Ep 34 – TURN YOUR WISDOM INTO WEALTH – 3 WAYS TO MONETIZE YOUR EXPERTISE

Are you considering a career transition in midlife to being a speaker, coach, consultant, author, blogger, Youtuber, etc? Being an expert in  your field? There’s so many ways to share your wisdom and creativity these days – both live and online.  

For years at MindStory Coaching Academy we’ve been helping people Monetize their Wisdom – especially those in MidLife and Beyond. Baby Boomers are making the shift in droves. The truth is, it’s natural evolution for a person who’s in midlife or beyond to want to share their wisdom. During our tribal days, people would, of course, take on that role as they got older. In modern times that natural progression disappeared, yet it’s coming back.  

We’re moving into an era where people can share their wisdom in a variety of ways, without a middleman who curates, or sensors, or regulates what you say. We’re also moving into a time in history where people need wisdom more than ever, they need the worldview of someone who’s lived a few decades and can marry tradition with innovation.  

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In this episode, you’ll get inspired to 

====> see how you can turn your WISDOM INTO WEALTH for yourself and others 

====> GET CLEAR on who to best serve and how to serve them 

====> take the FIRST STEP to creating or building your ideal “expert” career

If you’ve been thinking about this for a while, this will give you ideas to get into action!

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Topics Covered: 

2:20  – How a lawyer turned herself into a coach/consultant through online speaking 

9:40 –  How a CEO sold his company to consult and lead masterminds 

16:47– How a Network Marketing leader became a coach to women entrepreneurs  

23:45–  How you can get help to turn your wisdom into wealth 

 

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LINK 

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VIP WISDOM INTO WEALTH COACHING SERIES WITH CARLA RIEGER – Check out our programs to help you transition into or ramp up an “Experts” career that you love and that can magnetize income for years. https://mindstoryacademy.com/vip-wisdom-into-wealth-private-coaching/  

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Connect with Carla Rieger: 

Facebook https://www.facebook.com/carlarieger 

Twitter – https://twitter.com/carlarieger 

LinkedIn https://www.linkedin.com/in/carlarieger/ 

https://MindStoryAcademy.com 

Download Podcast
Subscribe: iTunes | Stitcher

 

Transcript

Below is a machine-generated transcript and therefore the transcript may contain errors.

This is episode 34 turn your wisdom into wealth for yourself and others. Three steps to monetize your expertise. So Hey, this is Carla Rieger and you’re listening to the mind story speaker podcast for influencers who want to affect people’s capacity to perform at their best, to change their mindset and open up to a more empowering story about themselves. So if you’re attracted to doing that kind of speaking, coaching, consulting, you’re in the right place. We live in a unique era in which there seems to be a hunger for people sharing transformational wisdom and there’s so many ways to do it. You can be a speaker, a coach, a consultant, and author, a blogger or a YouTube or a live streamer. You can be sharing your expertise live or online. And for years at my story Koshi Academy, we been helping people monetize their wisdom, especially those in midlife and beyond.

These days, people just want that human to human connection. And that’s why I focus here on the mind story speaker podcast on speaking live or online because it helps you do that, not just with people close by, but all over the world. If you are doing it online, it beats out the written word, the ad, the cold call, the networking event by a mile because you get to prove your value to the marketplace. You get time to share your story, your values, and of course one kind of online speaking is a podcast like I’m doing here. And so many people are enjoying listening to podcasts on their daily commute these days while working out, while making a meal and live or online speaking, magnetizes ideal people to you like nothing else. If you’re sharing your message in the right way, appealing to a certain kind of person who you are best suited to help.

And I believe that’s about communicating the value of your offerings with a sense of values, mission and purpose. And doing that in story form, I think makes the biggest difference. So let me share with you three stories of people who have turned their wisdom into wealth. That illustrates three ways to get started in case it inspires you to do the same or if you’re already doing that, to take it to the next level of success. Daphne had been a successful lawyer who turned into a consultant. She did that because when she got into her late forties she realized that the legal profession had taken its toll on her physical and mental and emotional health. Something about the system kinda chafed at her moral code. Plus her husband wanted to live in Hawaii and so did she, and she didn’t want to have to dress up in a suit every day and commute to an office.

