Meet Ramesh, who has a business degree that he applied for straight after college because everyone else was doing it. He is now willing to get paid in business for his expertise.
Suresh, on the other hand, has no business degree and has experimented with several industries, spent time talking to prospects and learning everything about their problem, and is now leveraging that knowledge to provide clients with solutions to their problems.
Who do you think will get paid more?
Ramesh learned everything from a textbook, which is a good place to start. But referring to himself as an "expert" limited his ability to explore new approaches to gain industry knowledge and develop better solutions. Suresh, on the other hand, had no personal biases against any particular industry or field and was therefore open to exploring and learning about the business. This allowed him to gain a deeper understanding of the problem clients' are facing and, as a result, helped him design a better solution.
The truth is calling yourself an “expert” is not important; if you are not willing to give results.
Clients don’t care about qualifications (at least the ones who are result oriented); they care about the problem they are facing and how you can solve them.
One can become an expert by actually implementing what they learned.
The good news is you don't need a decade of experience to find solutions. I've seen people developing a deep knowledge of their field in just a month, who are now providing a better solution to their clients, and earning more than a business degree graduate!
One simple place to start is with the Market Backward strategy proposed by Sam Ovens, Founder of consulting.com.
I personally found this theory really insightful. I would strongly advise everyone to explore Sam Ovens' work; he is great at what he does!
So, according to Market Backward Theory, there are five simple steps to make a profit in any business.
Pick the niche you are interested in: "Interested" is the key word here.
Talk to the client and find out what their problems are!: Once you got the niche right, the time is to learn more about the industry.
Ask them how much they are willing to pay for their problem: Pricing is everything. Market analysis will help you understand the right pricing for your offer!
Learn the necessary skills to solve the problem: How are you willing to offer the solution? by learning about it.
Sell the solution to them and start making a profit: The result is the answer!
These five simple steps will help you explore more about your current industry. It will give you enough insight to price your services right! And then sell it to the right people.
Being an "expert" doesn’t mean you need ten years of experience in the same field. It means you know enough about the problem than the client and are willing to offer the solution.
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What is the expertise you are working on right now?
Tell me in the comments. I am all ears!