Your skills and knowledge are worth money. Here’s how to calculate their value
(Image: iStock/mapodile )
Everyone has a skill they can teach someone. So whether you’re looking to turn your knowledge into a profitable side hustle or ready to launch a full-time business, here are four steps to turn your expertise into a business.
1.Identify the problem you solve – Buying is an emotional decision. So here’s the thing, when it comes to making money from your expertise, people don’t pay for your skills, they pay you to solve their problems.
Let’s say you want to turn your expertise in personal finance into a side hustle. First, determine your area of specialization in personal finance (e.g., retirement planning, student debt, real estate investment, etc.). Then make a list of the challenges or problems people have when it comes to managing their finances. Next, turn those challenges into an opportunity to create a product that fills a need or teaches someone how to do something related to your area of specialization.
2.Find and engage your target audience – Go beyond demographics and get insanely curious about your audience. Search social networks for groups that match your area of expertise and ideal customer’s interests. This may include:
• Direct competitors
• Facebook groups
• Search and monitoring tools (g. Google Alerts, Hashtagify.me, Instagram, etc.)
Browse comments and extract anything that looks like a challenge, common question, or wish list from a customer. This information can be used to set yourself apart from the competition.
3.Determine your value proposition – Focus on ways you can make someone’s life easier, and your unique approach to making it happen. Answer this question for your audience: “What’s in it for me (WIFM)?” What’s the value your audience can expect from you? What are the benefits of your product or service? What transformation/results can your audience expect?
4.Determine your revenue stream- Package your solution into something of value for your audience:
• Speaking/Training/Online Course
• Physical or Digital products
• Professional services
• Membership model