Basically it is profitable to know a lot about one or two things whereas knowing a little about a lot of things simply is not enough to warrant people paying you for your knowledge.
‘Jack Of All Trades…’ Never Earn A Lot
In the physical trades IE building trades for example a ‘Jack of all trades, master of none’ is the saying used to call someone who knows a little about a lot but who does not actually know enough to do a proper job.
I know a lot about joinery and woodworking because I spent twenty years working in the industry, I have also learned a bit about other trades like bricklaying and plastering but I do not know enough to offer those trades as services.
It would be wrong of me to even try and I could end up making a mess of the work and costing the paying customers even more money if they have to have put right any shoddy work that I was responsible for… in fact it could cost me money to have it put right.
The same can be said about working from home running an online business. There are many profitable websites and online businesses making many people a great living but I am more than certain the people who make a lot of money do because they are selling services or knowledge around one thing… that one thing is something they know a lot about, something they know inside out.
If you were thinking of building a website and offering NLP coaching then you would need to know everything about NLP to be successful. It wouldn’t make sense to try when you know just a little about NLP.
It certainly wouldn’t make any sense to offer NLP coaching via a website that also offered weight loss help, anxiety help and relationship help if you didn’t really know much about those topics either.
I suppose if you know a little about a lot you could throw those other topics onto the website so a website where you offer very basic NLP coaching along with anxiety help and weight loss help could also have tips and tutorials on how to repair a tap and how to fit architrave… but would you want to read it?
It doesn’t sound very professional does it? It reminds me of those cheap £1 stores that you see that sell anything and everything they can get their hands on. And as you know those stores never have anything of value, nothing which commands a good high price and if they did the store visitors would not buy it or even belive that the price was correct.
I know what Forex trading is but I do not know how to do it successfully, I also know the basics behind sports trading but I certainly do not know enough to teach or coach people on either of them.
A website dedicated to opera and opera singers might be very profitable but I know nothing at all about that niche and would find it hard to create any worthy content around that niche. I don’t like it either so it would be very hard to make any money from that niche let alone be successful.
Not only do you have to know everything about a specific niche you also need to enjoy it. Again this is obvious and I apologise for writing obvious stuff again but this is important.
Being An Expert With Authority Leads To Success
We all know a little bit about a lot of things but do we know a lot of information about one or two specific things? Knowing something inside out gives us the authority which can command good money.
Think about it for a second, if you wanted to be a successful author writing horror and thriller books but felt that you needed some help, guidance and inspiration then happened to see that Stephen King was doing a coaching program for new horror writers wouldn’t it make sense to get your information from him rather than the website with a couple of articles offering ‘writing tips’ alongside ‘rice cooking tips’?
If anyone could command a hefty coaching fee for showing you how to be a successful author it would be Stephen King, not only does he ‘know his stuff’ he has a traceable history of success and knows the whole industry ‘inside out’.
It is important that you know ‘your chosen topic’ inside out so that when you are asked any questions the answers flow out of you naturally as if you were informing someone of your name and birthdate.
Whether it is building websites, teaching marketing or how to use social media, sports trading, forex trading, or offering services like running Pay Per Click advertising campaigns or social media accounts for companies you really need to know you stuff.
Blagging & Chancing Your Way To Failure
If you don’t know your stuff then in reality you are nothing more than a ‘chancer’ and a ‘blagger’. We may idolise blaggers and love to hear stories how someone has managed to ‘blag’ their way to success or took a ‘chance’ and landed on their feet but more often than not chancers and blaggers become unstuck and are discovered and it all goes wrong for them.
To avoid that from happening to you, understanding and knowing something inside out is the best protection you can have. So this means that whatever you want to build your online business around might require you to learn more than you you know already.
If you do not know much about something and want to start an online business so that you can work from home or anywhere in the world then it might pay you to think of what field of expertise you would like to work in and then spend some time studying it so that you know it before you start sharing it as an ‘expert’.
Learn And Build Your Online Business
You could start to build the website and write articles and information as you learn, this is a great way of learning yourself. It is proven that you learn quicker when you write down in your own words the things you are studying.
This way you learn by creating notes in the way of articles and you are building up a website full of content ready for when the time is right to fully start your online business.
The very popular and successful online marketer and writer Pat Flynn did just that… by accident. When he was studying architecture he set up a website and would write down his notes as posts as a way to learn and have an archive of his own information.
Other students doing the same qualification would search Google for information and Google would list his site in their search listings, these people would then visit his blog growing the traffic numbers which he noticed. He soon became the ‘expert’ in this field and began to monetise his website with an eBook and Google AdSense.
He then began to learn about monetising websites and writing as well as learning more about using WordPress.
Eventually he was laid off from the company he worked for and with all the information he had learned about creating profitable websites using WordPress he decided to focus on that instead of looking for another architect job and soon became the ‘go to expert’ for WordPress, online marketing, writing and money making websites. He is an expert in many fields now.
To end this week’s article I just want to reiterate that to be really successful you will need to know a lot about the niche or subject that you want to profit from.
Not only does it mean that people will think of you as an expert because you are full of useful information but it means that you have a huge resource of information that you can turn into articles, videos and podcast…. unless you pay someone to create the content for you in a niche which you know is profitable but know nothing about personally… but that is for another article another day 🙂