Make money with the college of knowledge

September 19th, 2017 by Bob Bly

There’s a lot of money in teaching the business, tasks, and
skills you have mastered … and the information you have
researched, learned, and produced … to others who seek them.

Collectively this is the knowledge business, or as I like to call
it, “the college of knowledge” — packaging your knowledge as
products and services to sell for a price.

Including: ebooks … newsletters … special reports … books …
online courses … webinars … seminars … college courses …
conferences … boot camps … coaching … consulting … DVDs … audio
CD albums … training … membership sites … Facebook groups … the
list goes on and on.

So, how is it that a “knowledge business” even exists? What makes
it possible?

The key to it all a simple principle George Clason wrote about in
his book The Richest Man in Babylon:

“That which one man knows can be taught to others.”

That’s the premise — proven since the dawn of humankind — on
which today’s knowledge business is based.

Now, some who want to get into the knowledge business protest,
“But I am just ordinary; I don’t know anything others will pay
for.”

This is almost never the case.

As my colleague Dr. Gary North warns: “The great mistake of most
small business people is to imagine that their detailed knowledge
of their niche market is widely dispersed.

“On the contrary, hardly anyone knows it. They are owners of a
capital asset that others do not possess and have no easy way of
possessing it.”

And will therefore pay handsomely to obtain.

Another objection I hear is: “Well, I know something about topic
X. But I am not the world’s leading expert. So how can I presume
to teach others?”

Info marketing guru Fred Gleeck astutely notes:

“You don’t have to know more about your topic than anyone else in
the world. You just have to know more than 90% of the people in
the world.”

And either you do now … or can get to that level with some work
on your part.

Widely quoted research shows it only takes 1,000 hours to be
competent at something. And it requires 10,000 hours of practice
and study to become a master of it.

Also, if you know the subject and how to teach it to others, you are
a better source of knowledge transfer than other experts
who perhaps know more than you — but are lousy teachers, as so
many are.

The next objection is: “There is so much information available
for free on my topic already on the internet, why would anyone
pay me for the same information they can already get on the web at
no cost?”

Here’s the thing: What is widely available online is just data
and information.

But in the knowledge business, we don’t merely sell data and
information … although, both are usually part of our offerings.

What sets us apart is that our paid info products and services
provide:

>> Data we have collected through long effort that others in fact
do not have.

>> Deep knowledge gleaned from our data and long experience.

>> Analysis of the data and knowledge to show what it means and
how our customers can benefit from it.

>> Actionable ideas tested and proven to enable those using them
to achieve the desired results.

>> Wisdom to understand what will work in a field, what won’t,
and to consistently know the difference.

In other words, mere data and information are often free for the
asking.

But actionable ideas on how people can use it for their gain are
in short supply … and again, people will pay you handsomely to
get this knowledge.

One more fact about the knowledge business:

If you gain a fan base and become a recognized authority in
your field, people will pay a premium for your knowledge.

If you don’t, they are less likely to do so.

Also, it doesn’t take a huge audience to make a good living in
the knowledge business.

If you build a list of just 10,000 fans and each spends only $100
a year with you, your gross annual income is a million dollars.

Not too shabby.

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This entry was posted on Tuesday, September 19th, 2017 at 10:37 am and is filed under General, Success. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1 response about “Make money with the college of knowledge”

  1. Kevin said:

    Interesting thoughts, but I can’t agree with all of them. You know, a lot of information people get every day is totally useless. There is no “business equivalent” and no place to use it except conversations with your friends/colleagues. It’s just an empty stream of mindless knowledge

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