How to Turn Your Knowledge Into Income

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Everyone has skills and abilities. I firmly believe that. I also believe that you can use your knowledge and skill to create additional income or even a profitable business for yourself. There are few things that I enjoy more than helping people uncover their God-given abilities so they can reach their potential. To monetize your brilliance, consider the following:

Identify your strengths - As I mentioned before, everyone has skills and abilities. Even if you feel like you don’t, I’m here to tell you that you do, my friend. To discover them simply consider the things you’re good at. Are you good with people, or pets? Are you handy? Do you tinker around with things at home? Maybe you enjoy shopping for clothes but you only buy bargains. Do you enjoy singing, cooking or exercising? Are you a car person, or a tech geek (I use the term “geek” in the best way ;)). Are you an educator with a knack for breaking down complex problems? The list could go on.

At times, I get people who say they’re not quite sure what they’re really good at. I suggest not overthinking it and certainly not comparing yourself to the next person. If you’re still having a tough time identifying your strengths, consider what comes easiest for you and brings you the most satisfaction.

“...consider what comes easiest for you and brings you the most satisfaction.”

Let me give you an example. Though I really like a clean house and I feel a sense of satisfaction when everything is in its right place, cleaning my house is not what I most enjoy doing.  That’s not the case for my friend, Traci. I met her several years ago just before having my son. I was in my 9th month of pregnancy, nesting, tired and just couldn’t get everything done. So, I called in the reinforcements:  Traci and her team. They showed up and got my place in tip-top shape in no time. She told me later that she has always enjoyed cleaning and getting things organized around the house. It came easy for her and brought her a lot of satisfaction. So much so, she decided to create a business around it. I, for one, am happy she did!

It’s really just that simple. Somewhere between what you’re best at and enjoy the most lies the key to identifying your strengths...and, perhaps your money-maker

Look for gaps in the market - Gaps may or may not be in an established market, but there’s a great opportunity in identifying unmet consumer needs. From dating services to goggles for dogs (which are quite the dog lovers attraction), to providing helpful tips to others like you, I think you could likely find a niche in any area.

Just like my nurse friend, Adrian. She decided to help other nurses balance the healthcare profession lifestyle with everyday life. She found a gap with the younger nurses and is now sharing self-care tools and tips with this lovely group of caretakers.

With some market research, you’ll need to determine if your unique skills can benefit your niche and then package your knowledge and expert advice for those needing your product or service. “Expert”, in this context, means your area of strength. So, don’t think that in order to be classified as an expert, you need to be the greatest of all time. You may or may not be, but that’s not the point. The point is, there will always be a group of us “average Joes” who lack the time, talent or treasure to do the thing that you do best. If you can make the lives of other people easier or better - not to mention save them time and money - they’ll be more than happy to pay you for it.  

“...there will always be a group of us ‘average Joes’ who lack the time, talent or treasure to do the thing that you do best.”

Determine your value offer - After identifying a market gap, decide how your service or product can provide value to others. Know that there is generally a market for all types of products and services. Again, there are people who will pay so that they don’t have to figure it out or spend the time doing it. You can leverage your knowledge to create income. Find what the market is willing to pay for what you have to offer.

Here’s where you want to be strategic and offer them the best value because there is always competition. This is another step where many people can get stuck because they’re not sure how to price their service. That’s the benefit of having a mentor to help you navigate this so you’re neither under or overselling yourself.

“Find what the market is willing to pay for what you have to offer.”

After the first three steps, you’ll want to decide how you’ll present your service to others? Once you package your knowledge, you can present it in a number of ways. I prefer virtual or online methods of delivery. I put together a quick list of ways to get your knowledge out there. These are in random order.

  1. Workshop
  2. Seminar
  3. Webinar
  4. eBook
  5. eCourse
  6. Email campaign
  7. Podcast
  8. Blog
  9. Book
  10. Coach/Mentor/Consultant
  11. Speaker
  12. Live video (Facebook, IGTV)
  13. YouTube
  14. Online Boutique

This is not an exhaustive list. You could probably come up with a ton of other ways to package your brilliance to earn income or create a profitable online business.

While you’re considering your options for getting your expert advice out there, I’ll be here providing you with more content.

To get my support with your specific business idea, don’t hesitate to contact me at support@manaLarsen.com.

In the words of the Farmers Insurance commercials, “I know a thing or two because I’ve seen a thing or two.” 😉

Until next time...

 

P.S.

Let me know if this was helpful by commenting below and/or sharing this post on your favorite social media.

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