According to a study done by Dartmouth College, 70% of Americans want to be self-employed but only 7% of them actually are.
That’s a huge gap (10:1 ratio) between people that simply “want to” versus the ones that took the leap.
The reason people don’t take the leap is that they believe that starting a business is “too risky”. But in today’s day and age, we can start a highly profitable online business for under $100 - Does that sound risky?
Today, I’m revealing to you the most profitable business you can start right now. Don’t worry, it’s not dropshipping, Amazon FBA, affiliate marketing, or dancing on camera as an “influencer”.
This is a proven business model that I have learned from my many mentors doing $100k/mo.+, used it to build my business, and now teach it to other people.
It does take work but it’s also proven to work, with high profit margins, and isn’t going out of style any time soon.
Let’s dive in!
The proven and profitable business model we’re covering today is selling your knowledge, passions, and skills online (AKA Knowledge Commerce).
Knowledge Commerce is simply charging a customer access to your knowledge online with digital products (more on that later).
It’s a $250 billion industry with a 20.4% compound annual growth and a projected 3-4 billion people will enter the market in the coming years.
Day by day, more and more people want to work for themselves and are looking to the internet to learn things rather than going to a University. You don’t need to get a degree to learn how to do something anymore. All of your answers are just a couple of clicks away.
But with more and more people using the internet and creating content, why would people pay you for your knowledge?
That’s where Knowledge Commerce comes in.
As I said, this business model takes work. It is highly profitable because you only need a few affordable tools to run your online business and there is no limit on your earning potential.
The big question is, “How can I start a knowledge business?”.
The best option I can give you is to pick up my 5-Step Action Plan here. It’ll walk you through how to earn your first $100+ in passive income (even if you don’t know what your business idea is).
Nothing compares to the feeling of your first hands-off, passive income sale. Once you do it, you realize that you can do it again 100 times or 1,000 times over. It’s really exciting and I walk you through all of the steps in this guide here.
But to sum up the major points you need to know on how to turn your knowledge into a thriving online business, we can break it down into 3 steps.
I’m not going to dive too deep into this because we could cover a lot. I’d recommend watching this short video where I walk you through a 3-step process for finding your business idea.
In short, your perfect business idea lies in your ability to fall in love with solving a problem lots of people face.
For example, I teach people how to start and grow their online businesses by sharing their knowledge, passions, and skills.
There are a lot of people in the world that are interested in how to do that. But on top of a high amount of interest in the subject, I personally love learning about how to turn passions into income and then sharing what I learn with other people.
I know what it’s like to feel stuck in a job you hate while you’re seeing other people online living the dream.
One day, I said enough is enough and I took the leap to just start. Years later, I found out how to run my own business online.
What’s YOUR story?
What’s a challenge you’ve overcome, and are you super passionate about solving for yourself, that you could share what you know so far with other people?
Chances are, you’re not the only one who has (or still does) struggle with that.
As long as you’re constantly learning and sharing what you know right now about solving that problem, you can have a profitable business!
You don’t need to have climbed the whole mountain to help others, you just need to be one step further than the person you can help.
Once you’ve nailed that niche idea/topic down, that’s the foundation you’re going to build your business on.
Now it’s time to get discovered!
Now that you have a business idea, you just need to answer as many questions as possible people have about that topic. That’s where your content comes in.
You want to be where your people are showing up and there is no better place on earth than Google and YouTube (podcasts work too).
Google alone has 3.5 billion searches per day (40,000 searches per second) and that number is growing every year.
These are people searching for answers and solutions to their problems around every topic you can imagine from fitness, self-development, careers, relationships, cooking, parenting, and more.
The best part is, you can start a blog on your YouTube channel and only post 1-2 times per week in your spare time and start getting traffic to your site!
The way most blogs and YouTube channels make money is through affiliate deals, sponsorships, and ad revenue. But smart bloggers and vloggers focus on building an audience and collecting emails.
But there’s an even better way to make money through your blog, podcast, or YouTube channel that trumps all of those other ones and doesn’t require you to have a massive audience - digital products.
Digital products come in make forms including:
Digital products can be sold anytime, anywhere without having an inventory or worrying about shipping. Once a digital product is built, it’s a digital asset that will last you and your business a lifetime.
For example, as soon as someone buys an online course from you they get instant access to the content via email. Any updates you may want to make to improve your digital product can be made in seconds for every person enrolled - you just can’t get that anywhere else.
And if you’re wondering why people would buy your digital products when everything is already available online, think about it this way…
Rather than digging through 10-20 sites trying to connect the dots and solve your problem, if you could buy a single online course that neatly organized everything you need to solve your problem in a step-by-step format, wouldn’t you just get the course?
The same is true for your audience.
I hope you can see the value in building an online knowledge business. To hit it home for you a bit more, I want you to think about this…
My business costs me right around $3,000/year (about $250/mo.) to keep the doors open. That covers everything I need and more.
The beautiful thing is that you can do it for even cheaper (like $50/mo.). It really comes down to the tools you decide to use to run your business. Personally, I run everything in Kajabi.
As I mentioned in the beginning here, there is no limit on your earning potential. So if I make $100,000 for the year, my business expenses will still be $3,000. That’s $97,000 of profit!
There is no other business on the planet that can give you that kind of return.
Now is the best time to start sharing your knowledge, passions, and skills online and you can start with under 3 hours per week.
Enter your email below and get started in building your online business today!
Download this 5-step action plan PDF to earn your first $500/mo. in online passive income.