Monday, March 5, 2018

How to Monetise Your Knowledge and Skills and Turn Passion into Profits

Welcome to Money Tips Daily, this is Money Kelly bringing you money tips to help you save and make more money!

Yesterday, I went through the money B.E.L.I.E.F system and I said that we all have talents and unique specialised knowledge that we can monetise in some way.  

Did you know that you are sitting on a potential goldmine, situated right between your ears? It’s called your ‘intellectual property’ (IP) and it’s where the real money’s made long after the product has been created.

The renowned author and speaker, Tom Hopkins, said “You are your greatest asset. Put your time, effort and money into training, grooming, and encouraging your greatest asset”.

Warren Buffett said that your greatest asset is your lifetime earning potential, not your house!

Take time to consider the following questions:  

  • What are you good at doing?
  • What are you passionate about?
  • What do you enjoy doing in your spare time?
  • What service would you or do you offer to people for free, just because it’s fun?
  • What would you do with the rest your life if you won the lottery tomorrow?

You may take it for granted that you are very good with children, cars, dogs or you have a special skill like writing, speaking, knitting, photography, relationships and dating, buying and renting out property, IT or social media.  

The New Information Age

We’ve had the Stone Age, the Bronze Age, the Industrial Age. Now, the new Information Age and digital economy is upon us.

People want information and solutions to their problems, they want it fast and they are willing to pay for it.

In the old economy, when you wanted to start a business you needed physical things like premises, phone switchboard systems, shops, staff, websites, office equipment and so on.

If you wanted to get your story published, you’d have to convince a publisher or magazine to print it for you.

If you wanted to be on television or radio, you had to approach media companies to give you a “break”.
In the new economy, you no longer need any of the above and you can by-pass the gatekeepers and go straight to your market.

You can start a business from your home with a laptop or even a smart phone. You don’t even need an old-style expensive website anymore.

You can publish articles on your own blogs, e-books and print-on-demand physical books and sell them on Amazon.

You can have your own TV channel on YouTube or Facebook and broadcast your own radio show on Podcasts on itunes.

These media markets are no longer the poor relation of the “mainstream” media. Many YouTube broadcasters get bigger audiences and followings than some terrestrial television shows. Self-published books sell tens of thousands of copies (and the writer gets a much larger cut of the profits) and are increasingly the first choice of non-fiction authors.

You don’t have to take my word for it, just look at the falling profits of old school media companies that have failed to adapt to the new age.

Today, you have the power to sell your knowledge directly to your market and help them solve their problems. Remember the old saying, customers don’t want a half inch drill bit, they want a half inch hole!  

Large numbers of people all over the world are already monetising their knowledge, talent and skills in e-books, blogs, courses, public speaking and coaching.

Friends of mine coach clients locally and on the other side of the world, and also offer physical and digital courses online.

They’re not all fabulously rich - although one 21 year old college dropout friend makes more money in a month teaching social media and Facebook advertising strategies than most people do in a year - but they are living the life they designed and are no longer exchanging their time for money in a job they hate. Like me, they're out of the rat race and living life on their own terms.

One of my mentors, Jim Rohn, would say: “Working hard on your job will make you a living, but working hard on yourself will make you a fortune.”

Start thinking about what you really want? Write it down right now and design your ideal life. Stop what you’re doing and take a few minutes to write down some life goals. Don’t worry about the ‘how’ for now, just find your ‘why’ and the ‘how’ will come.

Over the next few weeks, I’ll be coming back to this and showing you how to find your market, how to advertise directly and cheaply to your ideal dream clients, how to write books easily and fast, how to start selling your services online without a website or expensive web designers. 

I will also be sharing some of my best contacts. The very the people who have helped and mentored me.

See also:

Leverage Your Time and Build a Profitable Online Business - Free Book Offer

Check out my Podcasr episode "How to Monetise your Knowledge and Turn Passion into Profits" on Anchor!

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