I get this question a lot from readers through email: “what’s the best way to make money?”, and it always manages to bring a smile to my face while I shake my head left and right.
It’s an interesting question because there are countless ways to make money in this world, and what might be the best way for me may not be the best for you too.
There are several variables involved in succeeding at various endeavors, such as individual skill-sets, technical capabilities, aptitude to learn, personal and behavioral characteristics, and more, some that can be controlled or taught while some others that cannot.
So while I can’t tell YOU what would be the best way to make money for YOU, I CAN tell you that one area where the chances of failure are slim in my experience is to make money teaching what you know.
No you don’t need professional teaching expertise. If you know your field, teaching expertise can easily be taught. You may not be the best teacher either, but because you will be able to teach what you know, your subject matter knowledge will deliver value to your students.
I like to make money teaching what I know because it’s a proven, one of the most common and successful methods to make money in my experience, especially online where your audience can be anyone anywhere. So if you haven’t considered that option yet, consider how to make money teaching what you know.
You can do very well educating others because:
When I blog on entrepreneurship, personal finance, taxes, blogging and Internet marketing, I am essentially “teaching” what I know and have experienced throughout the years. There is no reason you can’t do the same with your experience.
However, before you embark on your journey to teach what you know, ensure that you have mastered the subject you plan on teaching. Sure you can learn a lot by reading about and studying the subject, but your students / learners will easily be able to see past that and recognize that you lack the practical experience.
I see this mistake made online a lot. Many Internet marketers are out there preaching and teaching strategies that they haven’t tried and don’t know how and whether they work to begin with. I find it quite amusing.
There are no short cuts to this process. I read somewhere that “for something to become true knowledge, it needs a mix of experience, skills, and the theoretical and practical understanding of it”. I could not have said this better. Practical experience is what matters. This is what people want; this is what they will pay for.
So start putting your ideas into practice if you have already developed your knowledge base through practical experience and begin making money teaching what you already know. The Internet makes it much easier today than ever before to get your “stuff” out there in front of millions across the globe instantly.
Readers: Do you think it is feasible for you to make money teaching what you know? Do you know of anyone successfully doing so? Is this part of your long term plan?Previous: Another Incentive of a Home Based Business, Deducting Medical Expenses