Rise of the Expert Economy

Today more and more people are taking their economic futures in their own hands.

The movement towards solopreneurship has allowed us to find opportunities in surprising places - from driving our cars to freelancing our skills. Now in 2019 another segment of the YouEconomy is on the rise thanks to what lies between our ears.

Sometimes referred to as the Expert Economy the trend toward training, coaching and consulting across multiple industries has grown with the advancement of two major factors.

Technology - Everyone with a smartphone now has a voice and a platform to broadcast their message. From broadcasting their own show, sharing their insights, and fielding questions from beginners in their industry. Online course hosting platforms, subscription apps, and message bots all provide experts with the means to package their message, promote their products or services and market them to a specific audience to increase awareness and make sales.

Corporate Outsourcing - Today companies large and small are starting to recognize the need for ongoing growth and skill development. In the past companies used to rely on internal mentorship, but that paradigm is quickly shifting. Companies today are turning to outside experts and consultants for training.

A recent study conducted by Civic has concluded that as of 2018 there are now 1.5 million experts helping companies with their knowledge and expertise. To put it into perspective, that's the same number of U.S. drivers for UBER and Lyft combined.

So what is the difference between the Expert Economy and the Freelance or Side Gig?

The biggest difference is earning potential. Civic goes on to report that experts in any given field can earn up to $1,000 per hour. Experts tend to land larger clients with deeper pockets the report goes on to say. There has never been a better time for coaches, consultants, and other experts to land big-ticket, higher paying corporate clients.

To emphasize this point, Jeanine Blackwell, creator of Get Corporate Clients. states: "The latest spending reports show companies are outsourcing 60 percent or more of their teaching, facilitation, and custom performance solutions rather than handling this in-house. There are literally billions of budget dollars already approved and waiting to be spent this year with outside experts."

So how do you prepare for a new and exciting career in the Expert Economy? Here are some tips to get you started.

#1 Strategy

You could just start posting live videos on Facebook about your subject of expertise. Eventually, people might start to pay attention. Throw you a few likes, share your content, but then what? Create a deep strategy that not only details how you plan to market your expertise but also how you'll eventually make a living off of it. "The key to grabbing this opportunity is to focus on the problems you can help other people and companies solve with the the knowledge and expertise you bring to the table" Blackwell advises.

#2 Be the Brand

Companies and people are paying for your expertise, but really they are buying into your brand, which turns out is YOU. If you're not a good fit for the businesses culture, your knowledge is irrelevant. Cultivate a brand that helps you stand out while evoking the values you want to represent.

#3 Have Self-Confidence

A lot of us hate bragging or tooting our own horn about our accomplishments, but if you're going to make a living being an expert, you've got to get comfortable and position yourself as an expert! If you don't tell people what makes you worth listening to, who will?

#4 Join Forces

Large firms such as Gerson Lerhman Group, AlphaSights, and others, help corporations in need of training connect with experts. The advantage to joining forces is that you'll have help doing the heavy lifting of getting your name and brand out to the proper audience. The downside is that you'll be associated with someone else's brand other than your own, and you'll have less control over your client's relationships.

#5 Dedicate to Continual Learning

Experts must always be students first. As the expert in your field, you must stay on top of what's happening in your industry. That means not only following and learning about current events and topics that affect your clients, but also fueling the innovations that are moving your industry forward. Real experts - the ones making the big bucks- aren't just out there sharing their opinions. They are qualified professionals with experience, accomplishments, and even degrees. Experts continue to learn, take classes, work with mentors and other experts in their industry to network with and exchange ideas. The more current and up-to-date you are, the more valuable your expertise will be.

In the Expert Economy, your knowledge and life experiences can be your greatest assets. You don't have to be the corporate type to land these gigs.

"It's not only business experts such as leadership coaches or productivity experts that are landing corporate clients. It's experts in all kinds of areas like wellness, nutrition, movement, relationships, communication, real estate, writing and more" Blackwell says.

Make a plan and learn to set yourself apart. When you're ready to share your wisdom with others, and enter the Expert Economy, you could not only create a great living, but also leave a great legacy.

Charles Watson

Founder / Author

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