Here are 13 ways to increase your income using your expertise and experience. We all know how to do something very well and have gone through life, learning a lot. So, given all that we know and all that we have been through, we are in a position to make more money. Don’t you think so?
Well, let me help you understand. What you know is your intellectual capital. Your intellectual capital comprises one third of your wealth. Remember, your wealth is equal to your human capital plus your intellectual capital plus your financial capital. Financial capital isn’t last just because, but really because its least important. More important than the actual money is what you know and how you will pass on that information, so you can leverage what you know and have been through to build wealth.
That is what I am sharing with you right now. These are just a subset of the solutions I share with my clients, when we devise income strategies. How to use what you know and have been through to help you make more money. How to activate an income stream that totally consists of investing in yourself. How to use what you have to get what you want.
So, without delay, here they are:
Books are the best way to tell your story. With a captive and engaged audience, you can share information, share your life and share experiences by writing a book. Financially, it makes a lot of sense because you can get royalties. Royalties are a form of income. Whether you self-publish or are offered a deal, a book is inside of you, waiting to be shared with the world.
We all know something very well and whatever it is can be taught to others. Speaking and becoming a speaker is a way to monetize our experiences and expertise. There is always interested in learning more about something specific. As a speaker you can be hired to speak to group based on what you know or what you’ve experienced. You charge a speaking fee in exchange for delivering a particular topic. You may decide to impose the cost of travel and accommodation onto your client or get reimbursed, when you can.
Coaching is a natural extension from speaking. When you travel to speak to groups, you begin to touch individual lives. People meet you at the event and they want to work with you to undergo their transformation. On the other hand, you may be good with listening to people and helping them to achieve their goals. You’re a problem-solver. You can be a coach. Starting a coaching practice requires minimal startup cost. You can start with your current strengths and areas of expertise to start to coach others on how to do something or how to achieve something. You can charge a hourly rate or a flat fee for the service and develop packages custom to your client’s need.
Similar to coaching, consulting is a great way to earn additional income. You can position yourself as a consultant to companies, of all sizes. Hire yourself out for a very specific task, process or strategy that the client needs. Charge an hourly rate or flat fee based on the scope of work presented.
Webinars are virtual presentations with a visual and audio component. You can create presentations in Microsoft Office Power Point or Google Drive Presentation and upload the presentation to a webinar software. Invite a captive and engaged audience to the webinar. Use the webinar to present information that people need, solutions to common problems and steps to be successful at something. You can charge to attend the webinar or make an offer for a specific product or service on the webinar.
Based on your know-how to do something really well, you can develop a program for it. The program would teach others how to do that same thing. You decide how you want to deliver the program, what you want to teach, and how much you want to charge. Use the internet to market the program. You may choose to offer your program only during specific times of the year or as often as you’d like.
- 5-Day Challenge
5-Day challenges are great ways to help others experience change in a short of amount time. You can do a 5-day challenge about anything under the sun! You can charge for the challenge or make the challenge free, but ask folks to purchase a guide or journal for the challenge.
Developing a product based on your talent, skill or interest, can go very far. Products allow you to reach individuals on a mass level. If you have a service based talent skill or interest, you must consider ways to take the information and training you sell and turning it into a product. Selling products online is how you make money in your sleep!
- 1-2 Day Conference
When you can capture the attention of a specific population of people who like to do something or who are interested in learning something, you can host a conference. Conferences bring together people who are like-minded. It’s a great way to make a splash with a specific market or population. You can charge admission to the conference, you can sell vendor space, you can offer sponsorship and you can collect speaker fees.
Similar to webinars, teleconferences allow you to disseminate information virtually, via the phone. You secure a conference line from companies like FreeConferenceCalling.com and then host a “meeting” to a specific audience about a specific topic of your choice and their interest. You can charge admission and then offer products and services on the call.
- Live Event
Similar to a conference, but different in format are live events. You may decide to host a breakfast, brunch, lunch or dinner event and create one ticket for all-inclusive dinner, dessert, beverage, and materials. On the other hand you may want to host a networking event to bring together all of your contacts and supporters or a fitness challenge to create a dynamic outdoor experience. You may want to host a workshop for people to learn more about a topic that you are well versed in and want to help others. Whatever the topic or format, companies like Eventbrite exist as a great way to market and collect money for your event.
Retreats are a great way to bring a small group of like-minded people together to do something they love. You charge them for accommodations during the retreat, food and the experience you’re going to create at the retreat. Regardless to the theme, you can craft a package to serve the people who need or rely on your area of expertise.
- Create Partnerships + 1 Above
When you can align yourself with someone else who can supplement or compliment your area of expertise, you both can create synergies to create one of the above and split costs and profits. You’re able to leverage someone else’s network and reach a broader audience who can benefit from what you have to say.
Now, I know that was a lot, but it was meant to give you a breadth of options to consider. You should do what comes to you first. Do what seems most exciting to you. Your energy and passion for a particular method over another will help you take action time and time again. You need that. No overthinking. No procrastination. Simply ways to share what you know with people who can benefit from the information.
Let me know your thoughts and if you have any questions, I’d love to be a resource. Join our community of money masters and wealth builder and get more valuable information like this sent to you!