#114: Entrepreneurship: How To Stand Out in the Expert Economy

Show Notes

You’ve been in your career for a while, and if you’re like most professionals, you have a lot of real-world experience under your belt. So why not profit from your knowledge? In today’s “expert economy,” that’s exactly what aspiring entrepreneurs are doing. 
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Most people have knowledge, wisdom, and lessons learned to impart that could be very beneficial to others. And in this episode, co-hosts Lori Vajda and Nola Boea are sharing their method to help you determine which of your insights and skills are marketable. Freelance providers as well as on-demand consulting services have given people the flexibility to set their own schedule, the ability to be their own boss, and the opportunity to earn more income.

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In This Episode You’ll Learn 

• How new technology makes it easy to start a business.
• Why more companies are willing to hire a subject matter expert on-demand for consulting services? 
• A quick 5-step process to easily determine which in-demand skills to offer customers.

Key points Lori and Nola are sharing in this episode:

(03:30:65) The expert economy is built on two principles: first, that each of us is an expert at something, even if we don’t think so; and second, that our expertise is worth sharing and has real value to someone else..
(06:16:95) Our five step process makes it easy for you to come up with your first offerings. 
(08:42:96) Why choosing your service or package offerings based solely on how good you are at something may not be the best strategy. Instead, try this. 
(11:44:29) How to determine who your ideal customer is

Resources 

You can subscribe to Lori and Nola's show, (we love you and want to make it easy) on Apple Podcasts, Spotify, Audible, Google Podcasts, Stitcher, or wherever you listen to podcasts.
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ConvertKit: Our #1 Favorite Email Marketing Platform   (This is an affiliate link)

Transcript

[00:00:00] Lori: Selling your expertise is a win-win for you and your potential client. Not only do customers value your information, but you're saving them time so they can focus on their career or business. Of course, the first step to starting your consulting, coaching, or done for you side business is to identify what it is you have to offer. This could be based on your professional experiences, your hobbies, a talent or it could be an area of specialty you've studied at length. Stay tuned, friend, because in this episode we are sharing how to determine which of your skills and talents to monetize so you can start your business.

[00:00:42] Announcer: You're listening to the Sticky Brand Lab podcast where time strapped professionals like you learn how to create a business you love in as little as three hours a week.

[00:00:53] Nola: What would you say you're a subject matter expert on?

[00:00:56] Lori: Well, considering that this podcast is all about helping professionals launch their side business, I would say that I have some clear expertise on that subject, but my side business that I do is as a freelance copywriter, so I have a lot of experience in communication, in content writing, in kind of coming up with a strategy. and I also have a fair bit of experience in cooking, because that would be one of the things I'm passionate about. Actually, I should probably say I have fair bit of experience in eating because that's really what I have a lot of experience in.
[00:01:38] Nola: Yes. You're very seasoned foodie critique.

[00:01:41] Lori: That's true. What about you? What would you say you've got, either area of subject matter expertise or something that you're very passionate about.

[00:01:50] Nola: Oh, good question. So you and I both have that entrepreneurial topic, subject matter expertise in common. I do have people that come to me and ask that type of advice, and we both have copywriting in common. So that is definitely something I'm experienced in. And a niche of copywriting that I'm very familiar with is nonprofit copywriting. So a lot of those have been my side businesses as well as full-time job, but also corporately I'm getting to become more and more astute in change management and corporate strategy, and that's also something I'm fascinated by. Other passions include travel, which I've been able to do as full-time and, a part-time focus and, you know, different crafts and jewelry making and home decor and things like that.

[00:02:38] Lori: Yes. But one of the things that you tapped on was that whole travel piece. And I think listeners would be fascinated to know that you've gone to some pretty remote or kind of third world countries as part of your work, but it also opened you up to new adventures. Which is kind of for a while, and maybe you'll come back to it in the nearer future now that Covid restrictions have lifted, but your, one of your areas of interest was in designing travel that was really transformative.

