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Turning Your Knowledge into Cash ONLINE: 7 Reasons Why

Posted on 13. Jul, 2010 by Michael in Online Marketing, Uncategorized, starting a business

I have owned and run a few businesses offline and online over the last 15 years and I have come to realize that one of the easiest and most profitable is selling and promoting what you know online. This is especially the case if you are a consultant, trainer, coach or freelancer who normally sells their time in exchange for money. There are many reasons why I would recommend an online model to either supplement your offline business or supplant it altogether. Here are a few reasons why I think you should consider this:

1. No big capital outlay. Selling online is simple and cheap. There is not huge investment of capital required – so you don’t have to borrow a fortune or use up all your savings and you don’t need to go into debt.

2. You can start small. You don’t need to have tons of employees and you can build it step by step while not neglecting your regular job or activities. Remember, all things need a chance to incubate before they can grow and a small online business is no exception. So you can take your time and work on it by yourself.

3. Simplicity. Online businesses are simple to start. I have trained and helped freelancers to start and develop their own consulting and training businesses and to sell their knowledge online and initially they think it is harder than it is. They think they need to be doing lots of marketing things and spending lots of money on brochures, cards, letters, advertising, etc. In an online business the idea is to get clients to come to you rather than you having to go to them. Simple!

4. Extra Income. Most people who run an online business do it in their free time while keeping their regular jobs – that means they make extra money on the side – until it’s making enough money for them to stop working for someone else. This is because it can be done fairly quickly (compared to a traditional business) and easily a few evenings (or mornings!) a week.

5. Passive Income. Very few business models for small businesses allow you to make money while you sleep. Usually, in a traditional business you only get paid while you are actually working and trading your time for money. I still remember the thrill the first time I woke up and finding money in my account – the result of e-books I’d sold while sleeping. I never used to believe the people who would say this, but it happens and it’s a great feeling.

6. Return on Investment. Online businesses offer much higher rewards for very low risk. Without doubt lots of successful businesses involve high levels of risk but I personally don’t like risk although I have learned to be a little more ‘risky’ as my confidence has grown. But this would never had happened if I hadn’t learned to sell my knowledge online.

7. Security. Whether we like it or not we in the midst of an economic crisis that is going to continue to get worse before it gets better. How confident are you that your job or your current business will survive? Even if you are confident, you would do well to consider what would happen if the worst situation came about. Selling your knowledge and expertise online offers the most cost-effective and exciting opportunities for those who need to face the possibility of redundancy or falling income.

Don’t get me wrong, I’m not saying everyone who sells their time for money should become full-time internet marketers. I still provide consultancy to clients and I love doing that but I am less reliant on it now that I can sell my knowledge and expertise in products and services online.

I just want to conclude by saying that this is not about me telling you things. Okay, I admit it is about me communicating an idea – an idea about YOU and what you can achieve if you take your knowledge, expertise, business online. This is about YOU, your freedom from debt and from being reliant on employers. It’s about you starting your own business with your own knowledge and passion.

Good Luck!

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Turning Your Knowledge into Cash ONLINE: 7 Reasons Why

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11 Responses to “Turning Your Knowledge into Cash ONLINE: 7 Reasons Why”

  1. sachin

    14. Jul, 2010

    Hi Michael,

    Thanks for the info.

    Regards,

    Sachin ratti

  2. Sally

    15. Jul, 2010

    Could you let me into this opportunity. I have a website but I have not been able to turn it into money making site.
    I am into safety consultancy but I have problem even inviting people to my site

    Can you please help?

    Sally

  3. Samuel Akoetey

    15. Jul, 2010

    I AM INTO MANAGEMENT AND MARKETING CONSULTANCY. PRODUCT BRANDING AND PACKAGING. I NEED YOUR HELP TO DEVELOP IT.

  4. Michael

    15. Jul, 2010

    What is it you want to do exactly Samuel?

  5. Michael

    15. Jul, 2010

    Sure Sally, there are lots of things you could do. Free traffic through social media or highly targeted traffic through PPC. What have you tried?

  6. Michael

    15. Jul, 2010

    You’re welcome Sachin

  7. animesh

    16. Jul, 2010

    Hey Michael, i along with 4 of my friends are thinking of starting a consultancy services for ERP solutions for various clients, need your valuable suggestions how to start and what should be the approach to get the client, I’m basically based out in India.

    kind Regards
    Animesh

  8. Michael

    16. Jul, 2010

    Hi Aminesh, Sounds great!

    I will be continuing to send out tips and hints on various aspects of selling consulting services online. Some are more comfortable with it than others but at least you are considering it and it will be a great supplement or even alternative to whatever other ways you intend to market.

    India is a vibrant market I do a lot of business with people there – some excellent technical talent there. Also some of my best customers there too.
    Michael

  9. Michael

    16. Jul, 2010

    By the way Aminesh – I should have answered your question. Sorry!

    I assume by ERP you mean Enterprise Resource Planning? There is a ton of information and knowledge in this subject that you can use to market with. I’d start with doing some keywords research precisely on what topics you are looking at and which niche you are pursuing.

    Set up a simple lead capture page and start driving qualified traffic (this usually means highly qualified and paid traffic) to it. Don’t just set up a website. You need a group of people you can market to. A lead capture page will create this for you.

  10. animesh

    17. Jul, 2010

    Thanks Michael, for prompt response:) basically the ERP is is correct what u have said and we are basically looking for channels field in ERP, we did a market survey and collected data from our own research, since 2 of my friends are in marketing filed they are having good customer, now they client on both sides are ready and we have being consultant between both have to negotiate and start the things, the biggest challenge for any new set up is capital:) which we did had so we are trying for small sector first and once we get established will try for bigger firms…will be in touch base with u ……
    kind regards
    Animesh

  11. Devadas madathil

    19. Jul, 2010

    Hi
    Iam a graduate electrical engineer in India.Now Iam a teaching faculty in the subject. I have seventeen years of practice as an electrical engineer in open cast mining and Pharmaceutical industries .

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