Most Profitable Business You Can Start RIGHT NOW

70% of Americans want to be self-employed according to a Dartmouth College study that was done, but they found that only 7% of Americans actually are. That's pretty crazy. That's like a 10 to 1 ratio of people that want to versus people that actually are. It's a big gap. And I think that that is such a big gap because people are really afraid more than anything to take the leap and start a business. They understand the benefits, they want it, but they're afraid to actually do it because they believe that starting a business of any kind is quote unquote risky, or that it's going to take too much work, which is fine. Like it does take work. If that's your reason, you don't want to put in the work, by all means don't do it because it's going to take a lot of work. But what's beautiful about today is that it's not like starting a restaurant. You don't have to put in a ridiculous amount of time. You can literally build a business online on the side of a job that you have right now, or maybe you're just looking at branching off to a different type of business or style in your business, like your service provider, want to create more of an online presence. You can literally do that for under $100 and turn that money into $5,000 per month, $10,000 per month, or even $100,000 per month like so many people have. It is amazing how much opportunity is out there today. But people are just afraid to start and it's not as risky as they think. So today I'm going to share with you the most profitable business that you can start right now. That's not super risky and it's, it's not dropshipping. It's not affiliate marketing or Amazon FBA or dancing around being an influencer. It's none of that. This is just a proven business model and type of business that works. I have learned this from my mentors who have taught it to me. And then I started doing it in my life and now I help other people do it as well. And it's just really not going out of style anytime soon. So without further ado, let's dive into the most profitable business that you can start right now. Welcome to episode number 21 of the Profit Your Knowledge podcast. I'm your host, James Allen, here to help you turn your knowledge, passions, and skills into an online business so that you can be your own boss, do work that you love and that you're passionate about, make a difference in the world, and live a life of freedom. That is the ultimate goal. If it didn't give it away, in my opinion, the best business that you can start is selling the things that you know, your knowledge, your passions, your skills online. And today is not going to be so much about the what. I'm going to go into a little bit of like what and how you can do it. But really, it's just about why I want you to understand why this business model is so powerful, why it's not going out of style, why it is such a booming industry, and why it is the most profitable business that you can start right now. But before we get into that, if you're considering starting an online business, or maybe you're a service provider already doing online business, but you want to create more passive income in your life, I have a special gift for you. I created a 5-step action guide or action plan, if you will. Step-by-step how to earn your first $100 or more in passive income. It's not life-changing money, obviously, there's that or more, you can make a lot more inside of this. I mean, I have people who've made $500 doing this or $100, but at least $100 in passive income. When you get that first sale, you realize I can do this 100 times over, I can do it 1,000 times over and just keep it going because you understand the process, okay? And you can do this for $100 or even less to put into it. So you can make your money back just from this guide. All right, but all you really need is just the clarity and some action steps to get it going. And that's the point of the guide. Okay? So if you want to earn your first $100 or more in passive income, get the ball rolling, create the system, start making that money right now. Even if you're working a job or doing something on the side, just go to profityourknowledge.com/guide. There's also a link in the description. So let's dive into this content real quick. Like I said, knowledge, selling your knowledge, the passions that you have, the skills that you have, that is, that is it. That is such a great business model. There are a lot of different business models that are phenomenal. Like a lot of people do Amazon FBA. I'm not the guy for that. I don't know a ton about it. I've kind of looked into it, kind of pursued it like dropshipping. That sort of stuff. I know people make a stupid amount of money doing it, but in my opinion, this business model is the most fun. I think it's not just making money, it's also doing something that you're passionate about. I feel like a lot of people just like start a business just to make money, which is fine. That's totally cool. For me personally, in my opinion, I would love to, you know, and I wanted to for so long when I started to do it was to build a business that you actually love. Because I want to show up every single day loving the work that I'm doing. And that's the real point. So when you're teaching things online that you love, that you love to learn about, that you like to share about, it never really feels so much like you're working. There's definitely days where I don't always feel like creating content, but for the most part, like, I love doing this stuff. I love what I do. Okay. And you can do the same thing when you're teaching something that you're passionate about as well. So there's an actual term for teaching things online, sharing your knowledge, passions, and skills, and it's called knowledge commerce. So what is knowledge commerce? Knowledge commerce is charging a customer access to your knowledge online with digital products. That's really all it is. So we're going to cover a bit