One of the threads that ties successful small business owners together is the fact that they are considered “experts” in a particular niche of their industry. As experts, they exude leadership qualities that naturally attract a base of loyal followers.

Unfortunately, this concept escapes many business owners who are desperate for success. They feel that they either don’t have an area of expertise, don’t have the right qualifications, or don’t possess a formal “degree” in order to effectively lead a group of people.

The interesting fact is that all experts, at one time or another, took time to become an expert in their field. And there are countless ways to become an expert in your field. Some small business owners go back to school for a formal degree, others attend seminars and workshops, while still others teach themselves.

Both Albert Einstein and Earl Nightengale declared that if an individual dedicates just thirty minutes each day to studying a certain topic, they will become an expert on that topic within one year’s time. (Obviously, if you study for an hour every day, you can conceivably become an expert in six months time.)

It’s time for you to become an expert in your industry today. Your expertise will be one of the most important components to the overall success of your business in the long-run.

Here’s a very simple three-step formula to develop expertise in your field:

1) Identify Problems. First and foremost, you must find an area within your industry that is in need of expert advice. One of the simplest ways to do this is to make a list of problems that your prospective customers and prospects face in your industry. What frustrates or angers your prospects? Do they need to lose weight? Are they sad or depressed? Do they need marketing help?

No matter what small business you operate, their are numerous problems that your prospects face.

2) Research Solutions. Once you have identified problems in your industry, begin researching possible solutions. Read online articles, visit your local library, attend classes, seminars and webinars. The main goal of your reasearch is that you eventually want to offer tangible solutions to your prospects.

3) Educate Your Prospects. One of your main objectives is to offer your prospects a sample of your knowledge base. You can turn your knowledge into a special report, short e-book or 10-day e-course. Once you begin packaging your knowledge and offering it to others, you will be surprised how quickly you will develop a group of followers that are eager to learn from you.

So, take the time to identify the problems in your industry, research the solutions and then educate your prospects. You will soon find that you have more business than you can handle!