3 Ways to Turn Your Knowledge into a Business

by Miranda Marquit · 6 comments

Lightbulb business idea

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? 

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{ 6 comments… read them below or add one }

Jonathan January 15, 2013 at 1:20 pm

I think that starting a blog in an area of your expertise or passion is a great idea, BUT it is very important that you look for a niche way of writing or for a niche subject matter that you know something about. There are so many personal finance blogs for example but what’s different here at moneyning is that the author seems to be more willing to share his journey and post pictures than some other blogs that like to keep readers at arms length. It’s about engaging with your audience in my opinion.

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MoneyNing January 15, 2013 at 1:41 pm

Thank you for the thumbs up Jonathan.

I want to add that one of the biggest reasons why MoneyNing has worked so far is that we simply kept at it. We made mistakes, and we kept going. We did some stuff right, but we kept going. Not many people know but we have been around since 2007, which seems like an eternity in blogging.

Don’t give up as you continually try to find your way and the road will eventually be a bit smoother.

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Jane Savers @ The Money Puzzle January 15, 2013 at 5:04 pm

I bet most people underestimate the amount of energy that goes in to starting up a blog. I wonder if there are any statistics available that show how many people start and give up on underperforming blogs?

This is a lot of work but today someone from Iceland and someone from Romania read my little Canadian personal finance blog. That helps supply inspiration for the years of building that I have ahead of me.

Running your own business can work but only if you do.

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Tom Wachowski January 16, 2013 at 6:26 pm

MoneyNing, agreed… Keeping at it is KEY. We do underestimate how much we know. What’s worse… We underestimate how much we can help people with what we know (and get paid to do it). Easy? Nope. Worth it? Yup! One thing that has helped me is to study sales. Creepy word… Maybe. But that’s what we do everyday, in posts, podcasts, videos… Whatever our medium for helping others… We sell our views, perspectives, and advice. The problem is, we keep forgetting to charge for it! Thanks for putting this post out there… To remind us that we can make some extra money HELPING others!

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Marbella January 17, 2013 at 2:23 am

Starting a blog is the easiest and you will soon see if you has enough with the knowledge in your niche through all the comments etc. then you can try to sell information items to customers and become a consultant, etc.

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dePriest January 17, 2013 at 9:26 am

I used my ability to type quickly, along with my knowledge of medical terminology to do medical transcription as a main business. My business increased by word of mouth. All I had to buy was a transcription machine because I worked at home. It’s an easy job, but I couldn’t stand it after a while because it required too much sitting.

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