more on digital products a little bit later in this lesson, but in a nutshell, you're packaging up products. You know, I mean, the first form of this really was like books or seminars that people would do, but now it's evolved beyond that with the access to the internet. Now we can have digital products. Knowledge commerce is a $250 billion industry. It may even be higher than that, um, at this point, but it's around $300 billion in, in, of an industry, and it has a compound growth of 20 4% annually. So every year it's grown by 20%, which is freaking crazy. That's, that's a lot of people learning about it, people getting into the industry. And the beautiful thing about this is like, I don't want you to have a scarcity mindset of like, oh my God, like there's that many people getting into it, it's going to be a saturated market. Like, no, that's the beautiful thing about this business model, about teaching the things that you know online. If you're a fitness coach, you know how many freaking fitness coaches there are online? I have a client and she's crushing it online, growing her audience. She's already been making sales. She did a post and tagged me and I was like, oh my God, it's amazing. Selling digital products, same exact thing. And she's a great coach. She's a great mentor and fitness instructor, been doing it for a long time. But you know, there's so many other people, like bigger people, that she is able to still make money online. You don't need to be making millions and millions of dollars to live a good life. Of course, if that's your goal, go for it. But you can just make a solid 6-figure, multi-6-figure income and you're going to be grooving, okay? So there's plenty of room for you to be inside of the game. I just want you to know that. 3 to 4 billion people are projected to enter the market in the coming years. And this is just people just either becoming new creators, getting in, sharing their knowledge, but also just people learning more about it and being more open and willing to actually buying products from other people online. Um, instead of these huge corporations, like buying from smaller people like me or like you. Okay. Because people want, they want to work for themselves and they're looking at the internet to learn how to do that, like different skills. But even people who don't want to just work for themselves, like people want to learn how to cook. You know, when COVID hit, people wanted to learn skills. They're like, I am just bored in my house. I have nothing to do. Stuck in here, so I want to do home improvement. So what they do, they went on to Google and YouTube and they started learning how to do things. Okay, this is the most booming industry right now. And again, when you're teaching the thing that you love, it's fun. It's fun. You can make money doing it. But people are looking to the internet more and more for how to do things and develop skills and even taking full-fledged courses from people that never went to college, that are college dropouts or even high school dropouts. And they're able to learn things and apply it to their lives and get real-world results. And that's really the point here, not just for you, but for also your consumers and your audience as well. And people would rather do that than go to university. I mean, there's a lot of different statistics, statistics that you can look up in terms of that alone. So I hope you can see that this industry is just constantly growing. It's getting bigger, it's getting more filled up and like more familiar, I guess, with people being comfortable with ordering things from other people, checking things online, looking at reviews. And there's obviously a lot of strategy that goes into this. Again, this isn't— this lesson isn't really about all the strategy and all that. It's more just about opening your eyes to the possibility of what is available to you today. So you might be wondering, okay, this sounds cool. I'm interested. How can I actually start a knowledge business online? Well, I mean, there's a lot of steps that we could take. The 5-step guide again is going to be a great first step for you. I'd recommend to pick that thing up because again, it's going to walk you through, even if you don't know what your idea is, that's really the first place that we need to start. So I'll touch on it right now, but definitely pick up the guide. I'll also link in the description another video that I did on my YouTube channel a while back that walks you through a process to find your business idea. Okay. So I'm going to put that down. It's totally free. Just another YouTube video. Um, check that out for sure if you're struggling with this, but you want to know your niche ideas. The first thing we want to do in terms of building and selling your knowledge online, building this business, your perfect business idea, just to touch on this, lies in your ability to fall in love with a problem that lots of people face and specifically fall in love with solving a problem that lots of people face. Take my business, for example. I help people start and grow online businesses. I know from research and from experience that a lot of people would love to learn how to do that. And I, when I first started, I wanted to pay money to other people to learn how to do this myself. And you think I'm the only one that wanted to do that? Absolutely not. So your niche idea is finding that problem that you would be willing to pay for yourself and, you know, falling in love with finding the solution for that for other people as well. Because chances are, again, if you feel it, other people are feeling that as well. They want to solve that problem as well. And if you've climbed the mountain yourself or even you're climbing the mountain yourself, you can help people that are right behind you. You just need to be one rung higher or one step further than the person behind you. That's really it. You don't need to be at the top of the mountain to help someone