So, you’ve built up an incredible career, you’ve put in the time, the energy and the hours required to become somewhat of an expert in one particular niche or industry. Now, you figure it’s time to actually start monetizing that expertise and experience. Youpreneur is the place to be if you are wanting to build a profitable, future-proof business based around those two things – yes, we’re all about building the Business of You!
Now, more so than ever before, people are going to be willing to pay to access and download from your brain, your experience and your expertise into theirs. Ultimately, people are wanting to springboard and fast track their expertise and their success, and the quickest way to be able to do that, obviously is to work with somebody and to learn from someone who has been there and done it all before.
I’m going to share with you my five top strategies when it comes to monetizing that expertise so that you can build a future-proof business for yourself and at the very same time, serve the people that need YOU.
#1: Consulting and Coaching
The first way that we can start monetizing our expertise is to do so through one-on-one consulting and coaching. I understand this isn’t the most scalable approach to making money because obviously you’re trading time FOR money, but it is the lowest hanging monetizing fruit when it comes to building a business around you and your expertise.
If you haven’t thought about coaching people, or consulting with companies or individuals on a one-on-one basis, now is the time to do so! Just make sure, however, that you charge what you feel you’re genuinely worth.
#2: Affiliate Marketing
If this is a term that you’ve not heard before, quite frankly, it’s as simple as this: you provide a link, somebody clicks on that link, if they buy that product, you make a commission. It’s as simple as that! That link can obviously live in your website, on your blog, you can mention it on your podcasts or in your videos, you can even put it in emails. Bottom line is, you give them a link, they click on it, if they buy, you go ahead and make a commission.
I will say the beautiful thing about this is that although it won’t make you a ton of money straight away, it’s a great long-term strategy because once those links are out there, they can be clicked on by 10s of thousands of people over the next coming months and years. Just make sure that you only suggest people to check out products and services that you genuinely use or trust yourself, don’t just give them anything to click on.
#3: Online Product
The third way is to be able to put your expertise and experiences into an online product of some variety. Now, this can be an online course, it can be an email course, it can be audio or video downloads, whatever the case may be! This is you downloading some of your experience into an online and digital product. This is where scalability really does come into play because you create this once and sell it over and over again. It’s actually a great strategy for long-term monetizing.
Anyone really wanting to monetize from their experience should get into digital products in some way, shape or form, whether it’s a very small digestible course or a flagship course where you’ve got multiple videos, downloads and workbooks. Regardless of what it is, make sure you charge respectively obviously, and deliver all out value.
#4: Membership Site
Fourth way is through the format of a membership site. Now, we all know that subscriptions are all the rage – think Apple Music, Spotify, YouTube Premium, Netflix. There’s a bunch of them out there. Well, there’s no reason why you can’t package your experience and expertise into a membership!
We’ve done it with the Youpreneur Academy, so there’s no reason why you can’t do likewise as well. However, this isn’t the most passive of income generating strategies out there. Understand, if you want to get that recurring and predictive revenue coming in every single month, you’ve got to show up! So, bear that in mind, it’s not a tactic that everyone wants to take action on, but if it is something that will excite you in terms of that recurring and predictive income, then it’s certainly an income source you should look at.
Our fifth way to monetize from your expertise and experience is to do so in the form of events, whether you’re doing it in person or online. The idea of delivering content for people to be able to learn from and bring people together for them to be able to discover each other and network is obviously something that is very attractive for a lot of people, regardless of what niche or industry you’re in.
You want to be the guide here, rather than a hero. Let’s use the Star Wars analogy, think Obi Wan instead of Luke Skywalker. You want to be Obi Wan, you want to be the one that brings everyone together. If you do that, they’ll never forget you!
Regardless of whether you’re doing a small round table mastermind type of setup, or a huge conference, it doesn’t matter. People genuinely want to do business with other people. They want to be surrounded by other people, and if you're the one that's going to bring them together, then they're going to be thankful for it.People genuinely want to do business with other people. They want to be surrounded by other likeminded entrepreneurs. Be the guide and get your community together through a virtual event, they'll be thankful for it! #Youpreneur Click To Tweet
There you have it, my top five tips on how to be able to monetize your expertise and your experience. I hope you found it useful, let me know @chrisducker what strategy you’re going to use first to take action before any of the others!
Chris founded Youpreneur® in 2015. He is a serial entrepreneur, keynote speaker and author of the bestselling books “Virtual Freedom” and “Rise of the Youpreneur”. He hosts our weekly podcast, Youpreneur.FM, as well as our annual conference, the Youpreneur Summit. Chris is based in Cambridge, UK.