expertise in business or industry. For example, mechanical engineering which could enable you to position yourself as a consultant to individuals or businesses.
So, there are a few examples to get you mind turning on what types of expertise can be monetized. Too help you further take some time to consider the following questions.
- Can you share your unique perspective?
- Over time can you share some valuable inside tips?
- Are there things that you find super easy, yet others struggle with?
The answers to these questions will give you more valuable insights on just what you can monetize.
What Formats Can You Monetize Your Expertise?
Now we are getting into the nitty gritty of just what you can create based upon your expertise. Products and services that will put money into your bank account. It is time to think what you can charge for and how you will deliver that value.
Digital Products – Digital products such as eBooks, videos, podcasts are super easy to create for which people pay a one off fee or subscription.
Content You Create – Here you can create content such a blog posts, YouTube videos where you share valuable tips. Within the content you may have links to external products and services that you earn a commission on. That is a business model called affiliate marketing.
Maybe you are commissioned to do public speaking at events. You are paid a fee in return for your presentation to a live audience.
Online Courses – One of my favourites and one of the reasons I created Build Your AU. I have created multiple online courses and the process of creating those courses is what I teach in Build Your AU. More details can be found here.
Online courses are generally a step by step process to learning a specific thing. That specific thing is someone’s desired outcome, a solution to a problem. A solution that you have already found or created which is what you offer.
Membership Sites & Online Communities – You can create membership sites and online communities specifically around your area of expertise. These are usually subscription based business models. You charge a monthly fee in return for providing value, training and support to your subscribers.
Core Pillars To Your Coaching Business
You will be creating a coaching, training and mentoring business but you must be clear on many things.
Before you think about any of the products and services I have mentioned you must be clear on the following. You are offering your expertise and the best way to gain clarity on that is asking the following question.
I use my expertise and knowledge to help people _______?
Once you have clarity on this you must ask yourself who is your audience and where do they hang out? Think about who your ideal customer is and to help you with this check out a pervious article I created called Who Is Your Ideal Customer?
Now these ideal customers hang out online, so it is up to you to find out where. Then attract them through creating content in the formats that they consume. If they are on YouTube then create videos etc.
Then you need to don the hat of a problem solver. Therefore, define what problems your ideal audience has and how you solve it through your own unique perspective. Define what makes you unique? How do you differentiate yourself from your competition? Why should people put their trust in you?
Finally start building your content bank as I like to call it. Create content around the points I have made in this section. Create a YouTube channel, create a website that you can publish blogs on, create social media profiles and share that content.
Build a presence so that people can find you, look at what you have to offer and ultimately put their trust in you. Build Your AU can help you put all of this together at the same time as building a personal brand. Check out my 9-week program to see how the process works.
In Closing
You are an expert, and you can monetize your expertise. I have given you a birds eye blueprint or roadmap to follow. You can do this on your own, there is no question on that, you can also do it with my help. Enrol today into my 9-week program to help you leverage your expertise and monetize your expertise.
Helping you build your authenticity, authority and audience.
Trish Davies
Build Your AU
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