She was looking for really more meaning in the second half of her life. She wanted to break out of this stressful way of working in the world long, long hours. And she felt like she kind of grown out of the person who had worked so hard to become a partner at a legal firm. But she wanted to move into something where she felt still relevant to the world, where she could keep up a certain level of income and into something that she felt was moving upward, growing in the world. And of course by that age, she’d amassed some pretty good wisdom, often hard won wisdom over the years, especially in regards to making decisions. She used to base her decisions on her head versus her heart, and then paid the price for that. Because in the world of law, you’re taught to make the most strategic, logical decision that reaches the goal.

But that wasn’t always the decision that sat right with her heart. So over the years, she chose more and more often to make a decision from the heart, even if it meant losing a client, losing a case. And she found herself naturally mentoring other women lawyers more and more on those kinds of big moral dilemma kind of decisions. Ones that could keep you awake in the early hours of the morning. Now, the truth is it’s actually a natural evolution for a person who’s in mid life or beyond to want to share their wisdom. Like during our tribal days, people would of course take on that role as they got older, it was expected, but in our society that isn’t always a natural progression that’s built into the system of our culture. Yet we’re moving into an era where people actually can share their wisdom in a variety of ways without see a middleman who curates or sensors or regulates what you say.

We’re also moving into a time in history where people need wisdom more than ever. They need help with their mindset, their attitude, how they think about things. They need the worldview of someone who’s lived a few decades and can marry tradition with innovation, which she felt she could do, and I felt so too. She also wanted something that she could start as a sideline so that when she left law, she had a whole new career to jump into. And so coaching and consulting felt like a good fit for her and she felt that moving into this career could provide an income for her indefinitely until she didn’t feel like working anymore. There’s no forced retirement when you work for yourself like this. Now, one of her areas of passion and talent was articulating her ideas in interesting and persuasive ways, which she had to do as a lawyer.

And because her husband had already retired and they had a home in Hawaii and he wanted to live there full time, she tried to think about, okay, how can I be with him and make this work? So for her it became online speaking as the main marketing tool to get her clients. So the first thing she needed to do was what I call micro niche. And although everyone could benefit from a lot of the wisdom she learned over the years, I warned her that too many people try to start out as a coach or consultant saying they can help anyone with anything. And that makes it hard to market. As I’m sure you may know, but I know so many people who know that intellectually instilled don’t micro niche when they either start a business or try to launch to the next level with a new offering.

So with her, I helped her focus in on helping women, a lawyers because she’s walked that path and they would trust her to know what they deal with every day and there’s lots of them and she wanted to help them make decisions, including what I like to call heart based logic. It’s kind of your intuition where it’s not just total fanciful, imaginative ideas of in an ideal world it’s sort of real world decisions but not cold, hard logic that doesn’t take in the complexity of a situation, which is something lawyers have to do a lot. And yet many of them don’t have a system for doing that. And she had developed a system. So I helped her create kind of a signature process was she’d already been developing over the years. But I helped her hone it into a system that she could then teach in an introductory way using online speaking like a podcast, but then would entice people to get more help from her in a deeper, longer lasting way like coaching or consulting.

So her introductory signature webinar was about how to make complex decisions quickly for women lawyers, which involved tapping into other people’s intuition, synthesizing a variety of sources of information, balancing everything with a good moral code. And she gave it a name intuitive logic. Now this ability had helped her win cases while still feeling good about herself and what she did in the world. So other women lawyers turned out to be hungry for this cause. We had to do a bit of market testing to see if that would even appeal to people. Turns out it would. So she started with some livestream webinars and also a podcast. And she also swapped interviews with other people who focused on women in professional services or specifically lawyers. And this made it very easy for her to get successful quickly. Now she can only take a few clients in the beginning.

So she just wanted to prove to herself that she had something saleable, which he did. And once she’d cut her teeth on a number of coaching clients and honing it and getting better and better, she some coaching packages and group coaching so that when she did leave the law profession, she knew how to make it work. And mostly she did it with the online speaking, although occasionally I know she does travel to the mainland now to speak at certain big conferences of women lawyers because it’s nice for her to have that face to face contact. And now she says she’s much happier than when she was in her professional before. And while she’s not making the same amount of money, she’s making about 75% of it, but she’s working far less. She’s living in Hawaii and feeling on purpose, like she’s doing something that makes her feel good about herself.

