Do you have valuable knowledge or expertise but unsure how to monetize it and transform it into a profitable online business? If you’ve ever wondered how to turn your skills into a successful venture, you’re in the right place! In this article, I’ll share with you the exact steps to turn your expertise—no matter the field—into a steady income stream.
- Identify Your Expertise
- Define Your Niche
- Define Your Target Clients
- Paid Services
- Promotional Services
- Sell Your Services
- Grow, Scale, and Automate
Whether you’re a social media marketing guru, a Microsoft Excel wizard, an Italian language teacher, or a certified nutritionist, your knowledge is valuable, and the world is ready to pay for it. But how do you market what you know? How do you get paid for sharing your expertise?
To make the process clear and actionable, I’ve broken it down into seven key steps. Ready to turn your expertise into profit? Let’s dive in!
1. Identify Your Expertise
The first step is identifying your expertise. The best way to do this is by answering the following questions:
- What are you good at?
- What do you love doing?
- What knowledge do you have that others find valuable and are willing to pay for?
- What kind of problems can you solve?
- How can you help your customers?
2. Define Your Niche
Once you identify your expertise, try to narrow your services down by identifying a specific area within your field that you excel in and that you are passionate about. Then, focus on this niche to establish yourself as an expert in that particular area.
Let’s say you are a marketing specialist. Examples of niche areas of expertise for you could be:
- Social media advertising for wellness products
- Content marketing for small businesses
- Conversion rate optimization for e-commerce websites.
If you need more help in defining your niche, I suggest you read the blog article “How to Define Your Niche for Your Field of Expertise”.
3. Define Your Target Clients
While defining your expertise and niche, you have already formed a generic idea of your target clients. All you need to do now is to go into detail in defining their characteristics and needs. To do that, ask yourself:
- What does your ideal customer need or want?
- What problem do they have that want to solve?
- What are they willing to pay for?
- What are their key demographics and their interests?
Add anything else relevant to what you can offer them and to the problem they want to solve.
4. Paid Services
One of the main purposes of your online business is to turn your knowledge into profit. Therefore, preparing your paid services set is key to generate a revenue.
Here are the key paid services that can help you get started and can lead to a good regular income and profit levels:
- An online course that should last a few weeks, which you can sell for a price between 97 and 297 Euro,
- A low-priced workshop that can last a few hours or a couple of days, which you can sell for around 17 to 57 Euro,
- Group coaching packages and 1:1 coaching, which you can sell for around 100 to 150 Euro per hour.
The best option is to combine these packages, by promoting your online course at the end of your workshop, and offering coaching packages as upsells to your online course.
Once you optimise these first services and gain more experience in providing them to your online customers, you can also offer a coaching programme, which should last a few months and will have a much higher price, like 1,000 or even up to 10,000 Euro.
5. Promotional Services
In order for people to get to know you, trust your expertise and find out about your paid services, you need to prepare a series of promotional services. The most successful options to do that at a minimum cost is with webinars, YouTube videos, a blog, and providing free digital resources, such as templates, checklists, eBooks, guides, and other resources.
6. Sell Your Services
In order to generate a revenue stream, you need to develop and implement a sales funnel. This helps you guide potential customers through the buying process.
From the first contact to making a purchase, each step should be well-planned. This includes email marketing sequences, carefully planned content within your promotional services, as well as the use of links and calls to action. Every free resource needs to help you gain contact details in order to promote your other free and paid services and resources.
7. Grow, Scale, and Automate
Lastly, if you want to increase your revenue and profit, you can grow, scale, and automate your online business.
There are three basic ways to grow your online business as a service provider:
- Increase your conversion rate – which means converting more prospects (or leads) into buyers.
- Achieve that your customers spend more money during their purchase through cross-selling and upselling.
- Or achieve that your customers buy from you more often. To achieve that, you need to have more products and services available, and then run promotions, discounts, follow ups, new product launches, and other similar activities.
To scale your business, you need to offer products and services that you don’t need to provide actively. For example, pre-recorded webinars, on-demand courses, and other services or resources that your customers can have readily available after their purchase.
Lastly, automate your online business. You can automate your sales funnel providing evergreen products and services readily available and promoted through automated email marketing sequences.
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Summary
So, in order to turn your knowledge into a profitable online business these are the seven key points you need to consider:
- Identify your expertise
- Define your niche
- Define your target clients
- Prepare paid services
- Prepare promotional services
- Sell your services
- Grow, scale, and automate your online business.
By following these steps, you will be able to create a successful online business by sharing your knowledge, doing what you love and what you are good at. The best part? You will help others solve their problems while doing so.
Ready to turn your knowledge into profit?
Are you ready to turn your knowledge into profit? Start now by taking the first step and commit to your online business journey. Sign up now and download my FREE eBook 40 Solutions to Sell Online to help you identify your first set of paid and promotional material.
And if you need further help in preparing your plan to turn your knowledge into a profitable online busienss, read my blog article “How to Define Your Online Business Idea in 7 Steps”.
