5 Ways To Monetize Your Knowledge In A Recession
In the depths of a recession, many are looking for additional ways to bring in income. One way I have been trying is to monetize my knowledge. This means bringing the knowledge that I naturally am good at and teaching others how to do the same thing. The best part is it's a skill that anyone can do and requires little to no money in order to get started!
Monetizing Your Knowledge
You're an expert at something. You're a trusted resource in your field. You help people solve their problems and get what they want out of life.
But how do you make money from that?
The answer: by monetizing your knowledge.
Here are some ways to do so:
1. Write ebooks on your topic of expertise, sell them online or via Amazon Kindle, and promote them through social media.
2. Create an online course to teach people about your topic of expertise and sell it via platforms such as Udemy or Skillshare.
3. Start a podcast on your topic of expertise, charge for sponsorships, or sell ads before or after each episode (or both).
Step 1 - Identify What Knowledge You Have That You Can Share
There are many ways to identify the knowledge you hold within. Some of them are:
1) Ask yourself what you’re good at, and what skills you have that make you unique.
2) Think about the things that come easy to you, what do you do without thinking?
3) How do you answer questions most often? What’s your go-to answer when someone asks how something works?
4) What is your favorite subject to study or read about? Why is it so interesting to you?
5) What subjects have been challenging for you in school or at work? Why was it so challenging for you at first but eventually became easier as time passed by?
6) Write down all the things you know about your subject.
7) Identify what you want your online students to know and understand.
8) List all the resources you can use to help your students learn those things.
9) Make a list of all the skills they need to be able to do before they complete your class.
Step 2 - Create An Online Course
If you're looking for another way to monetize your knowledge, creating your own online course is a great option.
Whether you're a teacher, an expert in a field, or have just been passionate about something for years, you can turn that knowledge into an online course and teach people from all over the world.
One of the best things about creating an online course is that it's easy to do. You don't need any special equipment or software. All you need is a computer and an Internet connection.
Before we get started with creating your own online course, here are a few things to consider:
What are your goals with this course? Are you looking to create passive income? Are you trying to build authority in your industry? Or do you just want to share information that can benefit others? Whatever your reason is for wanting to create an online course, it's important to know why before going forward with any projects like this one.
How much time are you willing to invest in creating this course? While creating an online course is definitely easier than creating something like a book or video game (which requires more upfront work), there's still quite a bit of work involved with making sure everything flows together properly and looks good on screen.
Create your outline.
Once you've identified the topic of your course and its target audience, write down the topics that will be covered in each lesson of your online course. Choose the best format for each topic to ensure maximum engagement (e.g., video, audio, text).
Determine Your Audience's Needs and Goals
Once you've decided on a topic and level of expertise, it's time to figure out what goals your audience has in mind when they enroll in your course. Are they looking for more information on a specific aspect of their lives? Or do they want support from other learners as they work towards achieving certain goals?
Step 3 - Create a Social Media Presence
When trying to monetize your knowledge, a very important step is to create a social media presence and decide which platforms you want to use. The following sections outline the advantages and disadvantages of each platform, as well as how to get started.
Facebook is the most popular social network in the world, with 2.93 billion monthly active users (as of April 2022). Most people have at least one Facebook account, so it's a great place to start your marketing efforts.
Facebook offers three different types of accounts: personal, business and fan pages. If you're selling products or services online, then setting up a business page is a good idea because it allows you to include more information on your profile and make money from ads. If you're just trying to build an audience for yourself or your blog, then creating a personal profile will suffice.
Instagram has over 1 billion daily users (as of June 2022), and over half are under 35 years old — making it especially important for companies targeting younger demographics. Instagram makes it easy for users to create beautiful photos and videos — which makes it an ideal platform for visual content creators like bloggers and photographers.
Twitter has over 396.5 million monthly active users (as of June 2022), but its demographic
You can't just rely on one or two social media platforms to promote your online courses. You need to create accounts on all major social media platforms, including the above-mentioned as well as these below:
If you're not sure where to begin, here's a quick list of what you'll need:
LinkedIn profile (with cover photo, banner image, optimized profile)
Youtube Channel (with cover photo, banner image, optimized profile)
Pinterest profile (with cover photo, banner image, optimized profile)
TikTok profile (with cover photo, optimized profile)
Facebook profile (with cover photo, banner image, optimized profile)
Twitter profile (with cover photo, optimized profile)
Instagram profile (with cover photo, optimized profile)
Step 4 - Publish a Book on Amazon
Another lucrative way to monetize your knowledge is to self-publish a book on Amazon, and there are many advantages to doing so: you get to keep all the proceeds from your book sales and you have complete control over how it looks.
I've been publishing books on Amazon for a few years and love the hassle-free income stream. The above is an annual journal that I created to keep my daily, weekly, monthly, and annual priorities straight and focused. Click here to get your copy.
However, publishing a book on Amazon isn't as straightforward as simply uploading it. You'll need to do some research and preparation before you can submit your manuscript for review.
Here's a step-by-step guide to publishing ebooks and print books using the self-publishing route of Amazon KDP:
1) Sign up for an Amazon KDP account
2) Create a cover image for your book ( you can use Canva to create your cover)
3) Upload your manuscript (which should be in .doc or .docx format) and format it so that it meets Amazon's specifications
4) Set up pricing information for your book (this includes choosing whether it will be priced at $0.99 or above $2.99, which may be more expensive than other ebooks sold on Amazon)
Step 5 - Create a Membership Site
The membership site is one of the oldest and most effective ways to build your brand. It’s also a great way to share your knowledge with others and create a community of raving fans.
Membership sites have been around for a long time, but they have become even more popular with the rise of platforms like Patreon and Teachable.
A membership site allows you to create an online community around your topic or niche, and then deliver content directly to those people. You can share blog posts, videos, audio recordings, PDFs, live training events, and more.
The real benefit of a membership site is that it helps you build an audience around your topic or niche that cares deeply about what you have to say. This leads to more sales as well as better engagement with your overall message.
In a recession, it's important to have a fallback plan. Only by having options that you can rely on will you be able to weather the storm when it inevitably hits.
Knowledge is power. In fact, you could make a killing with it…today.
Some of the links in this article may be affiliate links, which can provide compensation to me at no cost to you if you decide to purchase a paid plan. These are products I’ve personally used and stand behind. You can read my affiliate disclosure in my privacy policy.
