Sell Your Unique Knowledge
What unique knowledge do you have that has made you successful – or at least made you a living – over the years? Sell your knowledge to people in the same business and develop another source of income for yourself.
In his program Your Secret Wealth, Jay Abraham shares ways he has helped every-day men and women discover the income potential buried in their businesses and in themselves. In this lesson from Jay in capitalizing on your skills and know-how, perhaps you will see the possibilities for your situation. You don’t have to be a real estate salesperson or a lumberman – you just need to identify your unique knowledge or skill.
Secret Wealth Principle #3
Sell your unique knowledge to people in the same business –
and watch the money pour in.
Mo Anderson was a successful realtor whose company was bought out by Prudential Bache, and Mo was forced not to sell real estate for three years in her marketing area. She had no job. She had a bit of money but didn’t know what to do.
Her Secret Wealth
It took Jay less than one hour to uncover her secret wealth. When she was active, probably her strongest suit was her ability to list a property. (Listing is the best strategy of upside leverage an agent can employ, because once the agent has the listing all the other agents in essence work for you by bringing their clients to your house to show it.)
Few agents knew how to successfully and effectively convert their real estate business from a predominantly selling-only practice to an exclusive listing-only practice. But Mo Anderson knew how to do that better than virtually anyone else in the state. This was Mo’s unique knowledge.
Jay told Mo to go outside of the relatively small 25-mile radius within which she was prohibited to sell and offer to teach realtors in other firms how to list property the way Mo successfully did it when she was actively working as a realtor.
Made $75,000 in just two months
Mo charged $1,000 per realtor participant the first time – and got $25,000 worth of sign-ups in month one. She did it again and took in $65,000 on her second attempt. She made $75,000 in just two months!
Lumberman made $568,000 by selling knowledge
to other lumber companies
George Culp also made a killing by selling his knowledge to competitors. He runs a family owned lumber mill. One of the critical aspects of making lumber is “kiln-drying” the raw wood. How it dries determines grade quality and, thus, market value. Poorly dried wood can be worth 30%-60% less per board foot than properly dried or than exceptionally dried. George had developed a method of kiln-drying that produced a far greater percentage of premium-grade finished lumber than the industry average. Furthermore, with his method George reduced waste and scrap by almost half. In addition, George cut energy costs (which are a huge expense in the milling operation) by 15%.
When Jay heard that, he suggested that George sell, rent or license these methods of kiln-drying to other lumber mills outside of his target marketing area. You see, because of the immense weight factor, lumber can only be cost-effectively shipped a maximum of approximately 300 miles. So 95% of the lumber mills in the country and the world aren’t considered direct competitors of George’s mill.
By selling their knowledge to other people in the same business, both George and Mo came out way ahead. George has so far netted about $568,000 off his side profit center and it’s continuing to throw off about $250,000 each year. By the way – whenever George improves or comes up with a new addition to his process, he charges 100 lumber mills a fee to subteach his findings to them. (Once you listen to Lesson 4 of Your Secret Wealth, you’ll see that what you know is probably worth money to other non-competitors in your business or line of endeavor.)
This is an excerpt from Jay Abraham’s program Your Secret Wealth. Jay has extensive knowledge and powerful ideas about how to uncover secret wealth in your life that, in his words, “will help you get raises, promotions, security, income streams, and more.” If this example gives you ideas about opportunities to market your own unique knowledge or skills – or makes you want more information – you can purchase Your Secret Wealth and other Jay Abraham books and tapes on Amazon.com. Or go right to the source at www.abraham.com.
Return from Sell Your Unique Knowledge
to Creative Ways to Make Money