So Richard was another client who was the CEO of an engineering consulting company for like 27 years, and his wife wanted him to sell the company so that they could travel more and spend time with grandchildren and live a more balanced life. She was worried about his health because he was having heart irregularities. He worked really long hours and had lost his drive for running his business. So he agreed with his wife logically that selling the company would be a good idea. On the other hand, what he didn’t tell her was that the idea of just retiring, playing golf, hanging out with the family didn’t feel like enough for him. So he needed a confidential space where he could talk about that and find a solution that would work for his family, for his health, for him.

So when we talked about it, the idea of being a coach who also consults, worked as many hours as you wanted, would help him still feel relevant in the world, be able to contribute. His wisdom felt very appealing and he thought that might make him more willing to go through the process of selling his business. Now of course, selling his business meant making it more sellable, meaning more self managing without him because he had been the driver of that company. People who’d thought about buying the business didn’t want to because they thought if he leaves the whole thing falls apart. And he’d been resisting that process. But once he got clear on this new career he could dive into, he got onboard with the whole succession planning process. So like Daphne, he started on the side building this consulting business. Now the problem was he didn’t know at first who he would serve and how he would serve them.

And it’s kinda hard to figure that out by yourself. Uh, we did an exploration process with him that was very helpful, helped and see the forest for the trees and what he most loved about his role as CEO and where he felt he made the biggest difference was he continually talked about how he enjoyed mentoring emerging leaders on his team. He had great people skills, but he noticed that sometimes he would promote a star performer into a leadership role and they failed miserably because he didn’t have his kind of people skills. And he realized that many of them needed to learn how to do basic things like listen, be curious about how to empower someone instead of trying to control them and how to bring out other people’s natural strengths. And although he had studied lots of business leaders in the area of people management, he’d really created his own kind of signature style of leadership that helped him become as successful as he was.

So again, with him, we wanted him to micro-niche in order to get launched and it often house to just choose to focus on someone like you in fact, who you were before you developed your special expertise. And he thought about himself when he first started trying to manage people and he said, well, I wasn’t a good listener, I didn’t have good people skills. So he decided to focus on helping new leaders and CEOs or entrepreneurial type of private business owners in professional services really build their people skills in particular, dialing in on ways to pull out people’s natural strengths. Now, he wasn’t attracted to the idea of speaking to large groups or even speaking online, but there is another form of speaking that works for some people who like smaller groups and who like to be more of a facilitator than a speaker. In his case, it was forming a few mastermind communities.

These are kind of curated groups of people and he would facilitate discussions between them. So sometimes masterminds meet online, sometimes they meet in person in a hotel or they got on retreat together. So his first group consisted of CEOs of professional services firms. Now he was careful not to choose competitors, but people whose expertise might compliment one another. So they met about four times a year and in each session they would hear about each other’s businesses, their challenges, their successes, and help each other with ideas, resources. Sometimes they even joint venture together on projects which grew both their businesses. Now, the first one was so successful that he decided to start another one. And this was for anyone in a leadership role in an engineering firm. So he carefully chose people from noncompeting companies, but who would nicely again compliment each other should they decide to do business together.

Now, many people in these kinds of leadership roles feel lonely at the top and don’t have a confidential place where they can share their struggles with people, especially with people who understand what they’re going through. And these masterminds ended up being a lifeline for them. And of course, this led to many of them working with him, doing the one-to-one consulting and coaching or them referring people to him. So it became one of his main marketing tools and a source of revenue because they each paid a fee to be part of the mastermind. Now, once he got traction, he stepped away more and more from his business and allowed others to take on a leadership role. Now, one of his proteges seemed to really thrive once he stepped away more and started focusing his energy on his new masterminds in his consulting role, and it became clear that this protege was the ideal person to sell the business to.