[00:03:08] Nola: Transformational travel. This is true. Maybe we'll introduce that at some point, but that was where I was able to combine the entrepreneurial knowledge with corporate travel knowledge, as well as some of the transformative experiences from flying to some very little-known places and experiencing and witnessing some fascinating things.
Well, used to be that knowledge, since we're back to what to offer, it used to be that knowledge in a corporate setting in your full-time job was passed down from your boss. As you worked there long term, you gained your experience and you worked your way up the ladder. And nowadays, people aren't sticking around long enough to be passing down their knowledge. In fact, that's why a lot of corporations are having to hire expensive consultants. And at the same time, some people are leaving those companies and if they're not getting other jobs, they're thinking through and offering their expertise as independent consultants.

[00:04:12] Lori: Not only that, you bring up a really good point, but because people have moved all over the world or all over the United States, the things that we used to get passed down from our parents or grandparents to children and generations, those things aren't happening as well. So there's a whole industry about teaching those things that are no longer passed down from generation to generation.

[00:04:39] Nola: And that's often where work ethic was imparted, right?

[00:04:42] Lori: Absolutely. Yeah. For sure.

[00:04:45] Nola: That's a good point. Well, your value to others is your expertise, at least professionally, which is why you're able to make quick and educated decisions in a world where complexity is rising by the hour. And that means there are entire marketplaces and audiences looking for the expertise that you have to offer at a price that individuals and small businesses can afford.

[00:05:10] Lori: Absolutely. A common concern for most aspiring business owners is deciding what products and services to offer, especially given that they have a subject matter expertise professionally, and given our prior example here, personally too, right? So some things that you develop or skill sets that you develop in areas that you're passionate about, or hobbies that you've honed or even generationally from your family.

So whether your ideal customer is a B2B, business to business, or b2c, business to consumer, keep in mind that there are two forms of currency for which customers are willing to pay. And that is the currency of time and money. Your ideal customer can make more money, but they can't get more time. Once that hour's passed, it's gone forever, which is why people pay.

[00:06:05] Nola: That's for sure. So if you are going to offer your expertise, make sure you are doing something that you enjoy. So how do you determine that? Well, we have a five-step process to make it easy for you to come up with those first offerings.

Step one, start by making a list of all of the jobs and volunteer work you've done. If you want, you can go back even to high school, really, if you feel like you've done something significant there. I personally wouldn't go all the way that back. That's a personal call.

[00:06:38] Lori: Yeah, but some people do get experiences in high school. I think we were discussing earlier if you were on the newspaper committee, that might have launched your writing career. So being able to look at some of those tasks that you did early on, or those jobs that you had, even volunteer work can be really helpful here.

[00:06:58] Nola: So we suggest making each one of those a header and a column, in an Excel spreadsheet, and just listing all those positions across the top. Then step two, under each of those positions that you held, you'll want to list all of the tasks you did as part of your work.

Now, it might seem mind numbing, initially. But it's really important that you complete this because what you're doing is you're developing your inventory of the things you did and the skills you developed, and you're not passing judgment on whether that task was important. You're really getting out there a list of skills and experience.

[00:07:37] Lori: Absolutely. Which is going to be helpful because step three, this is where you determine your level of interest and expertise as well as what brings you joy. Now we're suggesting that you do this on a scale of one to five. At the level one. Those are the tasks that you had a low or no real skill development in. Level two. This is where you have a moderate skill level and you have no interest, or that task brings you no joy. Now, level three, that's where you have also the moderate level of skill, but you have an interest and or it brings you lot of joy to do that task. At level four, you have high skill level, no interest or joy in the task. And of course, level five, that's where you have high level of skill and it brings you a lot of joy.

Now, you may be wondering why you would rank on a skill level as well as an interest level, and the reason is, being good at something doesn't mean that you find joy in it.

[00:08:46] Nola: I have an example of that. I have a colleague who is excellent at taking meeting notes. Within two minutes of closing out of the meeting, you have a very exact list of action items. And so for that reason, people are always saying, Hey, can you please be the note taker? And you know what she confided in me? She hates writing the notes. But she's so good at it. She's going to be the one picked.

[00:09:14] Lori: That is a really great example. In my previous career, I was in the mental health field and I specifically worked with kids and families in the juvenile system. Very good at it. And while in the moment of working with kids and families, I really liked it, but there was so many other aspects of the job that it didn't bring me joy and that led to me changing careers and moving in a different direction. But my point is, you can be good at something and not find any joy in it as your colleague confided in you.

