6 Steps To Monetising Your Expertise
Are you wanting to get out of the rat race and wanting to live a life of freedom and flexibility?
They say there’s never been a better time than now. We’re connected to each other more than ever. Internet has revolutionised the way we live, eat, do business and design our life.
If you’re wanting to do something on your own but not knowing where to start, this article will walk you through. Here’s a quick tip, if you’ve never had a business before and if you want to start something now, the fastest and the easiest way is to do a service-based business. I’m not saying you can become overnight expert or success. It surely takes time but it’s easier than product-based businesses.
Before we go into details, I also want you to know that every time you read articles like these, you’re learning something. You’re expanding your awareness. But you must implement.
Knowledge isn’t power. Implementation, with speed, is power.
So in this article, I’m going to walk you through 6 steps to monetise your expertise. This article will be under 1000 words so obviously, what you have to implement will be much more than this and I’m also going to offer you something at the end because I know it will help you.
It also took me years to figure this out but if I could shorten your learning curve with this article, my mission is complete.
I want you to answer these few questions to yourself first.
- Do you have a message to share?
- Do you want to teach?
- Do you like creating?
- Do you want freedom & flexibility?
- Do you want wealth?
- Are you ready to commit and make things happen?
If you say ‘yes’ to all these things, then you’re ready for the next steps.
Step #1 Build Mastery
The first step to positioning yourself as an expert in the industry to pick a topic you can master. This also where a lot of people are making a mistake of being a generalist. When you’ve gotten the expert status in your business, it’s ok to start branching out.
The first step is to start with why. If you know Simon Sinek, he’s a guru and a messenger in spreading the importance of why. He explains that many of us, entrepreneurs or even organisations, know what we do – whether coaching, teaching, consulting or writing. And some of us know how to do it but very few of us know why we do what we do. It’s not because we want to make money. Yes it’s important but it’s a result.
Now that you know your why and your passion, think about what you love to do, what you’re passionate about, what are you willing to learn and what life experiences have you gone through?
Once you know all of this, you’ll get a topic that you can share and teach. The key here is to master the topic and become known for it.
Step #2 – Find Your Audience
Now you have a topic that you’re going to share and teach. Who needs it? I know the world needs it but you can’t deliver it to the world because not everyone will want it, it’ll be very costly for you and for you to be able to deliver your services successfully, you’ll need to speak to a specific group of people for them to hear your message.
So this is the step where you need to define your ‘niche’.
This is key but I also don’t want you to get stuck in this area because your ideal client will evolve and as you work more with people, you’ll start to understand who you really want to work with.
As a start, think about who you really want to serve.
Ideally, you’d want to serve people who are like you, who have similar passion, who want to learn similar things, who have similar struggles as you and basically who are on the similar journey as you. So that way, because you are now the expert and you’ve taken the time and the effort to learn and implement, you can now help them from where they are to get to where they want to be.
When you’re ready for the next step, once you have an idea of a group of people you want to serve, get even more clarity on their demographics and personal insights such as their wants, needs, desires, fears, dreams and lifestyle. This will help you massively in creating your offerings, messaging and make your potential clients feel really understood.
Step #3 – Define Your Story
Now that you know your topic and you know who your target market is, what’s your story?
Your story is the defining moment in your life that shaped you to be who you are today. It’s a compelling story about what you’ve gone through, what you’ve learned, what you’ve implemented and what you did to be where you are today.
It’s the story that you are going to tell in your videos, on stage, in your profile, on your website and when you meet people because you don’t have time to tell your whole life story but you need to tell people who you are and why should they care by picking that part of your life that tells your story, your mission and how you can help them.
Also it’s about what I call relatable factor.
People relate to experiences.
People buy from people. They don’t care about your fancy degrees or diploma. Sure they make you look credible but they don’t help you relate. And relatable factor is about shared experiences…like when you say ‘I know what you’re talking about. I’ve been through that’
Step #4 – Create A Solution
Now that you’ve got all the foundation laid out, you can start thinking about what kind of offerings you can create.
The first step to creating a solution is knowing what problem to solve or what your target market needs right now.
By now you’ve already selected a topic to master. You know exactly who your clients are, where they are and what they need. So what we need to do now is to decide in what format we’re going to offer. Always ask, test, get feedback and go over again when you create an offering.
Step #5 – Create A Website That Works
There are 3 basic things a website needs to do. If you already have a website, check if it complies.
A website needs to (1) add value, (2) capture leads and (3) sell.
So let’s break down.
How can your website add value? Think about creating blog posts, free content, downloadables and educational videos. What do you have in place for people to want to stay on your website?
How can it capture leads? Do you have a lead magnet that you ask people to download in exchange for their email address? It’s a must for all businesses to capture leads and build their list.
How can it sell? You can create self-study courses and sell from $7 to whatever amount it is you’re comfortable with.
Step #6 – Partnerships
I believe in partnerships and that’s how I’ve grown my business. I don’t believe in competition. I believe in collaboration. Partnerships can help you expand your message to people you’d probably never be able to do it on your own and through partnerships, you build credibility as well.
- Here are a couple of ways you can collaborate with;
- Find a complementary business and do seminars, webinars or events together
- Sell each other services as add-ons in a package deal
- Affiliatemarketing where affiliates earn a certain percentage
The important thing here is for you to have steps 1-5 in place before you start creating partnerships because when the partnership is successful and when there’s an influx of clients, if your business isn’t set up to accommodate that, all your efforts will be a waste.