A friend at work fixed up and rented a property in Maryland. He was telling me about the improvements he did, how he saved a lot of money by finding deals on good materials and doing what work he could himself, how he did the fixing up properly to code, as well as some of the issues he's had with the tenant in the house. He's gone through the entire process, a lot of it hands-on.
He was telling me all of this for free. I told him that and said, “How much would people pay to get this information? How much money and frustration could you save them? You're writing all of this stuff down, right?”
He's an expert in the procedure for fixing up and renting a property in Maryland. There are lots of how-to's on buying fixer-uppers and renting them, but probably not that many that deal with a specific geographical area. This is a niche market that can be tapped into. But a lot of the value he's gained the hard way can diminish with time unless he writes down what he goes through as he does it.
Journaling is a good idea in general for a number of reasons, but a journal with information and insights on how to do a very specific skill is extremely valuable to someone wanting to learn that same skill. How valuable? How much money can you save someone with the information? For example, if my friend knows a good source for carpet in Maryland that saved him $1,000 on his house, and if he as found out the easy renovations that can be done by the investor rather than hired out that can save $5,000 for 25 hours' work, then wouldn't it be worth it to sell that information for $499? Plus, that's just two ways to save money. What about all of the time that can be saved by noting the “hot buttons” for Maryland home inspections? Step-by-step instructions on getting through the approval process? Now are we talking $999? Hopefully you see what I mean.
There are so many ways that this information could be used for profit:
- Selling it as a print manual or CD
- Selling it as a DVD
- Selling it as a download (very low cost!)
- Enlisting others to sell it for you (like The Product Hunter does)
- Give it away and pepper it throughout with links to your website and other affiliate links
- Give away “Version 1.0” free, and send visitors to a members-only site that keeps the information fresh
- Use an autoresponder service to send out the information in installments, and drive traffic back to your site and to your affiliate links
Anyway, what ideas can be capitalized on just by writing stuff down, organizing it, and selling it? How about:
- Building up a personal finance community through forums and RSS aggregators
- Scientific fine-tuning of advertising placement on your blog to maximize revenue
- Designing and putting together quilts
- Becoming an auctioneer in the state of Virginia
- Learning how to do organic home-brewing
- Writing a historical-romance-fantasy book
- Starting up a day-care center
- Starting up an eBay Store
- Anything that you are learning to do that's of value
If you do keep a journal, the worst that could happen is that you have a reference of what you did. It could potentially be a nice side income for you if there's enough value in it for the price you ask. All that's required is a little time along the way invested in writing things down as you do them.
I hope you enjoyed this money-making idea! Double your money back if not completely delighted. 😉
Don't forget your friend could also get revenue from the referrals he's making (though he should disclose them).
Keeping a journal can help you have a clearer mind about what you have done everyday. This definitely a good resources that keep track what you have done and learn. Now you are giving us an idea to sell this know how. Great!
Keeping a journal about a new skill or something that you are working on can also remind you of how you did it years down the road. As I get older I find its hard to remember everything; a journal helps save time and avoid the pitfalls you faced last time 😀