Now just because you have a skill level and it doesn't bring you joy, we're going to talk about that in a little bit later. So just shelve that topic for just a second here as we move to step four.

Now at step four, what you'll notice is that your level three, moderate skill level, and it brings you interest and joy, and your level five, high skill, high level of interest, and joy, those things come together. And those are what you're really looking for at the beginning that'll help you decide what it is that you want to offer.

[00:10:28] Nola: Now my brain organizes information a little bit differently. So if you have a brain similar to mine, it may be helpful to you to create a quadrant where on the horizontal axis you're ranking your joy from zero to whatever, and on the vertical axis you're ranking your skill level and then you plot out each of those tasks. And so basically those things you're not really good at and don't really like, those would be closest to the zero point or the lower left quadrant. Those things you excel at or get a kick outta doing, you'd place those in the upper right quadrant. And then of course the other combos would go in their appropriate quadrants. And again, it's those things you have a level of skill at and enjoy doing that you might want to focus on.

[00:11:18] Lori: Yeah, I think when you can see it in front of you, it really makes the wheels start spinning for how you would either offer your services or packages. And being able to see how you would put those together makes perfect sense. So from here, after you've figured out what it is that you want to offer, then move to your audience. Who do you want to provide that service to? And our suggestion would be that you start with the industry you're already familiar with. Because doing so will help reduce imposter syndrome because you're already in that marketplace and you can speak from a place of authority with confidence.

When you put it all together, it could sound a little like this: I offer [the services] to [this audience] and I'll give you an example. I offer email marketing and lead generation services to insurance companies. Or I offer email marketing and lead generation services to small businesses. Now, the example we gave is ideal for a done-for-you type of service model. But let's say that you're starting off as a consultant. Using that same example, let's say that you're, again, an area of expertise is email marketing, and you could assist companies by creating an effective email marketing strategy that supports their overall business goals or business objectives. As a consultant. What you would then do is offer more specialized advice, and you would use success stories that are more specific to the audience that you're targeting or the industry that you're targeting as a consultant.

[00:13:05] Nola: Very good. Let me just mention the thing that you put on the shelf. Where there may be some things that you're very good at doing, but you don't want to necessarily offer it as your product or service, but what you could do is make it part of a bundle. So it might be a service that's very high in demand and it might be something that you know you can provide with some skill. And it may not be the one thing you focus on most, but it could be something you offer peripherally because you know it's an income stream, right? So, just because you don't completely enjoy it doesn't mean you necessarily completely eliminate it from your offerings.

[00:13:47] Lori: That brings up another good point that I want to also expand on, which is, we did this exercise focused on your professional skills and knowledge, but you could apply the same method to a hobby that you have. Or we talked about families that pass down information from one generation to the next. So you could think about looking at what it is that your family has shared knowledge on, that maybe others in the community don't have access to, that you could also put a package together. And again, because it's something that excites you it would be a natural for you to offer it as a business offering.

[00:14:29] Nola: That's ingenious. Well, the first and most important step in beginning your entrepreneurial journey is creating your list of products and services. From there, you can determine your ideal customers. And as you work. You'll soon realize which tasks you most enjoy doing and which clients you most enjoy working with. And as you do, you'll find yourself narrowing or expanding your products and services.

[00:14:56] Lori: Absolutely. Thank you for listening to this episode. We hope it inspires you to think about your expertise in a whole new light so you can create your best and most exciting business and life. If you found the information shared here today helpful, let us know by posting where you're listening or on our Facebook page.

[00:15:16] Nola: Not sure how to turn your idea into a profitable side business? Contact us at stickybrandlab.com/contact. We'd be happy to help you.

[00:15:25] Lori: Be sure to come back next Tuesday and every Tuesday for another informative, inspiring, and motivating episode. And remember, actions create results. So tap into your desire to create a business and brand you love by taking 1% action every day. Small steps, big effects.

[OUT-TAKE]

And you have no interest or it brings you no task to do that joy. To do that joy. too.

[00:15:56] Nola: brings. No

[00:16:03] Lori: Oh, we were moving so well. There's no task to do that. No task to do that. Joy

[00:16:14] Nola: Well, what's sad is I understood you. I was following you. I was following you backwards. . .

[00:16:20] Lori: Absolutely.