10 tips for starting a business based on what you already know

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In the new knowledge economy, what you know is your most valuable resource. Everything you’ve learned, everything you’ve been through, everything you’re good at and everything you are passionate about are your potential assets. 

If you learn how to cultivate that valuable knowledge into a product or service, it can generate income, which can then transform you into a knowledge entrepreneur. 

I like to call this process “turning what you know into dough.” How do you turn your knowledge and experiences into an income-generating business? 

Here are 10 tips for starting your own knowledge business:

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1. Your profession can launch a new career

If you’ve become an expert at something professionally, then you have the seeds of a potential business. There are so many skills and so much knowledge you likely have obtained within your profession that you could share in some way. 

You might start with a profession-based business (such as accounting), and then grow from there with something that truly encompasses your passion (such as teaching others).

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2. Find a narrow niche

As you look for your knowledge niche, go for a narrow focus, not a broad one. You’ll struggle to be successful if you try to be an expert in everything. 

To find your niche, think about the unique angle you can take on your topic. For example, instead of focusing on golfing, focus on left-handed golfing. 

You may transition from one niche to another as you begin to explore — that’s okay!

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3. A small target audience is a good start

It’s okay to start with a small audience. You can engage thousands of people or just a couple hundred people. If they are truly interested in what you are saying and willing to spend money to hear more, you will grow both your audience and your business. 

The key is not to try and attract everyone. You’re looking for a tribe — that group of people who share the same profession or passion as you, have the same pain you once did, or are struggling with problems you once faced — that you can lead.

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4. Share your best stuff for free

Sharing free content can help develop a customer audience. You must get over the fear of giving things away for free. In fact, you should give away your best stuff for free. 

People will feel a sense of reciprocity and want to give back to you either by buying your stuff or by sharing with other potential customers. Once people know you, like you and trust you, they will be more likely to buy from you. 

Sharing knowledge does not have to negatively impact your profession. You do not have to hoard your knowledge out of a sense of competition.

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5. A business can be both profitable and altruistic

Your knowledge has the power to significantly improve other people’s quality of life. You might be reading this, thinking, “I need to start a business to pay my bills or get out of this dead-end job,” but that doesn’t mean you can’t change the world along the way! 

A simple idea can turn into something life-changing and become so successful that you can quit your day job and focus on helping other people.

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6. You don’t need a full business plan

If a strategy, technique or fix worked for your pain or suffering, it will likely benefit others as well. Even if you don’t have an idea or plan for a business, try sharing what you’ve learned and continue to learn for yourself. Eventually, others will benefit, and the result might become a knowledge capital business.

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7. Create an authentic, safe space for others

When you are focused on helping others, you might be surprised by how many people will say, “I have that same problem. Let me try this out.” 

It’s important to always be real. When you’re inauthentic and fake about the pains you have faced, people will sense that. But there is power in being able to create a safe place where you can authentically talk about your pain and how you overcame it.

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8. Your experience can help others with their pain

If you experienced pain or struggle in your life and found a solution, you can become the hero of other people’s lives. Many of us don’t think we are heroic, but you would be surprised by the power that’s already inside you. The remarkable knowledge you gained by going through those painful experiences need to be shared with the world. 

If you’re starting to feel like you can do this, it’s important to listen to that inner voice. It’s giving you a clue that your experiences can be used to help other people.

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9. An accountability partner can help you

Consider finding an accountability partner to help support and develop the creation of your knowledge business. These partners can help you when you’re struggling with fear, doubt, or any other negative emotion that might hold you back. 

Perhaps you can enlist someone you trust who’s also pursuing a dream, and you can encourage each other along the way. Be there to support each other as you both move through these steps to take your knowledge and turn it into a business.

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10. Don’t be discouraged by competition

The first thing people will tell you is that “someone else already did that.” If there are already people in your sphere, don’t worry. Your personality, story and perseverance will attract your audience. What makes all of this work is the power of you. There is no other you. You are the secret recipe to your online business.

This article was syndicated by MediaFeed.org.

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