else. Okay? But you have to nail that niche idea, that one idea. So for me, like, keep it simple. Like, I help who do what? So I help coaches, entrepreneurs, course creators, or content creators create passive income online or start a passive income style business, just start their business. Okay, so you can say like, I help coaches start businesses to keep it like super simple. You could say I help 40-year-old or women in their 40s and higher get in the best shape of their life. That's fine. Okay. But think about that thing for you and just make sure there's a lot of demand in the market. Okay. So again, me starting this business after learning a ton and then helping people with it, I climbed the mountain higher. Am I the best business coach in the world? Like, no, of course not. I wouldn't say I am. Um, but I've definitely climbed really high onto this mountain to help other people behind me. So what's that thing for you? That's really it. And then when you find that idea, you want to stick to that topic in terms of building your business, because that's going to lead to our next couple steps. The next step is that we need to start sharing that content online. So you have this business idea, you have this thing that you're passionate about, that you love to constantly be learning about, and you know that a lot of people struggle with this, like weight loss, for example. It's probably the biggest one. A lot of money to be made in the weight loss space, getting healthy, getting in shape, but also in the making money online space. So you want to start sharing that online because that's how you get discovered. If you just sit inside your room or inside your garage or your basement and you never actually do anything or show up or go out anywhere, or, you know, it's like, it's like dating. How can you expect to meet someone if you never go out and interact with people or never go on an online dating site? That's your content in terms of dating. So it's the same thing with building a business. You have to be putting out content to get discovered online. And the great, the best, the 3 best metrics for this are 3 best platforms are blogging, YouTube, and even podcasts as well. But YouTube and blogs on being on Google, those are the 2 biggest. Google alone has 3.5 billion searches per day. That is crazy. Billion searches per day. Uh, and it comes down to about 40,000 searches per second. That number's just growing every single year. And what these people are doing is they're searching for answers and solutions to their problems. How many times a day, I'm not even going to say how many times a week, how many times a day do you personally look to Google or look to YouTube for either entertainment or to try and figure something out and solve a problem for yourself? Probably every day. I do. I know I do. I'm always on Google. I'm always learning stuff, reading blogs, Every time you type in something, how do I do this? What's the best recipe for this? You get blogs. And these people are staying with that core topic and they're being an expert in that. And that's how you create brand authority is by staying focused on a core topic, which is that niche idea, creating content around it, answering people's questions, discovering the questions that people are asking around. And there's many different ways to do that. Look at my YouTube channel, listen to the podcast, check out my blog. And you will find plenty of different ways to do all of that kind of stuff. And the way that you actually monetize this knowledge is, I mean, with your blog or YouTube channels, you can do affiliate deals, uh, sponsorships or partnerships of some kind. Uh, the biggest way though is to really monetize a blog or a YouTube video without, or YouTube channel or podcast without having a massive audience is to focus on collecting emails and building an audience of subscribers. That audience of email, email addresses. That's really what we're going for because that's your main form of communication more than Google comments or YouTube comments or podcast reviews. It's via email and topic for a different day. Email is still alive and thriving, but the best way to really monetize this knowledge with all this traffic showing up is to create and sell digital products. That's how you really make money online is by creating and selling digital products. So digital products come in the form of ebooks, online courses, workshops, coaching programs, membership sites, masterminds, things like that. These are things that can be created and can like just live in, in the internet basically, like digitally. Digital products are far better than physical products because they can be sold anytime, anywhere without having an inventory, without worrying about shipping or anything like that. And you, and you can sell in, you know, ever-increasing quantities just nonstop. And you can change the prices, you can adjust digital products instantly. I can go into my Kajabi account and say, oh, I want this product to be discounted for Black Friday, or I want this product to double in revenue because it's become such a popular product that, you know, like whatever you wanted to do, you can change all that stuff with just a couple clicks of the buttons. And as soon as you hit save or done, boom, now it's, it's completely switched. Okay. So you might be wondering, okay, well, if I'm creating content online, like doing blogs or podcasts or YouTube videos, why would people buy my digital products? And the reason is because a digital product, like an online course, for example, is a streamlined system from top to bottom that gets someone a specific result. So people will spend— I know I have done it plenty of times, and I'm sure you have as well. People spend so much time going through like 10 to 20 different blog posts or YouTube videos to try and figure out their little formula and then go implement it. That takes so much time and so much stress and trying to like piece things together like a