How to Produce Your Expertise Online for Maximum Earnings

We came across this excellent summary of how most internet entrepreneurs operate, and I think that most of our readers are going to love these simple philosophies:

If you want to make the most of your expertise, you have to make sure that your income does not depend on how many hours you work.

How to package your expertise:

Once you have decided how best to position your expertise, here are some of the main ways you can produce it for maximum profits:

• Write a printed book: Imagine you meet two consultants at a convention. One hands you a business card, the other gives you a signed copy of his book. Which one is likely to win more clients and charge higher fees? There’s no doubt that people who have written books have instant authority status. Yet, with on-demand publishing, it’s now quite easy for anyone to do this.
• Write an ebook: For people not ready to produce a published book, there is a faster option of producing a ebook for sale online as an instant download. Ebooks are very fast to produce and are usually much shorter than printed books. However, because of the instant access – and usually because other bonuses are added to the purchase, the sales price is often much higher.
• Audio and video programs: Technology now makes it very easy to produce an audio or video delivering valuable information, either as a special recording or as a recording of an existing event. These can be quickly packaged and sold at relatively high prices, either as an instant download or by mail using low-cost fulfillment services.
• Membership sites and online courses: Another way of delivering information is through subscription-based membership websites or online courses dealing with a specific topic.
• Advertising revenue: Revenue can also be generated through advertising on a website or blog. Although the income here may be much less than for the other types of product, it can be an attractive source of extra revenue.
• Coaching programs: Books, audio and video typically provide information in a very general way so there is often demand from people for personal advice on how to apply the information to their own situation. This opens the demand for coaching which can be delivered online, by telephone and in person.
• Seminars and workshops: Personal coaching is typically only delivered to one person at a time but seminars and workshops are a method of delivering the same information quickly to a much larger group. While the revenue per head may be lower for this approach, the large numbers of people that can be covered make it very attractive.
• Training programs: Some organizations may want the expertise delivered to larger groups of people in an interactive way through training programs and will pay significant fees to have this done.
• Consultancy: Often people are looking not just for information but they want specific solutions for exactly how they should apply the information to their own situation. This can open up opportunities for very significant fees.
• Franchising to others: If you can structure your expertise so that it is easily turned into a system and taught to others, you have the opportunity to license them to deliver it without your presence, leading to the prospect of licensing fees and other revenue.

You won’t maximize your income just by creating a $50 ebook. But equally running a few high-ticket seminars will not give you the best possible income either.

You probably won’t use all of these techniques but the secret is to find the right mix of different ways of packaging your expertise in multiple ways to deliver maximum profit.

Many of them will work well together. Someone attending one of your seminars may buy a book or audio product and then later return for consultancy or coaching.

The choice of which is appropriate will depend on your personal skills and preferences and the market demand.

How to create your packaged product
The secret to making the most of these opportunities is finding the fastest and easiest way to turn your expertise into packaged product. Here are some ways of doing that:

• Write it: If you have the skills and the time, you can write your own book or program. This doesn’t have to be time-consuming and where it does not need new research, it can be done very quickly. You could quite possibly produce a valuable ebook and have it on sale within a few days.
• Record it: For those who don’t have the time or inclination to write, the information can be recorded. The easiest way to create a product is by recording an existing event. This can then either be transcribed into a written product or sold in exactly the same format as it was delivered.
• Buy it: In many cases, you will be able to buy content that has been previously created by someone else. This could either be in the form of existing material that you are then licensed to deliver. Or you could buy ‘Private Label Rights’ to someone else’s material, where you can then edit it and sell it under your own name.
• Have it created: Another option is to develop a specification of what you want and then pay someone else to create it on your behalf.

Whichever option you choose for creating the product, the secret is to repackage and represent it in as many ways as possible for maximum return.

To maximize the return on your expertise you need to be able to package it in various ways to reach different audiences and to get away from earnings based on the actual hours you work.

In the next Step in this series, we’ll look at how you can start promoting your expertise both online and offline to attract the largest possible number of customers.

Action Steps

• Decide which of the 10 approaches above would best help you make more profit from your expertise.
• Then think about whether it would be easiest and most effective for you to produce it by writing it, recording it, buying it or having it created for you.

HC Consulting Group specialize in internet business consultations and we are happy to talk to you for free. Give us a shout at 1800.794.71792 and we can dissect your goals and make them realities. If you want to see our website, you can also go here today!