Hey bro, I need some money. What should I do?
1. Become an Expert
In order to become financially successful, you must become an expert doing something. If you look at any financially successful person, they have an area of expertise. Donald Trump is an expert on real estate, Michael Jordan is an expert on basketball, Bill Gates is an expert in computers, Tony Robbins is an expert motivator, Tiger Woods is an expert golfer, Brad Pitt is an expert actor, Tyra Banks is an expert model, and Warren Buffet is an expert investor; you get the point. The greater your expertise, the greater your potential for financial success.
If you’re not currently an expert at something, you need to change that; you should develop at least one area of expertise in your lifetime.
It would make sense to become an expert doing something you enjoy. Why? Because you’ll become an expert much faster, and you’ll enjoy the process.
Your expertise should incorporate your uniqueness. You have unique experiences and perspectives that can never be duplicated, use this to your advantage.
If you really want to increase your earning potential, strive to become the best in your area of expertise.
How do you become an expert? You’re going to have to “put-in-the-time,” there are no short-cuts or elevators to becoming an expert; you have to take the stairs. They say it takes approximately 10,000 hours of training to become an expert, so get started today!
2. Create Socially Perceived Value From Your Expertise
When I said you have to become an expert doing something, I didn’t mean doing anything. Your expertise must have socially perceived value. In other words, “people must value your expertise.” If you are an expert at saying the alphabets backwards, it probably won’t make you rich.
Your expertise should aim to fill a social need, such as entertainment, fashion, business, informational, etc. You could start a clothing line, become a CFO, become a public speaker, write a book, or open a jewelry store.
The point is, “people must value your expertise,” so much so that if you didn’t exist their lives would be inconvenienced. How do you know if people value your expertise? They talk about it, they tell their friends about it, they are excited about it; …they feel it can not be duplicated.
3. Promote Your Value
At this point, you’ve become an expert and created value. Now it’s time to tell the world about the value you’ve created, and inform them as to how they can benefit from it. You need to “get-out-there” and become your own best marketer.
If you’ve written a book, schedule an interview with almost anyone who will take you. Don’t overly limit your market. There are people who ONLY want your service or product. As an example, the only time in my life that I ever watched basketball is when Michael Jordan was playing, I was drawn to his expertise. When he stopped playing, I stopped watching. There are people who only want to learn from you, they will only listen to you. So let as many people as you can learn about your unique product or service.
The truth is, you can have an awesome product, but if know one knows about it, it doesn’t do anyone any good. I can think of some great books that I’ve read, books that others would have gladly paid for, they just didn’t know about them. The singer David Cook, from the American Idol television show, said that he only sold 1,000 records the year prior to going on American Idol. Three months following the release of his next album, after leaving the American Idol tour, he sold over one million records. Was he a “thousand times” the singer after leaving American Idol, probably not, but a “thousand times” the people knew about him.
You need to passionately share what you believe in, but don’t fake it. If you’re not passionate about marketing your product, you need to find out why. Maybe you don’t truly believe in the value it gives to other people. If you don’t truly believe in its value, don’t sell it to anyone else!
4. Deliver Your Created Value to the Marketplace for a Reasonable Fee
So now you’re an expert, you’ve created a valuable product or service, and people are excited about the benefits your service can bring into their life.
The next step is to consistently deliver that value for a reasonable market price (this step may be done in conjunction with step #3). You can do this step via your publisher, if you’ve written a book, via the World Wide Web if you have a product, or via a physical store, to name a few options.
If you’re truly an expert, and you’ve created genuine value that people are aware of, delivering the goods for a reasonable fee will be the easiest task, so have fun!
Photo Cred: BusinessDayOnline.com