Starting a Business: Monetize What You Know

Starting a side hustle is a dream for many. However, it’s easier to start a business based on something you know. You don’t always need specific knowledge to be successful with a business, but it can smooth the way. If you are expert in an area, there are ways to build a business around what you know.

Could Your Knowledge be Useful to Someone Else?

The first step is to consider what you know, and determine if it could be useful to someone else. There are those willing to pay for what you know. What are you good at? Is there a need for your knowledge? For some businesses, it’s relatively easy to determine what skills and knowledge you can sell. Freelance-type work, including graphic design, Web development, writing, and programming, is fairly easy to sell.

However, you might be able to build a business around your ability to teach others to use computers, or to use social media to their advantage, or even your ability to garden. It’s possible to act as a consultant in your area of expertise. Find out whether there is demand for your skill or knowledge, and offer classes to teach others.

Share Your Knowledge with the World

Another option is to monetize what you know online. If you know a great deal about a subject, you can share what you know through a blog. It takes time to build up a Web site, and earn money from it, but there are ways to make money through advertising and affiliate programs. Those who truly understand their subject matter can build a following — and an online business — around what they know.

You can turn your hobby or your specialized knowledge into a blog that could eventually bring in supplemental income, or even replace your primary income some day.

Spreading the Word

In any case, monetizing what you know requires that you spread the word about your abilities. Whether you are trying to drive traffic to your Web site, or looking for clients for your consulting business, it’s important to market yourself in some way. Some of your options include:

  • Social Media: Use the power of social media to help you reach more people. Focus on niche sites, submitting to social sites frequented by your audience or potential clients.
  • Show Your Expertise: It’s important to “prove” you are an expert in your field. This can be done through your blog, allowing you to establish your authority, and it can also be helped when you create guest posts for other blogs.
  • Networking: Let people in your social network, online and offline, that you are looking for clients, or that you have a new blog. You don’t have to push the information on others, but you can let them know. Also, attend local networking events and meet others who operate in a similar field.

Any type of business is going to require hard work. Patience is required as you search for success. If you concentrate on using what you know to make money, you have a greater chance of seeing it through, avoiding burn-out, weathering tough economic times, and setting yourself up as a credible expert.

Comments

  1. Financial Samurai says:

    A blog is such a great platform to market your business. I’m imagining all the possibilities once I’m retired and living on an island!

    The older we get, the more we know, and therefore, the more secure we become!

    Sam

  2. Michael says:

    The most miserable times of employment is when I have worked for people chasing dollars. They didn’t care about the product they were pushing or even understand it. They just wanted money. Conversely, working for companies where people are passionate about the product… they don’t even try, and they make money.

    To your point, don’t blog about something because you think it’s going to make you money; blog about it because you love it. If you are passionate about vacuum cleaners, blog about that. The internet is big enough for any niche!

  3. krantcents says:

    When I was a consultant, I monetized what I know. My blog is a new form of monetizing what you know.

  4. 101 Centavos says:

    Everyone’s an expert on something.
    There’s money in your head, only waiting a chance to come on out.

  5. KC @ PsychoMoney says:

    So true, stick with what works. I tried to force a few things that I was not good at and just put a lot of money into it, in the end they failed because I was not the right person to be doing it.

  6. Financial God says:

    I love reading these types of posts. Everyone has something to share, and the profit & loss test is a good way of seeing if what your sharing is valuable to others. Chances are, it just may very well be!

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