Now, he didn’t see him that way at first because he wasn’t creating any room for him to shine as a leader, but they managed to work out a deal that felt good for both of them. It took a bit of negotiating, which we helped him with, but it meant almost everyone kept their job. There was good continuity with their existing clients and it man, he could move into his new life with a kind of peace of mind that his 27 years of billing, this company was now in good hands while also knowing he an exciting direction to move towards. So now his life consists of working half the amount of time he used to, so he has more time for family. It’s easier on his health and he’s doing more of what he loves. He wasn’t spending so much of his time being an administrator of a company, but mentoring others, which was the part of his CEO role that he loved the most.

Anyways, I because he had a good settlement from his business and he was still making good income in his consulting life, he can move into retirement feeling secure and at ease about his financial future. So let’s look at the third one. Andrea was a top salesperson in an international network marketing company. They were a very repeatable company and they operated all over the world and she’d managed to build a team of thousands in seven different countries. Now before this career she’d been a school counselor and a teacher. Her counseling and teaching skills came in very handy in network marketing because those who are successful, they need to be very good at coaching others to believe in themselves and their business so that they can build their own team. And they also needed to be good teachers and she had a very good way of simplifying and teaching to others how to be successful in the business.

And many people actually joined her team just because she was a good coach and a good teacher and they felt that they would be well taken care of. Now the problem came when the company that had been on the rise for years took an inevitable downturn due to the economic conditions and other factors. And over the years it happened, not once, not twice, but three times where it was quite a steep fall. After the third time it happened, she had just bought a house and she was paying for two of her children to go to one of the most expensive universities in the country. So the cash flow crunch really motivated her to find a second source of income that would be more in her control. And when we worked with her, it became clear that her super power in her company was motivational talks at different company meetings.

She was a natural speaker. She was funny, she was a great storyteller and knew how to make it interactive. So people were very engaged and she had a reputation for making people laugh, them making them cry, then getting them fired up into action. So she was often invited to speak at various national and international meetings within the company. So once I learned all that about her, I realized she could easily be building a sideline business as a coach to women entrepreneurs, which excited her a lot, especially leading with the topic of overcoming fear of rejection so that they would do the necessary sales calls or business development to keep growing. Because of course this is a fear. Anyone who has her own business or who does sales has to deal with regularly now because she loved speaking, it made the most sense for her to grow this business by speaking at big events because she was already good in front of a big audience.

So we dialed in on her signature talk on transferring rejection to confidence. And since her business had its own momentum, she could add this as a sideline income stream without it affecting her network marketing business. So I helped her get her first speaking engagement at a women’s entrepreneurial association meeting. And the only hired her for a breakout session at first because she was new on speaking circuit. But the good news is that many people wrote on their evaluations that she should be a keynote speaker next time. So she pitched herself as the keynote speaker for the next time, which meant she would address the entire association instead of just the segment that attended her breakout session. And then I helped her brainstorm structure, right, and rehearse her signature keynote talk because if she could turn it into a work of art and do it over and over and over again, just get a new audience each time people would talk and it would lead to more speaking engagements.

That’s just how it works. And of course every speaking engagement she got, we made sure that there was video footage, a two camera shoot, if possible, with excellent sound and excellent lighting. And in fact, this particular women’s entrepreneurial association agreed to let her do the video footage because several of the other speakers also wanted the videographers. So they all pitched in for the cost. Now this gave her excellent footage that could be made into what’s called a speaker sizzle reel that she could send in to other meeting planners. And that’s really important because meeting planners want to see that you’re good in front of a large group of people and that you won’t look like a deer in the headlights and that you have a message that’s relevant for their audience. After that, her speaking to cough and a number of people in her audience got on her email list and then she would offer them coaching and a certain percentage of them took her up on that.

That’s just the natural way to build a coaching business using speaking and a certain point. However, it became clear that she had to choose one career over the other since she’d been in network marketing 12 years already and was really ready for something different. She decided to move into the speaking and coaching. However she needed a backend offering to supplement her income that could be scalable. So private coaching isn’t always scalable because you only have so many hours in the day. But group coaching was. So we helped her put together a group coaching program, how to figure out what would be in it, how to structure it, how to price it. Because say she was being asked to speak at a sales rally of a company and she tended to focus on companies with a largely female sales force, but they didn’t want her to sell anything so she could get a few people on her email list and then pitch her coaching services to their sales force.

