Creating “Invaluable Assets” In Your Business

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I mentioned that I'm going through some personal and business struggles. Hmm, transitions is a better word. Yes, I'm going through some major transitions. πŸ™‚

One thing I am always grateful for in situations like this, is the fact that I've created a solid business foundation and invaluable assets. That is exactly what has allowed me to recover from anything life has thrown my way in my 19+ years in business.

That and leverage. I'll share with you how I put both to work...

Lynn Terry, Online Business Expert & Entrepreneur

You may have noticed that I haven't been traveling much lately. Or maybe you didn't.:) I'm usually on a trip at least once a month or 6-9 times a year, but I haven't traveled since March. I've been working from home exclusively for five straight months now, and don't have any trips or events planned (yet) for awhile.

That's always subject to change, of course. πŸ˜‰

Anyway, I share that with you to make the point that no matter what your situation (for example, even when I was homebound taking care of my grandmother for two years) there is SO much you can accomplish. You can literally build an EMPIRE and create a solid business foundation from your couch.

 

 

Creating A Solid Business Foundation

I am fortunate to have everything I need to recover from sticky situations, or handle big things that arise, because I put in the work to build a solid foundation.

The fact that I feel fortunate doesn't mean "I'm lucky" because I'm not one of those people that just naturally has good luck (lol).

It means I've worked hard to build my business, and to create assets I can leverage.

Instead of panicking when something falls through, ends, shuts down, comes up, or lands in my lap - or after my initial panic sometimes, lol - my first comment is always this: "I have everything I need to deal with this."

That doesn't necessarily mean I already *have* every single thing I might need in any given situation... but that I can certainly get it.

Your Most Valuable Assets In Business

An asset is a useful or valuable quality, person, or thing; an advantage or resource.

In business your assets include things like your reputation, connections, networks, knowledge, skills, resources, abilities, your reach, your audience (and/or traffic, or level of engagement), and of course your websites and products.

Other equally valuable assets to any entrepreneur include confidence, tenacity, creativity, determination, DESIRE, etc.

It pays to always be building on these things.

I like "desire" because it's true: "where there's a will, there's a way."

We aren't born with these "assets" or gifted with them the day we decide to start a business. Or I wasn't, at least. For most of us, assets are something you have to work at and build on consistently.

The more assets you have, the more options and opportunities you'll have as your business grows. The more you nurture or build on those assets, the better your options will be.

An article on Forbes refers to Human Capital as the most valuable asset, defined as "your ability to earn money now and in the future" or "the skills, knowledge, and experience possessed by an individual."

I like that term. A lot. πŸ™‚

A good read on a slightly different note:
An Entrepreneur’s 5 Most Valuable Assets

I have stuff you don't have. You have stuff I don't have. Everyone has different advantages and disadvantages. Don't focus on that. Not even for a minute.

Your perception isn't necessarily truth anyway, and it usually just holds you back, or stains your beliefs or your self confidence.

As a random example, someone commented on my Instagram photo of my "dinner for one take-out" saying I was lucky I didn't have a big family to cook for. 😐 Lucky?! Don't make me explain that one. πŸ˜›

Creative Ways You Can Leverage Your Assets

Something I consider one of my MOST valuable assets is the connections I've made at both live events and online. That includes friends, business peers, merchants - even people in random niches that I can't collaborate with in any way, because I often glean creative ideas or inspiration from them.

The reason I consider people my most valuable asset is because even without any of the other assets I listed above (and others you could add to that list), you can leverage people you know to tap into their assets.

Let's say you have no traffic, no reputation, no website (yet), but you have a product. Or maybe just an idea, even. All you have to do is leverage the assets of other established entrepreneurs to sell your product. Bingo! If you're shaking your head thinking that would never work... I've done it - very successfully.

You can even leverage your competitors...

The key to leverage is to figure out how you can benefit THEM most. What do they need, what would be helpful or useful to them, what would make them look good, etc?

To exercise leverage you have to get out of the "what I need" mindset. You have to switch into "what they need" and pitch ideas they can't refuse.

There are other things you can leverage as well...

You have assets (or skills, or connections) others don't have. One of those assets may even be time. It can be as simple as that! You can also leverage past successes, notoriety (or the opposite, even!), launch numbers, etc.

This post isn't an in-depth training guide on leverage so I'll leave it at that (for now) and let your wheels turn a bit, and let your own creativity bubble up. πŸ˜‰

Just remember this key word: Leverage. It will serve you well in business!

Invest In Your Business, Invest In Yourself

In a few weeks my daughter is turning 20 years old. When she was born I was broke, struggling, saw NO light at the end of the tunnel, and had ZERO assets. Or at least that's how it seemed. We all have more assets than we realize, even if it's just sheer tenacity. When she was just 5 months old, I quit my $6/hour job (my steady paycheck!) and set out with nothing (literally) to start my first business.

More than 19 years later I can tell you wholeheartedly that it was the best decision I ever made for myself and my children. It wasn't just that ONE decision though, it was every decision over the last two decades since then - and the fact that I kept building, kept pushing, kept finding solutions, kept powering through failures, etc.

Don't hold back OR hold yourself back.

Reach out, build things, do things, know people, get known, create stuff. Keep investing in yourself, in your business and in your future.

You never know what's coming down the track. Never float by on the minimums. Build a solid foundation that will prepare you for anything...

