Thread by @BowTiedElephant

What's a TRANSFERABLE SKILL and why you need it?

a transferable skill is an *intangible skill*

THREAD 👇

Many people think that tangible skills are the best

Wrong. They can be outsourced

Anyone can learn how to build a financial model or read a graph or Ctrl C,P numbers from SEC filing, do basic arithmetic

If it can be learned in less than a month it’s *not* a transferable skill

Transferable skills are any skills that are unique to you

Some money making transferable skills:
• Sales
• Networking
• Production Improvement
• Basic Maintenance
• Continuity

Let's explore each below 👇

SALES

If you’re *good* at sales you will always make $200K+
Emphasis on good

You sell to people with money (primarily older women worried about their fading looks) or you sell extremely expensive items to wealthy men

If you are good at sales you are not selling to your typical middle class man

Why? He is usually a weird frugal guy who refuses to buy anything

You sell to either women or you sell to wealthy men who are willing to pay a premium for high quality products/services

NETWORKING

This is similar to sales

Only difference is you don’t need to transfer a feeling

And a lot easier than sales

Become a trusted source of good information

Then? Link two people who will *mutually* benefit

You will collect a commission for doing this

Why? It has a lot of value

If you’re able to realize that Person A needs Person B’s skills...

And you’re the person who figures it out?

That skill cannot be taught. It is valuable and not replicable by a sweatshop in India

PRODUCTION IMPROVEMENT

This is *largely* overlooked

Many people say “I can’t think of a new idea or product”. So what? Doesn’t matter

What about improving the actual efficiency of the product or business

This is either on the cost side or on the revenue side of the equation!

If you tell a company that you can reduce its costs (Total Cost of Ownership = TCO) by 25% at a cost of just 5%?
They'll hand you money

On the other side... If you can improve their sales funnel that results in a revenue increase of 5-10%? They'll hand you money

You don’t need to recreate the wheel
Make the wheel run smoother

BASIC MAINTENANCE

The most obvious example is property management

Create a quick stream of income in a niche neighborhood and managing properties for wealthy individuals

Once you gain the trust of a few wealthy men? They will refer you to other wealthy individuals

Once you’ve gotten the tasks down (insurance, good tenant screening, solid marketing of each rental property) it becomes easy monthly paycheck

Notably you can do this for many other industries as well

Just look at TaskRabbit as an example of outsourced services for menial needs

CONTINUITY

Ah yes, the holy grail

You affiliate marketers who keep visiting the site from StackThatMoney are all nodding in agreement

You’re able to private label your product and you’ve set up a monthly rebill

All your income comes from the re-bill and gaining the customer is the real headache

The manufacturing of the product is meaningless since anyone can set up the infrastructure in China (even an imbecile can do this!)

The real skill is getting the quality up, getting the sale up and making sure other people don’t try to steal all of your market share

The best example is one everyone knows of... NetFlix
Probably the best re-bill on the planet

IN SHORT

We don’t know what you’re good at

Maybe you’re better at creating the product
Maybe you’re better at selling
Maybe you’re better at improving efficiency

We simply don’t know

What we do know however, is that you need to find your niche skills and begin leveraging them

Time is not on your side and if you waste it trying to target meaningless niches you’re going to go belly up in a hurry