Business Idea #104 – Individual Pieces of Information are the Business

by Byron on May 29, 2012

The Problem:

So often, professionals do not realize the true assets their business owns.  These professionals don’t seem to know it and they don’t sell it directly.

The Business

Many professional practices simply involve intimate knowledge of one particular thing.  They sell it by selling other things.  For example, a lawyer has intimate knowledge of how and why to choose one particular business entity over another.  Instead of doing nothing other than choosing all day everyday, the lawyer sells massive partnership agreements.  The agreements are long and tedious and boring, both for the client and the lawyer.

In truth, the lawyer only needed to memorialize and sell the information about which entity to choose.

While other law firms were busy saying why LegalZoom would never work, LegalZoom was busy building a billion dollar business.  But that concept has only scratched the surface.

One business could be the identification of knowledge and the packaging of that knowledge for sale for the knowledge owner.  It’s both consulting and marketing, sort of.  But the real business is in taking a look at your business and asking yourself what’s just knowledge and what is judgement.  If it’s just knowledge, figure out a way to package it.

Doableness

Identification of the knowledge of others and the ability to build a business around it is not easy.  But if you understand what I’m talking about and why I’m talking about it, and how the Internet has changed the “doableness” of this idea, you know it’s quite doable.

My Thoughts

Most professionals’ websites give away little snippets of information for nothing so you will come to them for all the information and the application of the information to the potential client’s situation.  All the information and the application of the information are two very different things.

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