What's your area of expertise? What is it for which people come to you for advice or help? I'm sure you have a ready answer for those questions. And if you do, then you've got something valuable to teach. And if you've got something to teach, you can make an income online.
Just use one or more of the vehicles in this post.
Since launching my own business, I've leveraged all 12 of these income-generating vehicles. Here are just some of the ways that I've turned my expertise and knowledge into wealth:
- I make money by consulting, writing copy, and publishing and selling books.
- I create training products, coach, speak, and offer seminars and workshops.
- Not to mention writing blogs, recording podcasts, and providing a host of other services.
The overarching theme of my business is helping others “prosper with purpose.”
That's why I'm excited to share these income-producing vehicles with you. Because I'm convinced that if you've got something to teach, you too can make an income online.
12 Ways to Turn Your Wisdom into Wealth
- Product Sales. These are one-time teaching products. This can be an idea as crazy as “How to draw pug portraits.” And as a pug enthusiast, I may be interested if you can teach me! But don't stop with one product. Create many.
- Personal Services. Offer freelance writing, editing, design, etc. Establish a clientele and create a perpetual income with repeat business.
- Coaching. Coach others to do what you do. You can do this one-on-one or in groups. When coaching groups, you're charging less per person, but making more per hour. And keep in mind that coaching by distance can be quite effective. This means you can coach people around the world while you work from almost anywhere.
- Live Events. Perhaps your area of expertise lends itself to a workshop or seminar. Imagine charging a handsome fee per person. Now multiply that number by 100 or more participants. Offer that workshop quarterly and already you're making a significant income.
- Affiliate Sales. Build your platform and establish trust with your tribe. Then recommend products that dovetail with your business and earn a commission. Your joint venture partners have already done all the hard work. Now you get to capitalize on it by sharing their products with your list.
- Public Speaking. Speaking fees can be quite lucrative. The speaking event also offers a great way to get new clients and sell your products and services.
- Membership sites. Imagine offering recurring annual subscriptions for ongoing training, information, or services. You have to keep producing fresh, relevant offerings to attract and retain clients. But this becomes a source of residual income with annual renewals.
- Consulting. As a consultant, you become a partner in someone else's business for a limited period of time. You get to help them succeed in areas where you have expertise and experience. Much consulting work can fetch a considerable fee. And often a job well done means referral business.
- Publishing. You can write books, self-publish them and sell them on your website. With even less effort, you can create e-books or newsletters with specialized information. These e-books often sell for $35 or more. Your customers simply pay the fee and download it to their device.
- Licensing. Create a product or materials that others want to train from or sell. Then sell a license to them for using your materials. It's also possible to receive a royalty for every customer they sell to. In this way, you're multiplying yourself. You're reaching clients you never would have been able to reach otherwise.
- Audio Programs. Prepare training, teaching, motivational talks, or even sermons in Mp3 format. Promote and sell these items on your website.
- Online Courses. Creating online courses may be one of the most complex vehicles. But they also provide the highest profit potential. And overhead costs are minimal. With current technology, these can be real-time and interactive if you so desire. Online courses provide a platform to sell other products and services as well.
After reading through that list, I hope your “wheels” are turning! You realize that those vehicles actually represent many more opportunities for generating income. You can exploit each vehicle to create many different streams of income. Doing a few of them well, or doing moderately well in most of them can easily bring you $10K per month income.
Which of these vehicles will you pursue first? What other ideas has this post spawned for turning your wisdom into wealth?