As a professional, you know a thing or two about your industry. Right?
There’s a good chance you have a traditional education (college, vocational school, etc.) You definitely have several years of hands-on experience. And, if you’re serious about what you do, then you likely read articles, attend conferences, and take courses to stay informed and competitive.
So now we’ve got a question for you: how much do you think your knowledge is worth?
You’ve invested a lot of time, money, and effort into learning and applying what you know. But what is it all worth?
Once you’ve got a number in your head, take that amount and multiply it by the number of people who need to know what you know.
Did you come up with a nice, BIG number?
Because if you did, then you’ve just discovered why more and more entrepreneurs are embracing Knowledge Businesses.
If you’re unfamiliar with the term “Knowledge Businesses” it’s because this is a relatively new concept. But if there’s anything the Information Age has taught us, it’s that information can be overwhelming. And too often, it can be misinterpreted.
Knowledge Businesses bridge the gap between information and actual application. With the result being...a rising demand for this commodity.
Let’s dig into Knowledge Businesses and discover how they help you break free from the hamster wheel. Shall we?
Knowledge Products Are NOT Info Products
Let’s start by addressing a few misconceptions.
Some business owners shy away from Knowledge Products because they assume it’s a glorified term for the Info Products that were so popular in the 90’s and early 2000’s. And while the idea is the same - exchanging knowledge for money - today’s Knowledge Businesses are much more valuable.
Because you’re not delivering a sleeve of cds, dvds and workbooks packed with information that overwhelms the buyer and gets stuck on the shelf.
While you might still include videos, audio recordings, and downloads as part of your offering, you use an online Knowledge Commerce Platform to deliver your content. Everything can be consumed from the computer or a smartphone.
What’s more, as an online offering, the business owner is much more involved in their customers' experience. Content can be dripped over time. Progress can be tracked. And emails can be automatically delivered to the customer as they consume (or fail to consume) the content.
In this way, success with knowledge products is based on interactivity. It can be customized to provide each “student” with the right educational experience.
Designed to Fit Your Goals
As a bare-bones description, a Knowledge Business sells what you know to other people. But what that looks like and how it’s delivered are entirely up to the business owner.
Some Knowledge Businesses will be the core offering of the business owner. Others are created as additional revenue streams.
Some will deliver a simple course or single download. Others will be fully built out membership sites with all kinds of resources.
In some cases, the content is time-sensitive - meant to be consumed within a specific time-frame. For others, the content is timeless and is always accessible.
The beauty of a Knowledge Business is that it stays within the parameters the business owner sets. The business owner determines how big or small, how complex or simple.
As long as their offering delivers knowledge the target market wants and needs, the potential for profit exists.
But how does it free you from the daily grind?
Knowledge Businesses Allow You To Scale
If you own a service-based business, then you already know that your business is tying you down. Because you’re exchanging time for money. Even if you raise your prices, your business depends on you and the amount of work you can do to succeed.
Sure, you can hire more employees, but now you’re tied down with a whole new set of challenges. Employee management challenges. As a result, service-businesses are incredibly restrictive. And have less chance of creating the cash flow you want.
With a course or membership site, those restrictions are instantly removed. Because it’s not about your time anymore. It’s about the quality of the content you created.
Deliver knowledge your target market wants to know
Create a feasible plan for how your customers consume that knowledge; &
Keep your content relevant
You can sell the same offering to hundreds, even thousands of people. Serving one customer is as easy as serving 1,000 customers. And 1,000 times more profitable.
But do people really want knowledge?
Yes. Yes they do.
Demand for Knowledge Businesses is Rising
Here’s a fun fact for you…
The Knowledge Commerce Industry is currently a $150 billion industry. By the year 2025, that number is expected to reach $331 billion.
Well, there is a huge gap between what people are learning under traditional education models and what they need to know. The world is moving too fast. Knowledge doubles about every 7 years. Do you realize that by the time a person graduates from college, up to half of what they learned during their first year of school will be obsolete?
Our society is demanding a transformation. Formal education is no longer enough. What we’ve realized is that the best recipe for long-term success is to become a life-long learner. And traditional facilities are failing us.
People want and need to know what you know. Because you can help them apply real-world applications. And content can quickly and easily be updated or replaced as more or newer information becomes available.
Plus, for you, content creation and delivery has never been easier.
Knowledge Businesses Require Less Work From You
In the past, Knowledge Businesses were dominated by influencers. Because they had the cash to maintain a team. A team who could make every video, every download, every membership site look professional and appealing.
But as the demand for knowledge has increased, the tools to assist small business owners have vastly improved. Now, anyone can sell their expertise like a pro - without having to hire a technical wizard or design expert.
With nothing more than your smartphone, you could be recording videos. With a Google Doc, you can create a download that looks as valuable as the content contained inside. And with the right Knowledge Commerce Platform, creating the perfect consumption path for your customers is easy.
If you can convert what you know into a video, download, etc. you have the power to create a profitable Knowledge Business.
An article in Harvard Business Review said:
“In the years ahead, people’s use of knowledge-based products both as consumers and on the job will be critical to their economic success. The value of a business will be similarly determined: businesses that are based on providing information to customers will do better than those that are not, and businesses that know how to convert information into knowledge will be the most successful.”
Do we really need to add anything else to that?
When you’re ready to launch your own Knowledge Business, we’re here for you. Sign up here for a free, 30 day trial of CustomerHub.