mad scientist. Whereas if they just bought a digital product that spoke to them because the person did customer research, they understand the specific problem that this person's facing and they put everything that they need to succeed in a streamlined system and they just had to pay for access to that. Why wouldn't you do that? I'd rather just pay, you know, like $10 or a couple hundred bucks or something to get the streamlined system that has everything I need conveniently placed in one one little spot. So I don't need to worry about reading all these other blog posts and trying to dig for and save and bookmark things. I would do that any day. Okay. And many, many people will as well, especially if they like you. The point of your content, the free content, is to add massive value, to make sure it's actionable so people can get results. But ultimately, the point of that is that they can trust you. So when they trust you and they like your personality and what you teach, they're going to be more inclined to actually buy your products or buy products that you recommend or as well, or do things that you recommend as well. And the best thing about digital products is that once they're built, it's a digital asset that's going to last you a lifetime for the rest of your business or even your life. Okay. So I hope you can understand how valuable digital products are and that they can be. And that's really how you make money with this business model. But the beautiful thing more than anything with this is that you can build it on the side. If you're in a job right now, you can build this on the side. You can start creating a blog, which could take you, you know, an hour a week, just one post a week where you just write it out, or maybe a couple hours per week. You could like do this in 3 hours or less per week, guaranteed. If you just put a little bit of time in every single week, you can build this on the side. And that's why it's such a beautiful thing, but it's also the most profitable because you can start for under $100. You can get a WordPress site for free that gets you a blog that you can be posting. You can get different plugins and different, you know, different features and whatnot. And obviously you can pay a lot of money to run an online business, or you can use a tool like Kajabi like I do, which is $150 a month. I do the $200 per month, but the lowest tier is like $150 if you do monthly. It's $119 if you do yearly. Um, but you think about like that, like $200 per month, that comes out to like $3,600 per year. Uh, well, actually, no, no, it comes out to around, around $3,000 per year. $3,000 to $4,000 per year is probably what I pay to run my entire online business. I can make that easy in a month, you know, like no, no worries. It is just crazy the amount of money that you can make, because if you sell a coaching program that you have, or your online course for like, let's say your course was $200 and you're paying $200 for Kajabi per month, you're able to make 1 sale per month because you have enough traffic from your blog or your YouTube channel or your podcast. It literally pays for itself. And then if you can get 2 sales per month, now you are just making money. You're like, that's literally the money that you get to keep. It's amazing. Okay, but then if you think about selling like high-ticket programs, like one-on-one coaching where you have like a $3,000 or $5,000 product. Let's say you had a $3,000 product. You're paying $3,000 for the year to run your business. You're able to get one client per month. Boom, $3,000 per month. I mean, you literally paid for your entire year to run your online business in one phone call with one client. It's crazy. A YouTube, a YouTube channel is totally free. Okay, but I think you get the idea. It is the best business model to start. And I'm curious what you, what you think. Let me know down in the comments what you think about this. If you have any kind of holdups or questions, let me know. If it's on YouTube, let me know down in the comments. If you're on the podcast, you can always just leave a review, I guess, or you can reach out to me through my website as well. All right. But the biggest thing is that if you really want to take advantage of this, maybe you're pumped up right now. You want to just start making some money online. Getting the ball rolling, pick up my 5-step action plan. It's going to help you get your first $100 or more in passive income. And again, nothing beats that first automated sale because the thing that I didn't mention inside today's lesson is I didn't want to make it atrociously long of an episode, uh, was the whole automation process as well that goes into this. And that's how we create that passive income. Best thing you can do right now, pick up the 5-step guide because it's going to walk you through all of it. Even if you don't know what your business idea is, I know I kind of touched on it. We'll go into more detail inside of the guide. But if you want to make that first $100 or more in passive income, go to profityourknowledge.com/guide or click the link in the description. It will be the first one and take you over to a page. Just enter your best email and I'll send it right over. Okay, my gift to you. It's free. It's actionable. It's in the description. And if you got value from today's lesson, do please hit the like button. You can hit subscribe if you want to learn more about starting or growing your online business. Totally fine. I put out new episodes every single week. And yeah, if you have any questions, let me know down in the comments section below. But all in all, I hope you had a great Thanksgiving. Hope you— even if you don't celebrate Thanksgiving, maybe did a Friendsgiving with some people, or if you just don't celebrate at all, I hope you had a great weekend. I hope you got value from today's lesson. Take what you learned here, get out there and start building your online business. I will see you in the next one.