Get Creative With Missed Opportunities

This is actually another lesson (or creative angle) on the topic of leverage.

There was an event I really wanted to go to once, but I just couldn't swing the trip between other things I had going on at the time. The main reason I wanted to attend wasn't for the sessions. I knew I could learn those topics from home, from a variety of sources. I mainly wanted to go to meet the vendors, connect with new brands, scout potential sponsors - basically to mingle with the merchants.

I had two options: be bummed and chalk it up to a missed opportunity, and envy the people that got to go and accomplish what I wanted to do. OR still achieve my objective, just in a different way. Which is exactly what I did!

The event website had a sponsor page that listed all the vendors and merchants involved and/or attending. The event also had a hashtag, which made it easy to get involved and get connected - and get on the radar of anyone I wanted to know and/or attract.

You can't do everything and you can't be everywhere, but you CAN get creative and still accomplish a lot through different means!

I'll give you another example, and this one pains me a bit...

There's a GREAT event coming up in a few weeks, the Warrior Event in Raleigh NC.

I was meant to speak at this event, but I'm not going to make it.

Do I just chalk it up to a missed opportunity?

I think you know me better than that by now. πŸ˜‰

I decided that since I already had a topic outlined to speak on, that I would turn that time invested into a digital product. I was planning to share my secrets as a Super Affiliate, by the way. Good ones.:)

In the coolest of timing, one of my friends (an asset!) asked me if I knew a current 2016 affiliate marketing course or guide to promote...

Bingo! TWO good reasons to create a product!

I'm in the process of creating it now, and I've already come up with a creative way to leverage my lack of presence at the live event. I shared the entire "genius plan" with the members of my Private Brainstorming Group last week - which they loved - and they'll be privy to the entire process along the way.

They'll be getting the new product free of course...

Stay tuned to learn how YOU can get my new "super affiliate secrets" training.

It's going to be available SOON. πŸ™‚

In Closing...

I shared a lot of great ideas with you here. I hope you'll take at least one of those and implement it in your own business - immediately.

Knowledge is not an asset... unless it's applied. πŸ˜‰

Task: Make a list of your most valuable assets. Next, make a list of the assets you would most like to attain. Then create an action plan to consistently increase your list of assets, and the value of your assets.

Best,

p.s. The ClickNewz Forum & Private Brainstorming Group will be offline for a bit on Sunday for major (super cool!) upgrades. Then next week the membership rates increase. That doesn't affect current members of course. Members get to keep their low rate for the lifetime of their active membership.

If you haven't joined us yet... you should join in now while it's still cheap. πŸ˜‰

I share ALL with my group in our Brainstorming Hour sessions twice a week, including live examples of everything I'm working on myself (in my own niche) and cool resources they can use too -and how. It's fun!

 

 

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About Lynn Terry

Lynn Terry is a full-time Internet Marketer with over 17 years experience in online business. Subscribe to ClickNewz for the latest Internet Marketing trends & strategies, Lynn's unique case studies, creative marketing ideas, and candid reviews...moreΒ»

Discussion

  1. Ooh, I love the title "super affiliate secrets"...gives me the good kind of tingles. πŸ™‚ Sorry you couldn't make it to the event but I like how you turned a negative into a positive. Good for you!

  2. Hey Lynn, just wanted to say Thank You for an awesome post.

    I agree that investing in ourselves is very important, and I love how you said it "Reach out, build things, do things, know people, get known, create stuff. Keep investing in yourself, in your business and in your future."

    There are so many people that hold themselves back and they prefer to sit quietly in the shadow. Most of the time is because of the fear of rejection but not releasing the potential that is inside everybody doesn't serve and it's killing little by little from the inside.

    Get crazy, try new things, fail, get up, try again, learn, meet new people and be creative. This is one of the ways to claim the mountain to the top.

    Anyway Lynn, great post!
    Shared!

    Kamil

  3. Hey Lynn true words of encouragement.

    I've been around online for a good number of years, yet I have never really sat down to evaluate my situation as I have recently. And this post is a good example of why we should do just that.

    Like too many, when I first started, I thought the world was mine to educate. I jumped in to the "make money" niche with no idea of what I was doing. It didn't take long to realize there were better ways to accomplish my goals.

    One thing lead to another and I became "scattered" with my efforts. Oh, there's a new shiny thing, let me try that.

    It doesn't work that way as you very well know.

    Which brings me to my current situation. I am looking at doing my best to help others learn what I know while at the same time not to make many of the same mistakes.

    Though I still struggle with direction from time to time, I have learned that I must focus and be more intentional and clear in my approach to my bloggin' efforts. (I like dropping the g off ing. Sounds more like me.)

    Whatever your struggles, I know you will persevere.

    Thanks for sharing.

    Ocha

  4. Thanks for a terrific post and some helpful and inspirational comments. I love when you stated, "The key to leverage is to figure out how you can benefit THEM most. What do they need, what would be helpful or useful to them, what would make them look good, etc?
    To exercise leverage you have to get out of the "what I need" mindset. You have to switch into "what they need" and pitch ideas they can't refuse."

    That really struck a chord with me and I have been struggling with some business decisions and I asked myself if I was looking at the issue from my eyes only and what I wanted or what would be of benefit to my customers? Then reading this post, this summed it up perfectly and really brought it into perspective. Thanks!

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