Nela Kačmarčik-Maduna

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Smart Starts: A Guide for Young Women to Build Wealth through Knowledge-Based Entrepreneurship

What is the best way for a young woman to earn money without prior investments?

Surely you already know that providing services is the best way to quickly earn money without investing.

Once you know that, it’s clear to you that providing services also has its limits, whether it’s the limits of your capacity or the income you can earn that way.

If you’re aware that in real life, nothing is as it seems and sounds at first glance, keep reading! The best answers to complex questions contain a range of additional dimensions. So, how can you quickly earn money?

The most accurate answer to the question of quick earnings is – it depends. Especially if you intend to earn without prior investment, your earnings are limited at least on three fronts: (i) what your body can earn, (ii) the time you have available, and (iii) your knowledge.

How many ways are there to earn without investment?

A handy YouTube doctor has provided a good overview of 10 ways to legally earn from your own body.

If you sell your time, you can find a job and an employer, but that requires a different kind of investment and is not the topic of this text.

If you want to work from home and have skills that can make someone’s life and business easier, you can become a virtual assistant. There are courses on this both in Croatian and English, and research by Sanja even suggests that their average (gross) income in Croatia is 1230 EUR per month.

Want to earn more than the average?

As you read this text, I believe you have knowledge, and you have evidence of it, whether it’s degrees and certificates, reviews, or recommendations you receive. If you’re not sure, I suggest a quick test:

  1. Can you explain what you know to someone who is not in your field?
  2. Can you argue with someone in your field when you disagree with them?

If one of the above answers is negative, it’s a good sign that you have room for further improvement and higher earnings!

When both answers are positive, it’s a signal to keep reading because you have a good chance to (further) increase your income!

Three ways to increase income

When you want to earn more, there are three ways to do it:

Increase the number of services or products sold. When it comes to knowledge, this can refer to a higher number of courses sold, more consulting hours, more copies of a book sold, or more sales of software solutions. The limit is your capacity and the time you have available.

Increase the value of one product or service. This can be a higher hourly consulting rate, a more valuable online course, or more expensive books or software solutions sold.

Increase the frequency of sales, i.e., sell the same product or service multiple times. When it comes to hours of work, it’s clear that there are real limitations. Simply put – you don’t want to burn out.

So, the only way for income to grow unlimitedly is to – increase the value of the products or services you offer.

How much is your knowledge REALLY worth?

The pyramid is a concise representation of the earning potential depending on the type and availability of your knowledge to potential clients compared to market supply and demand. What does that mean?

The knowledge and ideas you carry in your head are the least available to the market. At the same time, the supply is much greater than the demand, and the earning capacity is limited. Good ideas are everywhere and completely free! This is strong competition for knowledge and ideas in your head.

A few years ago, I met a young expert who had just completed a digital marketing course. He knew perfectly how a campaign for the promotion of a cosmetic product for women should look and understood all the rules of marketing. His knowledge was only in his head; thus, the campaign did not happen, and the information did not reach customers. Consequently, his income from knowledge was not realized.

It often happens that young professionals of various fields believe that diplomas and certificates can open the doors of the market. They think that knowledge from their heads, through this verification, automatically encounters the market. They expect that by showing their academic achievements, they can easily monetize knowledge.

Often, at the first meeting with employers or clients, disappointment follows.

Can this disappointment be prevented? Of course. It’s not enough to create a perfect CV and cover letter. That’s just the beginning. The next step is to reduce risks and uncertainties and align expectations.

The first (free) step in this can be – creating digital content.

The next phase is sharing this content using social networks, with friends, live and online, writing a blog, or offering education to those who know less than you.

Where to start the entry into the knowledge economy? Unsolicited advice.

Description and examples

You’ve probably received advice like “if I were in your place…” that irritated you so much that you just rolled your eyes and waved your hand. Unsolicited advice is typically offered by mothers-in-law and mothers-in-law from jokes. If you only share your knowledge because you know something, you risk staying in this category. However, it’s good to start, break the ice, and practice visibility.

Characteristics of supply and demand

The supply of unsolicited advice, and there is no demand (that’s why they’re called UNSolicited). Therefore, the market price is around zero or even negative (read: more harm than good). The offer is further enriched by AI, which can produce an infinite amount of such content.

How fast is it?

Realistically, you can start immediately, or you may have already started giving unsolicited advice and content. Continue learning how to make your content even more useful and interesting. The sooner you start analyzing how your followers react to your content, the sooner you will reach the next step of the pyramid (where you can earn better).

