Chances are that you know something, or that you have a particular skill. If this is the case, why not monetize it and make extra money?.
Identify Something Others Will Pay For
Your first step to making money with your skills and knowledge is to figure out what you have that others will pay for. Do you have some knowledge that others might want? Are you good at something that others might want to be good at?
Think about your talents, and what you know. If you are a good musician, there are likely others who would pay you to share your knowledge of how to play an instrument. If you have good woodworking skills, someone might pay you to build a piece of furniture (we recently paid a local woodworker to build us a custom bedroom set).
Consider what you have, whether it’s a knowledge of web design, an ability to knit beautifully, or the ability to tutor others in difficult math concepts. Think about what you can offer. Chances are that someone is willing to pay for what you know — in one form or another.
Deliver Your Product or Service to Others
Once you know what you have to offer, it’s time to deliver your product or service to others. The great thing about selling your skills and knowledge is that there are a number of ways that you can convey what you have to others. Here are some ideas for effectively selling your skills and knowledge:
- Teach lessons or classes: You can offer lessons to individuals, or even teach on a class level. You can put out fliers or use word of mouth to let others know that you provide one-on-one lessons. If your town has a community education program, you can offer classes to small groups of interested students. Offer seminars or workshops as well.
- Consulting services: Act as a consultant to local companies or others. If you have a green thumb, offer yourself as a garden consultant. My husband has acted as a survey design consultant, as well as a statistics and analysis consultant. You might be surprised at what others need consulting help with, from public relations to social media to web design. Along with this is the idea of freelancing. If you are involved in something that you can sell as a service to others, consider freelancing on the side.
- Write a book: Share your knowledge in a book. If you can present information in a compelling way, you could earn money from the sales of your book. You can receive royalties if the book is published by a more traditional company, or you can self-publish an ebook or self-publish to Amazon and keep more of your money.
- Start a web site and/or blog: If you want to share your insights and knowledge with a wider audience, you can start up a web site or blog (or have both). You can share tutorials with those who want to learn how to do something you are good at, or share your expertise on a subject. As your traffic grows, and as you are seen as a trusted resource, you can earn money from advertising and affiliate programs. If you are interested in starting your own blog check out our sister site How I Make Money Online for tips and register for the free course.
- Sell what you make: If your skills are more focused on making things, you can sell what you make. Set up an online store, and then sell your wares. Your skillfully made product might be worth a lot more than you think to some people. If you want to start your own online store, check out Steve’s course on Running A Profitable Online Business.
More on Making Extra Money
It’s important to understand that setting up a way to make money from what your skills and knowledge doesn’t happen overnight. None of these paths are particularly easy to follow. You have to dedicate time and effort if you want to be successful at making money with your skills and knowledge. With the right plan, and some persistence, though, it’s possible to make monetize what you know.
Miranda is freelance journalist. She specializes in topics related to money, especially personal finance, small business, and investing. You can read more of my writing at Planting Money Seeds.