If there’s one thing that many people are learning right now, it’s that you can’t really rely on someone else for job security. Even though the recession has technically been over for a few years, job growth is still slow, and not everyone feels safe in their jobs.
Instead of relying on someone else to ensure that you have the income you need, consider developing income diversity. One way to do this is to start a business.
Think about what you know. There are a number of ways that you can turn what you know into a business. You don’t need your side business to replace your day job immediately, or ever; some just keep their businesses as side ventures to build up their emergency fund or investments. No matter what your main goal is, capitalizing on what you know can be a good way to boost your income and prepare for the future.
Here are three ways to turn your knowledge into a business:
1. Start a Blog on Your Topic of Expertise
If you have particular knowledge about an area, you can start a web site or blog on that subject. One of the great things about starting a web site or blog is that the barriers to entry are relatively low. It doesn’t cost very much, and technology has made it easy for almost anyone to get started.
Consider a blog where you share your knowledge to help others. You can use ads to earn money, or join affiliate programs. As you work to build your base, and as your web site grows in popularity, you can begin to profit from the knowledge you share on your blog or web site.
2. Offer Your Services as a Consultant
Another option is to offer your services as a consultant. My husband, who is knowledgeable about survey design and statistics, has been paid as a consultant in both of those areas. If you’re well-versed in a sought-after topic, others might pay you to provide insight.
Consultants can make pretty good money. You can also offer your services by teaching seminars. I know a financial planner who is paid to teach corporate workers about retirement benefits. Whether you turn your green thumb into a garden consulting business, or advise local businesses on how to run a successful social media campaign, it’s possible for you to earn money as a consultant.
3. Teach What You Know
You can also teach what you know for a fee. If you’re good at standardized tests, or know a lot about a specific subject area, you can hire yourself out as a tutor. I taught piano lessons for a while as a teenager, which was great because I earned money on my own schedule. From knitting to computer literacy to dancing to the best fishing spots in the area, it’s possible for you to teach others what you know, and get paid for it.
Most of us know something of interest, and many of us can even be considered experts in a particular area. Think about how you can use your knowledge to earn a little extra money. You might be surprised at what others are willing to pay for.
Have you used your knowledge to start a side business?