How easy is it?

It’s enough to decide to start and continue learning. It’s useful to continue learning and progressing towards higher steps of the pyramid.

Pros and cons

It’s good because it’s free to place such content, and they are a good exercise for more demanding forms. The bad thing is that they can turn into a habit, contributing to the clutter of the informational and media space.

Risks

If you stay in the field of unsolicited advice, you risk disappointment and exhaustion. It’s better than knowledge in your head, but you can unnecessarily expose yourself to negative comments, violence, or stress.

How to better monetize your knowledge? By providing information, interesting facts, and entertainment.

Description and examples

When you master a topic or field, you can start writing a blog, posting on social media, or creating content. If you have a sense of humor or can collect or process interesting, useful, or entertaining information, you increase your chances of standing out and earning. How is this type of knowledge monetized? By selling the attention you win from someone willing to pay for it (sponsors, advertisers, or other creators of marketing demand).

Characteristics of supply and demand

Competition in this type of content creation includes all influencers, media, and all creators of useful, interesting, and entertaining content. Supply is increasing, and demand is limited by the capacity of attention available. P.S. Competition in this category also includes sleep and other physiological needs that require people’s time and attention.

How fast is it?

You can start publishing immediately. The sooner you start listening and analyzing the response to your content, the sooner you will reach the next step of the pyramid.

How easy is it?

The start is quick and simple. Continuing to learn is good, and applying knowledge and skills to adjust and improve your content will help you stand out in the crowd.

Pros and cons

If you succeed in standing out and collecting the attention of the audience interested in your content, you can easily monetize your knowledge. On the other hand, if you don’t meet expectations, you risk wasting time and effort.

Risks

You risk getting stuck in this area and wasting time. If you want to earn better, you need to think about new ways to be interesting.

How to monetize your knowledge even better? Educate others.

Description and examples

People who want to learn will turn to those who have already mastered something. By sharing your knowledge, you provide a valuable service that others are willing to pay for. Knowledge is monetized through courses, workshops, and mentoring.

Characteristics of supply and demand

The supply is limited to those who have mastered a field and are willing to share knowledge. The demand is high because people are looking for reliable and high-quality information. The price of knowledge depends on the value and quality of the offered information.

How fast is it?

You can start immediately by offering courses online or offline. However, the quality of your service will determine your success in the long run.

How easy is it?

It is more complex than the previous steps, as you need to structure your knowledge and create educational content. However, it is a rewarding process that allows you to provide value to others while earning.

Pros and cons

By offering educational services, you can significantly increase your income. However, it requires more effort and preparation compared to the previous steps.

Risks

The main risk is delivering low-quality educational content. If your courses or workshops don’t meet the expectations of your students, it can harm your reputation and future opportunities.

How to monetize your knowledge the best? By providing solutions to specific problems.

Description and examples

At the top of the pyramid is providing solutions to specific problems. This can involve consulting services, customized solutions, or specialized products that address the unique needs of clients. By solving specific problems, you position yourself as an expert and can command higher prices for your services.

Characteristics of supply and demand

The supply is limited to experts who can effectively solve specific problems. The demand is high because individuals and businesses are constantly looking for solutions to their challenges. The price is determined by the uniqueness and effectiveness of the solutions provided.

How fast is it?

Building a reputation as a problem solver takes time, but you can start by showcasing your expertise through case studies, testimonials, and successful projects.

How easy is it?

It is the most challenging but also the most rewarding step. It requires a deep understanding of your field, the ability to analyze and solve complex problems, and effective communication skills.

Pros and cons

Providing solutions to specific problems allows you to command premium prices for your services. However, it requires a high level of expertise and a proven track record.

Risks

The main risk is failing to deliver effective solutions. If your services do not meet the expectations of your clients, it can damage your reputation and make it challenging to attract future clients.

In conclusion, the key to successfully monetizing your knowledge is to progress through the pyramid by moving from unsolicited advice to providing solutions to specific problems. Each step requires its own set of skills and strategies, but the goal is to increase the value of your knowledge and position yourself as an expert in your field. Start by creating valuable content, educate others, and eventually offer specialized solutions to real-world problems. With dedication and continuous improvement, you can build a successful career and income based on your knowledge and expertise.

Instead of a conclusion: why do women who have knowledge and ideas actually need to earn better?

So that they can continue sharing their knowledge.

So that they can expand and deepen their knowledge.

So that they can help others use knowledge to change the world for the better.