If you are a thought leader, it’s likely you already have a product or vehicle that is your main source of income. However, once you establish yourself in this highly sought-after position, there are various ways to bring in extra money. This article will review some of these wealth boosting methods.
As a thought leader in your industry, you will be sought out for your expertise. Therefore, you will probably get asked to speak at various industry events.
Although some speaking opportunities will be unpaid, these appearances will be a great way to further establish your reputation. Once you get your name out there, it’s likely you will be asked to make paid speeches which can make you anywhere from $500 to $50,000.
Workshops and Tutorials
As an expert in your field, you will probably be in a good position to teach others your craft or provide valuable tips and tricks that can help others become successful in your industry.
Workshops and classes can be hosted online or in person. You can charge one-time admission or offer an ongoing subscription for those interested in learning from you on a regular basis.
Workshops are generally held in groups and may be relatively inexpensive for students, but those fees can add up when it comes to boosting your income.
Consulting is similar to holding a workshop, but it is done on a one on one basis. In this setting, you can talk to clients to learn about their individual needs and provide answers to their questions.
Because consulting is more personalized, it allows you to charge a higher rate. Although the amount you charge may vary according to your area of expertise and your experience, consultants can expect to make anywhere from $50 to $150 an hour.
Once you start to grow your clientele, you can begin to make your consulting business into a profitable side gig.
Write a Book
Another way to provide advice for those who want to learn more about your industry is to write a book. Books can provide information to people who are looking to advice in your field.
With the internet offering many opportunities for self-publishing, more authors are taking the process into their own hands. Self-published authors can make between 40% to 60% royalties on a single book sale.
While getting a publishing deal may seem more impressive, it may not always work out as well income wise. In these situations, a first-time author may get an advance which is usually around $10,000. However, from there, they can expect to make only 10-12% of royalties off of book sales.
Related article: How To Make Money Writing and Self-Publishing Books
Use Your Status to Get a Raise
Many thought leaders work for themselves, but this isn’t always the case.
If you still work a 9-5 and have established yourself as a thought leader working within your industry or outside of it, you can use the reputation you have built to get a raise or promotion.
Once you prove yourself as a thought leader, you will have more power to negotiate with your employer. This puts you in a good position for climbing the corporate ladder at your company.
If your boss is not going for it, you can always try seeking employment at another company. With your advanced experience and impressive resume, it may not be difficult to find higher paying work.
Business Development and Sales
Being a thought leader can increase your value as a worker no matter what it is you are looking to do but it can especially be beneficial in opening doors in business development and sales.
Sales are the most essential part of a business. After all, boosting conversions is the best way to increase a company’s bottom line.
Business development is also important as it sets the stage for strategic opportunities that can help your company reach new markets and forge advantageous partnerships.
As a thought leader, entrepreneurs will begin to come to you for your business development expertise and your sales boosting influence. They know that your extensive reach will help them grow their business and they will welcome you with open arms when it comes to providing your wisdom in helping their company’s success.
Blogs and Vlogs
Another way to share your expertise is by publishing a blog or creating a vlog. It doesn’t cost much money to start a blog and once you create one, you can bring in a considerable amount of money.
Bloggers can make money by running ads and by offering paid subscriptions to readers.
If you prefer to reach your following through video content, a vlog may be more your speed.
You can start a vlog on YouTube. Once you establish enough of a following, there are several ways you can make money with your vlog. Running ads and providing subscription services are all recommended ways to bring in additional income.
Once you have a blog or vlog, affiliate marketing is an ideal way to make more income. If you have a colleague who works in your industry and sells complementary products, you can include mentions of their product in your blog or vlog along with a link to the relevant items.
If your followers end up clicking on the link to buy their product, you will get a commission of their sales.
And affiliate marketing can work both ways.
If you know of bloggers and vloggers that work in your industry, you can ask them to include a link to your products. This is a great way to get your name out and boost sales.
Thought leaders can also make money by selling electronic or printed products. These include DVD’s, CD’s and eBooks that provide valuable tips that help people become experts in your industry.
While products like t-shirts, bottle openers, hats and the like will probably not work to promote your personal brand, they can promote your business. If you can work out an angle that does not seem too forced and salesy, you can sell these promotional items through your blog, vlog or any other medium you use to promote yourself.
Once have established yourself as a thought leader, there are many avenues you can take to increase your revenue. Which ones are right for you?