Let’s examine ways you can monotize expertise by turning it into various products that your audience would love to buy.
What are Your Unique Gifts & Talents?
Often as a business owner we start a business based on a unique hobby, talent or skill that we have and we absolutely love to do. You may be a makeup artist, a hairdresser, a cake baker, a jewelry designer, a business coach, a life coach or in some other creative type of business.
One of the major mistakes that I made in my career was about 10 years ago when I had a photography business. I really loved photography. It was my creative outlet and a way for me to express myself and make money at the same time. I thought that I had hit the jackpot because I got to wake up every day doing what I love serving people.
One of the reasons why I was able to build a successful photography business was because I loved it so much that I really invested in myself and became an excellent photographer. Plus my passion for my clients showed through and I always wanted to deliver an amazing experience for them and a top quality product.
But looking back there is one mistake that I made and that was not building the business to run without me in the day today.
I could only make money if I was pushing the camera button on a photo shoot. So over a period of seven years working nights, weekends, holidays, and special occasions when other people were enjoying their families I began to feel resentful and like I was missing out on life. So while my business was flourishing my personal life was suffering.
We Need Multiple Sources Of Income To Achieve Freedom
I made a mistake in that business in that I didn’t have multiple sources of income. I failed to create different revenue streams. And looking back I realize that I left so much money on the table and missed out on lots of opportunities because I was so busy working in the business that I failed to work on the business and see it as an empire that could be used to give myself freedom.
Now that I am on my second entrepreneurial journey I have it figured out. I have many types of ways that
people can do business with me. I have multiple streams of income and I have turned my expertise and my unique gifts and talents into products that other people can buy. Because I’ve taken the time to do this I sell books online on Amazon.com while I sleep, sell memberships into my online marketing Academy, and I have turned my unique approach into a proven process that can be taught to other professionals. I now have systems built into my company where other people can execute my vision and execute my dream freeing me up to be with my family, involved in the missions at my church, and giving back to my entrepreneurial community in large and meaningful ways.
Reach & Empower A Larger Audience
By taking the time to develop books, courses, workshops and experiences I’m also able to reach more people with my message. I’m able to empower more women to build businesses that give them the freedom to continue to be awesome wives, mothers, and members of their community.
I wish I would have known then what I know now : that productizing my expertise and monetizing it into multiple revenue streams and different types of products is the best way that I can make use of my talents and serve not only my business audience but my family as well. I have found new levels of enjoyment in my career and new ways of finding time for my family.
Don’t Just Trade Time For Money, Serve Multiple People At A Time
So if you’re finding yourself frustrated by trading time for money and trading your services for a paycheck and wondering if there is a better way I’m here to tell you that there is. You just need to take the time to think about how your business could be set up for success so that you could turn your approach and how you do things into a process that could be taught to other people or built into a scalable business with products where you could serve more than one person at a time.
If you are a makeup artist and you’re only able to generate income when you have a new bride in your makeup chair please consider taking your expertise and creating different ways for people to learn how to apply makeup from you. You could simply create an e-book and sell it on your website or you could create an online course with training videos or you could create a hands-on workshop experience teaching people the makeup application techniques. You could also become a speaker and take your message to the main stage empowering women to become a more beautiful version of themselves and to love how they look and feel.
Create Products To Make Money Efficiently
In general, productizing your expertise so that you can monetize into different revenue streams is all about thinking about how you can serve a larger population while creating freedom in your career and life.
Shifting Your Mindset
This approach of productize in your expertise will require a mindset shift for you. You will need to think beyond your existing business model of trading time for money and begin to see a new bold vision for your career as an educator, entertainer or inspiring thought leader in your industry.
An action that I would like for you to take this week is to simply think of one way, one new idea that you could do to to translate your expertise into a product. This could be setting the bold vision to write a book, create an online course, hold a training event, or simply write a small e-book and sell it on your website.