If you’ve recently heard or seen people talking about “knowledge business” or “knowledge broker” but don’t know what it actually means, don’t stress, in this post I am going to explain what knowledge business is about and why you should consider starting one.
What Is a Knowledge Business?
In its simplest form knowledge business can be defined rather as a movement of making impact and along the way profiting from sharing what you already know with the world.
Educational business is a new type of business centered around teaching others to start, grow, or scale their own businesses. As a matter of fact, the knowledge business is a process of extracting your or someone else’s knowledge, packaging it up, selling and profiting.
Knowledge industry is sometimes called a “hidden” $455 million dollar a day industry [as of writing this blog post] that’s expected to GROW to $1 billion per DAY by 2025 according to Forbes! Self-education is the future because education is border proof and can happen anywhere in the world and it is recession proof as well.
People spend millions every day to learn specialized knowledge from other people. They will always be willing to pay you handsomely for your advice or skills if it helps them solve their problems or help them go faster especially in recession times.
It’s one of the fastest growing industries in the world that most people even don’t know exists. And, by leveraging the Internet, technology and automation this business can be scaled up to the level where imagination could be your limit.
One of my favourite quotes by Jim Rohn says, “Formal education will make you a living; self-education will make you a fortune.” I can’t agree more with this statement!
Who Is a Knowledge Broker?
A knowledge broker is someone with a skill, expertise, or passion that shares it with the world for impact and profit. This is someone who is willing to share his strategies, know-how and resources to help transform people’s lives taking them to the next level.
Any person can become a broker of their own knowledge or skills and share their experience with people. Or, you can be a broker of someone else’s knowledge and skills and still share them with the world to make impact and profit from it.
Depending on where you are right now in your business or life, you can start your knowledge business even today!
5 Reasons Why You Should Consider Getting Into Knowledge Business Now:
Reason #1 – Impact and Legacy
Every individual on this planet has a potential to create more impact, more meaning, and more success with the influence they already have. Knowledge business does allow you to get more out of your life by leveraging the potential inside you and leave your legacy and impact the world.
When you do what you love and love what you do, you actually achieve your full potential and reach a top of Maslow’s hierarchy of needs, i.e. self-actualization. It feels great waking up every day and getting to authentically make an impact on people’s lives, while at the same time achieving next level success for yourself and your family.
Reason #2 – Time and Location Free
There are many great businesses that are profitable, enjoyable but they are bound to time and specific location. If you run a brick-and-mortar client business, you will be limited to working certain hours in a day at a specific physical location, for example a beauty salon. However, if you teach beauty salon owners how to run a successful business, you won’t be necessarily tied to time or location. You can do anywhere and anytime, online or in person. See the difference?
Now, let’s take a look at another example – ecommerce. Even the ecommerce which is booming worldwide and viewed as a great business model today has its own shortcomings. To get a successful ecommerce business running you need to manage physical stock, fulfill orders, have healthy profit margins, etc.
With knowledge and educational business there are no such limitations. You define your time and location working on your own terms from any part of the world using the Internet and technology. And, the only product you deliver is your knowledge and skills, which are in high demand on the market.
Reason #3 – Recession Proof
When the economy falters, consumers tighten their belts, businesses cut non-essential expenses. And, during economic decline, which may be the onset of a recession many jobs get cut out, employees get laid off. However, in any recession there are some businesses and occupations which will always be in demand no matter what.
Let’s take an example of a medical professional. Regardless of economic situation, people will always turn to a health specialist for their needs because they can’t wait with their problems or needs.
If you have skills and knowledge or you are a broker of someone else’s knowledge, which can help solve people’s life or business problems, you will always be in high demand on the market.
Reason #4 – Very Profitable
Knowledge or educational business products are delivered and packaged in conventionally available formats such as coaching, consulting, webinars, seminars, workshops, online courses, memberships sites, masterminds, live vents, and much more.
Variety of knowledge delivery forms and formats allows for repurposing and repackaging the information in higher perceived value to sell it at a much higher price. This is why selling information and educational products is more profitable and has a higher perceived value in the eyes of the consumer.
In a new virtual knowledge economy, profit margins are much higher than in traditional business models. Because the main commodity you are selling is your knowledge and expertise. You don’t have to worry about buying expensive inventory, fulfilling and shipping physical orders, renting a space etc.
However, you still have to pay for technology, software, accounting, marketing etc. However, these expenses are not in comparison to the ones of non-information business models. Therefore, you end up having a very profitable knowledge business with healthy margins.
Reason #5 – Highly Scalable
How do you scale your knowledge business by working on your business rather in your business? You do it by leveraging systems, technology and automation, not your human flesh. You extract your knowledge, create content once, put it into appropriate format such as online course, coaching program, membership site and keep profiting from it over and over again.
In the educational and information business, availability of various formats allows delivering information in a more scalable one-to-many vs. one-to-one mode. As a matter of fact, you basically clone yourself and become omnipresent on different platforms and channels as much as your marketing and advertising efforts allow you to be so.
Generally, when you are viewed as a highly sought-after expert in some domain you can always charge higher fees and scale your services because you start charging for the value you provide – not time or skills.
Think of a family doctor and a brain surgeon, as an example. Both are health practitioners but they are not paid or use their time equally.
The family doctor trades his time for money examining multiple patients throughout a day. Whereas, the brain surgeon has a few consultation hours per week, and performs probably two or three brain surgeries a month but makes way more money.
Why is that? Because the brain surgeon trades his value for money thus scaling his medical business exponentially.
(You can learn more about a myth of “time is money” in my Never Say “Time Is Money: Elapse – Collapse Paradox And How To Solve It” blog post).
About a year ago I was so fortunate to join a Knowledge Broker movement that has already grown to 24,000+ people since then. Now, I am proud to be a certified Knowledge Broker and Mastermind.com professional by Dean Graziosi and Tony Robbins. Having learned their “KBB Method” allowed me to extract my own knowledge and expertise and share it with my clients and students, impacting their lives and businesses.
If you would love to learn the blueprint to gain next level success and make an impact on people’s lives by sharing your knowledge (experience, skill, hobby or passion) and learn how you can do it too, click to find more details here.