And for some of them it made sense. Either the company paid for them to get the coaching or they paid for it personally cause they wanted to increase their commissions. However, over time she was also speaking free at those entrepreneurial events and for those events, having an offer that she could sell from the stage would make it worth her time and energy to travel around and speak at those events. And many people in her audience actually appreciated her making that offer because just listening to a speech really creates awareness. It doesn’t necessarily create longterm change where as a coaching series, whether it’s group or private, can actually do that much more effectively. So after a few years she also developed an online course and wrote a book and is now fully focused on her career as a speaker and coach rather than in her network marketing company.

Now this has meant her income is far more in her own control and she is no longer hemmed in by company politics that can happen in network marketing companies or any company for that matter. She’s a free agent so she can speak, teach, serve people in whatever way she finds to MuleSoft effective. And about seven years after she moved into this career, the company she’d worked for, the network marketing company actually went under. So she’s glad she left when she did. So if any of these stories inspire you and you want help to make a transition towards turning your wisdom into wealth for yourself and others do consider applying for our VIP wisdom to wealth coaching series. Me and my team help you identify what you want to do, how you want to serve people, how to transition from what you’re doing now into this role in way that works, whether it’s full time or part time, how to monetize your message and have the kind of lifestyle you really want to have and the income you’d most like to have where you’re feeling on purpose and you’re making a difference.

Now all of that can be hard to do on your own because people get lost in the trees with their own expertise. As I said before, I also find people get lost in their own limiting thoughts about what they can do, how much they can make their value in the marketplace. And so we use our mind story, method coaching tools to help continually break people free of all the doubt that’s natural and normal for people to have at the beginning until they get the success. So it’s kind of like an incubator and accelerator for growth because left to your own devices, sometimes all those negative thoughts and feelings can really dampen your fire. So we help rebuild the fire. On a regular basis and even if you are a coach, I find if you’re a coach you need to have a coach. Anyone trying to build or reinvent their business always needs not only a strategic coach but a performance coach.

So whether you work with us or someone else, just make sure you have that. A confidential advisor and someone who can believe in you before you’ve quite believed in yourself and other people who know the industry like I do, can find out where they can most likely monetize their expertise and how to structure it in a way that the marketplace will respond to. And it also works with their lifestyle. And many people, they don’t know how to structure a signature talk and hone it into a work of art so that it makes people give them standing ovations and meeting planners call and just book them so they don’t have to chase after people and they need help to know how to use their speaking to magnetize. In ideal clients. There’s many ways to do it and it totally depends on the kind of speaking environment you’re in as to how you would do it.

I also need help to structure their coaching or consulting offering in a way that gets results and that scalable so we can help you do all that. So let us help you. If it feels like the right fit for more details, just go to mind story academy.com and go to the coaching tab and you can click on the VIP wisdom into wealth. And there you can read more about what it involves and endure. And if you’re interested you can apply and it’s free to apply. Just fill out the questionnaire and we’ll see if it’s a good fit. We have a variety of ways of helping people, so we want to make sure we get the right coaching package that works for you and if we think that something we have would be a good fit, we set up a conversation and see if we want to move forward and if not, I can certainly give you other steps to keep moving forward.

So you can also see the link to that coaching information page in the show notes below and if you do want to move forward in this way and don’t feel like you need help at this time, the next best step is to think about what you most love doing in terms of sharing your wisdom, what kind of wisdom and for what kind of people, and then just get online and see if anyone else is doing that kind of thing. It will inspire you to see that there are people and even if you see lots of people doing it, that’s okay. That means there’s obviously a market for it and then just think about how you can be different, how you can micro niche to get started with really thinking about serving the type of person you are because that’s where you get the most traction at first. Because I think we’re moving into a world where coaching and consulting, speaking, sharing your wisdom with the world as AI takes over all kinds of jobs and automation, we need to help each other. And more and more people are willing to pay good money for that regular personalized help. So that’s why we believe it’s one of the most important professions in the future. It’s just in its infancy. It’s going to boom like crazy. So that’s it for today. I’m Carla Rieger and I’ll see you next time.

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