How can you increase the number of assets in your personal balance sheet? Is there any way to creatively increase the amount of inventory that you have to boost your personal bottom line?
Well I can think of two ways to answer these questions. First consider the way that you define an asset traditionally anything that has a market value and that you own is considered an asset – but for the purposes of this blog we consider anything that can generate an income as an asset. So what are “real” assets.
- Investments that are yielding profits and dividends
- Real estate that is generating rental income
- Investment in bonds that a generating interest income
- Insurance fund that generates a dividend
- Mutual funds that pay out profits
Are some of the assets that yield an income and therefore I categorise these as assets. Well then what about your car, house, cellphone etc things that you normally list as your assets – well, these cannot be considered assets unless you plan to sell them at some future time for a profit.
Now lets broaden the scope of an asset and look at potential assets that you can create and make money selling. A specialised hobby or collectibles that you can cash in on. A skill that you can develop teach or transfer for a fee. So what methods can you now you to create a new stream of income for yourself.
- Create a website – about your favourite TV show, sport or hobby
- Create a paid membership site about a specialised activity such as diamond mining, gold investment, forex investment, stock investment etc – any niche where you have valuable information where people are willing to pay you continuous basis to find out what you know.
- Create an information product such as an e-book or audio book about your hobby or favourite sport such as golfing
- Create a platform to Teach others a skill that you have specialised in e.g. door to door selling, spreadsheet management, conflict management, designing CVs, personal grooming, life coach
- Mentoring others – in a field that you are an expert is a good way to earn a considerable income which boosting your own sphere of influence.
- Create a webinar or Udemy course that you can sell online- You will need to invest in video audio equipment if you want to make professional presentation or camtasia is good enough for all other requirements.
- Facebook products – many marketers use specialise products to be sold on Facebook such as in app purchases. Facebook can also be used as another sales channel for your products
- Design T-shirts – people are making millions selling T-shirts on tee-spring
- Create a App that can be sold on Appstore or Android market- then cash in from in-app purchases or collect those advertising cheques when advertisers or sponsors opt to use your app.
- Design a Game that can be used to reach a target market of users and sell advertising
- Joint Venture – you might not have all the necessary skills to create a product that can yield the best results – then this is an ideal opportunity to start a JV with another expert in the field that you don’t have the required expertise. This formula has been used by many marketers with amazing results.
Don’t worry I will be taking you through each opportunity and teach you how you can use each method to create a profitable product. It make take a few attempts to create the best product or find the right platform for your skill set but don’t procrastinate use this time to write done all the products that you can create using your existing skills, expertise and experience.
Action Plan- Create Assets
Make a list of ideas that you can convert into products based on the techniques shown above