22 Ways to Monetize Your Expertise Without Selling Your Time
Of course, everything worthwhile requires time to create initially. What we describe here are monetization channels which, after the initial investment of time, will:
- Generate passive income, or
- Generate returns far greater than their effort (e.g. five-figure speaking engagements, six, even seven-figure podcasts), or
- Generate attractive returns with minimal ongoing effort.
22 Ways to Monetize Your Know-How
How can you monetize your know-how to free yourself from selling your time and allow you to build a passive-income freedom business to support your lifestyle? Let us count the ways…
- Create an online course.
- Create an information product, e.g. a downloadable guide, report, solution to a problem.
- Start a blog. (Use a blog as an audience-building tool rather than trying to monetize GoogleAds, say. Once you have a large audience, selling your own products or affiliate offers can be extremely lucrative.)
- Write a book
- Start a podcast
- Start a video channel on YouTube or Vimeo
- Build an online store selling your products
- Produce a video training series.
- Start a digital magazine
- Build a membership website
- Syndicate your expert content
- Build an app
- Create software
- Organise an event
- Offer coaching
- Build a web service
- Create and sell WordPress themes
- Build an authority website
- Create an industry body
- Speak at events
- Run webinars
- Outsource your service
- If you want financial independence, stop selling your time. However good your hourly rate may be you will reach a limit of what you can earn.
- It makes more sense to leverage the tools and opportunities the Internet gives us to create assets that generate a a passive-income.
- Find ways to replace selling your time with creating assets that generate a passive income. (You’re having to work anyway, so work on developing time-independent revenue streams).
- Commission a WordPress website with an opt-in form. You can have one built from $100 on Upwork.
- Choose one monetization channel to work on and start creating your product in that medium.
- Promote your offer to your target demographic using Facebook. Direct them to your website where they can download your product (paid or free, you decide) in return for their email address. The goal here is to start building your audience.