I spent most of my career working as a psychotherapist. I saw patients in my office five days per week. And while it was good income, I felt stuck on a hamster wheel. I only earned money for the hours that I worked.
Fortunately, in 2013, I realized I could start earning even more money by sharing my knowledge in other ways. And soon, I was able to earn money in my sleep. I created several different revenue streams by sharing the same advice I was giving to clients in my therapy office in new ways.
You don’t have to be a therapist to get paid to share your knowledge. Whether you’re a plumber, accountant or entrepreneur, you have knowledge and expertise that other people want.
You might start by creating a small side hustle that allows you to earn extra income. After a while, however, you might find you can earn more money with these extra income sources than in your day job (I certainly did).
Here are seven ways to earn a living from the knowledge you already have:
1) Provide coaching/consultation.
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Coaching doesn’t always have to be about your exact area of expertise. For example, if you’re an author who writes about happiness, you might not coach people how to be happy.
Instead, you might coach other authors about how to write, launch, and sell books. Or, if you’ve launched a successful home-based side hustle, you might find there are plenty of other people out there who want to learn how to do the same.
Think about what questions people ask you. That will help you see what information people are eager to learn and you can begin to provide coaching services.
2) Write articles.
While some bloggers earn a decent income, most never do. Blogging is a good way to drive traffic to your other products, but you’re not likely to earn much from sponsors or ad revenue.
You can, however, earn money writing articles for magazines and high-end websites. Some pay by the page view while others offer a flat fee.
3) Create courses.
Online courses are a lucrative source of passive income. You can create a course that you host on your own website or put it up on a website, like Udemy.
If your content appeals to organizations or private companies, you may be able to get big licensing deals. While it’s a fair amount of work upfront to create a course, you can earn money in your sleep for years.
4) Give talks.
Whether you offer full-day workshops or 60-minute keynotes, professional speakers earn money by teaching and motivating audiences. It can be a tough industry to break into, but once you begin speaking regularly—and you do a good job—you can earn a living through speaking alone.
5) Write a book.
While some people insist a self-published book is the way to go, others say traditional publishing is more profitable. But, publishing isn’t a one-size-fits-all. It depends on your topic.
If you have (a) small niche market, you may need to self-publish. Then, it’s up to you to decide whether to create a $50 manual or a $l.99 eBook.
If your book is likely to appeal to the masses, a traditionally published book might help you best reach your audience. You’ll earn an advance and you might earn royalties. Your publisher will be in charge of paying for editing, design and printing fees. You’ll also have professional publicists and a sales team working to sell your book.
6) Create a live event.
From intimate retreats at luxury resorts to a giant conference at a hotel, host your own event. The event might feature your content only or it could include several other speakers.
Just make sure you don’t try to do anything too crazy. No one wants their event to end up like the Fyre Festival debacle.
7) Develop a mastermind group.
Professionals want a place to network and ask questions. So why not bring people together for a fee?
Charge a monthly or annual membership fee to become part of a mastermind group. You might offer regular webinars or exclusive content as well as an opportunity for members to connect with one another regularly.
How to Get Started
If you’re thinking about adding some new streams of revenue to your income, start testing your ideas. Put content into the world and see which of your ideas sparks interest.
The simplest way to do that is through social media. If people appreciate your content, they’ll like, share, or comment.
You can also start a blog, vlog or podcast to gauge interest. Once you establish you have an audience who wants to learn more, begin creating content that will help you earn money from your knowledge.