Convert What You Know Into Income
In this article by author and master marketer Bob Bly, you’ll learn about how you can convert your specialized business knowledge into a side income. I have learned a lot from Bob Bly over the years and hope you make him one of your “virtual mentors.”
There’s a lot of money in teaching the business, tasks, and skills you have mastered … and the information you have researched, learned, and produced … to others who seek them.
Collectively this is the knowledge business, or as I like to call it, “the college of knowledge” — packaging your knowledge as products and services to sell for a price.
Including: ebooks … newsletters … special reports … books … online courses … webinars … seminars … college courses … conferences … boot camps … coaching … consulting … DVDs … audio CD albums … training … membership sites … Facebook groups … the list goes on and on.
So, how is it that a “knowledge business” even exists? What makes it possible?
The key to it all a simple principle George Clason wrote about in his book The Richest Man in Babylon:
“That which one man knows can be taught to others.”
That’s the premise — proven since the dawn of humankind — on which today’s knowledge business is based.
Now, some who want to get into the knowledge business protest, “But I am just ordinary; I don’t know anything others will pay for.”
This is almost never the case.
As my colleague Dr. Gary North warns: “The great mistake of most small business people is to imagine that their detailed knowledge of their niche market is widely dispersed.
“On the contrary, hardly anyone knows it. They are owners of a capital asset that others do not possess and have no easy way of possessing it.”
And will therefore pay handsomely to obtain.
Another objection I hear is: “Well, I know something about topic X. But I am not the world’s leading expert. So how can I presume to teach others?”
Info marketing guru Fred Gleeck astutely notes:
“You don’t have to know more about your topic than anyone else in the world. You just have to know more than 90% of the people in the world.”
And either you do now … or can get to that level with some work on your part.
Widely quoted research shows it only takes 1,000 hours to be competent at something. And it requires 10,000 hours of practice and study to become a master of it.
Also, if you know the subject and how to teach it to others, you are a better source of knowledge transfer than other experts who perhaps know more than you — but are lousy teachers, as so many are.
The next objection is: “There is so much information available for free on my topic already on the internet, why would anyone pay me for the same information they can already get on the web at no cost?”
Here’s the thing: What is widely available online is just data and information.
But in the knowledge business, we don’t merely sell data and information … although, both are usually part of our offerings.
What sets us apart is that our paid info products and services provide:
Data we have collected through long effort that others in fact do not have.Deep knowledge gleaned from our data and long experience.
Analysis of the data and knowledge to show what it means and how our customers can benefit from it.
Actionable ideas tested and proven to enable those using them to achieve the desired results.
Wisdom to understand what will work in a field, what won’t, and to consistently know the difference.
In other words, mere data and information are often free for the asking.
But actionable ideas on how people can use it for their gain are in short supply … and again, people will pay you handsomely to get this knowledge.
One more fact about the knowledge business:
If you gain a wide base and become a recognized authority in your field, people will pay a premium for your knowledge.
If you don’t, they are less likely to do so.
Also, it doesn’t take a huge audience to make a good living in the knowledge business.
If you build a list of just 10,000 fans and each spends only $100 a year with you, your gross annual income is a million dollars.
Not too shabby.
Copywriter / Consultant
31 Cheyenne Dr.
Montville, NJ 07045