In the 1980s, business author H. Skip Weitzen coined the term “infopreneur” to refer to people who went into business by selling knowledge on a particular topic. Infoprenuers engage in knowledge commerce by creating media, teaching and consulting on the topic of their expertise. Today, more people are turning to freelancing as a source of income because it can offer more flexibility and freedom than traditional employment, and many are becoming infopreneurs.

Finding Your Knowledge

If you have a passion, skill or hobby that gives you unique expertise, infoprenuership might be worth a try. The online learning market is predicted to reach a $241 billion value by 2022, as more people are turning to online courses, master classes and digital tutoring. Are you ready to turn your knowledge into income and start teaching others?

You’ll need knowledge or skills on the topic you want to teach and a unique personal brand to set you apart. You don’t have to know everything to begin, but you should know enough to teach beginners who are just starting out.

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Building Your Business

Last year, over 57 million Americans worked as freelancers, adding $1.4 trillion to the U.S. economy. It’s getting easier to find freelance work than ever before, and 71 percent of freelancers say they found more work in in 2017 than the year prior.

Nearly half of millennials have tried freelancing, and many enjoy the freedom of setting their own hours and becoming their own boss. Infoprenuers have made successful careers in web design, self-publishing, cooking and even teaching people how to get a baby to sleep.

But even if you aren’t building a business around infopreneurship it can still be a great supplement to an existing business — people love to hear from people who are already successful at what they do.

Recruiting Your Followers

In order to recruit your first students, you’ll need followers. Start your business by creating a website and social media accounts. Your brand will determine your teaching style, content and how you present your image to the world. Having a clear vision and goals for how prospective students will see you is essential to developing your brand.

Learning Opportunities

Create posts and share articles that will prompt discussion, and create your own content through a blog, podcast or YouTube channel. Expand the reach of your content by appearing as a guest on blogs and podcasts, offering freebies or trials for new followers and giving discounts to first-time students. Ensure your social media accounts and website are linked to one another and start posting.

As you build your community you can start to also use technology to build up your knowledge assets. Once you have enough to make an educational course you can start marketing that to the audience you have already built and create a passive revenue stream.

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Increasing Your Revenue

The first way to monetize your business is by offering one-on-one teaching. As your following grows you can offer group classes, exclusive downloads and members-only content. Partner with other companies in the same sphere, and offer mutual partnerships where they sponsor your YouTube channel and you promote their products in return.

Diversify your revenue stream by branching out into influencer marketing, promoting products through your blog, social media or YouTube channel. Or get some passive income by selling branded merchandise and installing Google Adsense or affiliate links on your blog.

If you’re looking to become an infopreneur, whether it’s a side hustle or your new day job, check out this infographic from Kajabi to learn how to get started:

Knowledge Commerce: How to Turn Your Skill Into a Thriving Business