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Turn Your Expertise into a Profitable Business

Turn Your Expertise into a Profitable Business

April 29, 2008

Last week at this time I was on a plane to Florida eagerly reviewing my notes for a speech I was giving the next day at The Winner's Circle, an international organization created to give speakers resources to improve their business.

I was nervous even though I knew I had great stuff to tell them and I'll tell you too in just a moment.

I also was excited. I always look forward to speaking at events. I don't care if it's to 5 people or 5,000. It's something that energizes me because I know speaking uses many of my skills and talents. But this time I was nervous too because a part of me felt I was also walking into the lion's den. Here I was a speaker ' speaking to other professional speakers!

It would be like a concert pianist playing in front of other professional pianists. Or, an artist painting while other painters looked on. Or a surgeon operating while other surgeons peered over his shoulder analyzing and critiquing his every move.

My heart is racing just thinking about it again. Fortunately, I knew I had a very powerful message to deliver ' and great content always wins over any shortcomings like whether I should have worn a red tie or yellow tie (is pink really the power color now?) or whether I should have added some clever animations to my Powerpoint slides.

A brand new business model

My message focused on something you don't hear much about. I call it Guruships. It's a business model I created that's designed to take your expertise and turn it into a profitable business strategy so prospects come to you for guidance and advice instead of you spending an insane amount of time and money chasing prospects.

In fact, I just finished a book that's coming out soon, which I've titled Guruships: Quit Trading Dollars for Hours, How to Turn Your Expertise into a Multi-Million Dollar Business. It's a bit long and I may trim it down, but you get the idea. It's a system designed to take your expertise in a subject area and leverage it so you can teach others how to apply your expertise in their lives ' and make tons of money doing it!

Based on my many years of building Guruships for myself and for my clients I decided it was finally time to show others how to do it for themselves.

We're all experts in something. Each of us is blessed with unique talents, skills and experiences that no one else has. A car mechanic is a great example. If my car broke down today, I'd only be guessing what the problem may be. And like most people, I'd have to call my mechanic because he's the expert. He knows my car best and he probably has experience fixing similar problems.

Does that make him a guru? Not at all. I would expect to pay my mechanic to fix it but I wouldn't pay him for his advice. Nor would I pay him to teach me how to fix the car myself ' and I'm not sure he would have the patience either! My point is that a guru is someone you seek out for advice and guidance based on that person's expertise.

For instance, the 'Click and Clack brothers' Tom and Ray Magliozzi, who host the popular radio show on NPR, 'Car Talk,' are gurus of car repairs for owners who know nothing about how to fix their car. Callers go to them for advice before taking their car to their local mechanic. Why? They trust Tom and Ray for their advice and they want to be assured they're making the right decision. What's possibly wrong with my car? Can it be fixed? Should I get it repaired or should I just buy a new car? How much should I expect to spend? How many more miles can I get on my car once it's fixed?

The show is also hilarious. Callers ask for other advice as well such as, 'Should I start printing up new resumes now that I've got a quarter stuck in my boss' seatbelt lock or can I fix it with Superglue?' When people are asking for advice beyond their particular subject area, the expert has indeed gained the trust of others and achieved guru status.

I've always preached that one of the best ways to rise above the competition is to establish yourself as the guru in your field. People will be more likely to trust you and come to you instead of you constantly trying to reach out to them.

4 steps to build a Guruship

So how do you do it? I've developed a step-by-step system that will get you there that I can walk you through right now.

Step 1: Determine where your core competency lies. Your core competency is that thing which you love, that you can do with near-perfect performance, and something that you can do on a consistent basis. It's also your highest-paid activity.

Step 2: Surround yourself with an automated marketing process that drives your sales forward in a consistent, steady way. Most have no marketing systems at all, which is a huge mistake. You should have a system for lead generation, lead development and lead conversion.

Step 3: Retool your marketing message and offers to be a reflection of who you really are. This is called your 'marketing architecture.'

Step 4: Put in place teams and systems that will give you true freedom from your business. These are called your 'freedom teams' and 'freedom systems.' You see, most entrepreneurs have a business that is a liability not an asset. That means if you are not working in it, then you're not making money. Your business needs to be like a stock that pays you whether you are working in it or not. It needs to support what you love both in and out of the business.

But you'll need to take a step back and take a hard look at your business. If you want the same results you're getting now, keep doing what you're doing now. If you want 'extraordinary' results, then you've got to do something 'extra' ' ordinary.

Always taking from where you are to where you want to go,