Oct 21 2008
Make Money from Your Knowledge
The last two post were about how to profit from your expertise. I’ve been using the example of my dad’s 25 years of experience as a mechanic. There are at least five ways for him to turn his expertise into post retirement enterprises.
The first three ideas I shared were, write a book, teach a class, and blog. These activities are not just for people with 20 or more years of experience in a profession, but for anyone who wants to leverage their skills and abilities into a profitable new venture or side business.
Here are the last two ideas I came up with for my dad to profit from his expertise.
Sell Auto Parts
Everybody who has a car needs parts at some point in time. The fact of the matter is that all car parts wear out sooner or later. There are hundreds of auto part stores, in fact in some places there is one on every corner, kind of like all those CVS and Walgreens stores. Parts can be sold in one of three ways. He can buy a franchise, buy some land and start a junkyard, or buy parts for cheap at the local junkyard and resell.
Buying a franchise can be expensive with the hefty start-up fees and monthly or yearly franchise fees. Buying land, in reality, is not cheap. He will also need seed money to buy junk cars from individuals and a tow truck to haul them away. His best bet would be to buy parts cheaply from a salvage yard and resell on EBay, Craigslist or any other online classified ads website.
I heard of a man who only sells spark plugs he collects and cleans at one of the largest flea markets in California. He sells them for $1 each and regularly makes $300-400 before noon. Specializing in one or two parts may yield the same results but it will take testing it out to see what works.
Consulting
The final way that my dad or any other experienced auto mechanic can make money is by consulting. The clients he could serve are those people in the market to buy a car, particularly a used car. When the car is sitting on the lot looking pretty and the interior is immaculate it’s easy to forget about what’s under the hood.
Having worked around cars for over 25 years he can distinguish between normal and abnormal sounds. During a test drive he can know if the car needs an alignment or if that knocking sound is the sign of big trouble in the future. The sights, sounds, and smells of a used car can never be taken for granted so having a knowledgeable mechanic around can save the consumer money and headaches.
Knowing the true value of a used car is another area that a mechanic can advise a consumer about. Too often the unassuming buyer pays too much for a car. The way it looks and the features drive them to overpay for what could be a lemon. They don’t take into consideration the mileage, maintenance reports, or blue book values. They may not even know that those factors influence the cost of the car they have fallen in love with. An automotive consultant can be the voice of reason at this very important time in the consumer’s life.
These ideas can be used for any professional with years of experience in their field. What you know is valuable because you have spent the time to learn everything there is to know about your industry. As retirement nears or the economic crunch begins to change and challenge your level of income, it becomes necessary to think outside of the box and create alternative ways to produce income.
Well that’s the remaining two ways that my dad can make good money with his knowledge. Now it’s your turn to come up with a few ideas of your own. You may use mine, but see if you can put a little twist to it. I’m sure you will come up with a winner! Let me know how it’s going.
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