Summary
Many of the successful people you see interviewed on television and profiled in magazines all have something in common – they are experts in a particular area. Branding yourself as an authority in a particular niche is one of the most powerful steps you can take to assure yourself of big earnings.
Instead of being paid for your time or physical presence, you can begin to be paid for the content of your ideas, spinning off your knowledge into a diverse array of goods and services that you can be paid for again and again.
Expertise is what sets apart the most successful from the worker bees. They have specialized knowledge that they have thought long and hard about, which adds enormous value to others who need it.
You might not think of your knack for public speaking or your knowledge of Sharepoint to be especially impressive because of how easily it comes to you – but there will most certainly be someone out there who is seeking just the type of knowledge that you possess.
You don’t need an advanced degree to become an expert – what you chiefly require is an in-depth knowledge of an area you are passionate, as well as the gumption to translate your insights into actionable tools that others can take advantage of.
Read on to discover tactics you can use to make big money as an expert on the subjects you already care about.
Transcript
Become An Expert
If you want to make big money fast on the Internet, there are two primary strategies I would recommend. One involves gaining skills at affiliate marketing online – I will delve further into this topic in an upcoming blog post.
The other is to fashion yourself as an expert in a field where expertise is placed at a premium. If you can identify the right niche and establish yourself as an authority in the field, you can see enormous returns from the credibility you have established. Others will turn to you for advice and consultation. There are an infinite number of avenues you can spin your expertise into – books, blog posts, panel discussions, private consultations, endorsements. The sky is truly the limit.
Don’t Limit Your Potential – Diversify
The way the average person approaches money is predicated on a single person paying them for their skills and time – most generally, their boss. Thus, they invest enormous amounts of time and effort on impressing and demonstrating value to a single individual, or a small group of individuals. It is easy to see the flaws in this strategy of predicating your worth upon the whims of a small pool like this. What if your boss takes a new job? What if her assessment of your performance changes suddenly based on factors beyond your control? You have now effectively ceded much of your earning potential by putting all of your eggs in the basket of a single salary.
Just as you should be diversifying your investment portfolio, why not diversify the number of people who are willing to pay you for your unique insights? A common trait among very successful and high earning individuals is that they are bringing in multiple sources of revenue, even if they paradoxically are able to enjoy more free time than the person with a single position.
Take Your Passion and Interests To A New Level
You might be thinking to yourself that you are hardly an expert, especially if you are lacking formalized credentials like a PhD or advanced degree. That could not be farther from the truth – just about everyone is an expert in something. Think of the hobbies and activities you enjoy to do in your free time. Surely you have a wealth of knowledge about these areas that others might appreciate gaining more insight on. You may even find that you grow to love this activity even more if you can grow it into a viable side business or way of selling products. Think of times you have described your love of, say, wake boarding or horse riding to a group of friends at dinner. Right there you have had your first exposure to providing consultation to clients – albeit on a pro bono basis. With a little bit of work upfront, you can very quickly professionalize your capacity to provide your expertise to other individuals and groups that are willing to pay for your insight.
Think of some concepts for products that you could parlay your hobby into. Some common examples include information products like e-books, podcasts, DVDs, magazine columns, webinars, conferences, and programs that synthesize combinations of these products. There is a palpable desire among consumers to learn about areas in ways that are both informative and engaging for a wide variety of learning styles, so think holistically about how you could reach different consumer groups.
Creating Passive Income
As I have pointed out in previous posts, the key to building significant wealth must include some form of passive or residual income, in which you can continue to be paid for content and intellectual property even after you have completed your labor. Too many of us are content to sell our time to earn our living – but this is a recipe for mediocre returns as there are only so many hours that you can work in a given day. By shifting to a mindset in which you sell your ideas, you will be able to generate much higher returns on your investment of focus. For example, you can be paid over and over again for an e-book or podcast that you create if you can generate a customer base for your services.
All the knowledge that you need to create new products and services is already inside of you. Thanks to the growth of services on the Internet, you don’t need to employ a team of experts or advisors to create something great and bring it to market. The rules have truly been changed forever.
Limitless Possibilities and Synergies
The beauty of creating multiple products to sell as an expert is that they can all also sync up with each other. You can build a user base for your e-book by creating a podcast with great content and attract more listeners to your podcast by leading training sessions for groups interested in learning about your area of expertise. There are so many options out there – the only limits rest in your own imagination. Selling your product to a consumer also greatly increases the likelihood that they will then hire you for a consultation or other service as well.
Control Your Own Schedule
An advantage of being able to hang out a shingle as an expert is that you can attain much more control over your schedule and how you choose to do your work. This could mean creating your services from home and having the option to travel to present at conferences or consult with different sources.
As long as you are using your knowledge to earn your living – and not your time or physical presence – you are in a much better position to chart the course of your daily life.
Getting Started
You may need to try out a period of offering more services on a free or pro bono basis to begin to establish your contacts as a speaker or expert. In this period be willing to offer up some of your advice on a free or discount basis – just don’t give away the whole store. Indicate that you have much more to offer and you may be able to strategically parlay your free invitations into paid engagement.
Always be thinking about all of the competition out there – not as a way of weakening your resolve or confidence, but as an incentive to stay on top of your game. Remember that with the amount of noise and attention seeking on the Internet, you need to offer your services in a persuasive and fresh manner in order to stand out from the crowd. Go the extra mile in marketing your materials, whether that means investing in a stronger website or in following up to offer superior customer service to those that contact you.
Don’t be mistaken – it certainly takes a lot of work to become an expert, but it can pay off big time if you are willing to be patient and keep working toward your goal throughout a period of little returns or attention. The gains may not be immediate, but they will be significant. The world is growing increasingly complex. As a result, businesses and individuals are more willing than ever to pay a premium to experts who can help them cut through the noise and learn the essential components of their area of expertise
What hobbies or leisure interests could you be leveraging to increase your earnings? What types of products and services can you imagine yourself marketing to further establish your credibility as an authority and expert source?
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