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Tweetables:
Create worth for somebody else. [Click To Tweet].
A business should work without you. [Click To Tweet].
Authority helps increase your profit. [Click To Tweet].
Build strong relationships. [Click To Tweet].
Do you prefer text? here you go…
James Schramko here and this module of Wealthification is about assets because that’s what the purpose of building a profitable business is – to create something that is worth something to somebody else.
What Is An Asset?
Now firstly, an asset could be as simple as stock. It could be physical things that you create. But in most cases, you’ll be creating other things like intellectual property. The easiest way to sell those things is as a business and a business is something that works without you. So, for somebody to give you money for your business, you would have to convince them that it does not require you for it to work. If it does require you, it’s not actually a business, it’s a job. So, have a good look at your business model and your strategy and see if you can create something that works without you. A lot of the other modules will give you clues as to how to do that.
Building Your Database
The other type of asset that’s quite common is a database. This is where you build a list of prospects or customers and even a database of suppliers and a peer group database can be very valuable for someone to come along and purchase from you. That’s a great asset. You can also rent access to that database if you want, so you don’t have to sell your asset but you’ve got an asset there that you could let other people lease from you. And probably the most important asset in your business is the list of customers.
The Power Of Authority
Another asset is your authority. How people perceive you actually helps you when it comes to making sales. It increases your conversions, it increases your price points and it’s actually easy to become an authority because you can do activities such as speaking, publishing a book, publishing an E-book, publishing a podcast, creating videos, creating white papers, reports, PDFs. Any type of publishing is usually good for authority. Any type of keynote speaking, guest appearance, radio shows, and using some of the techniques we talk about in the marketing module, you’ll be able to get yourself some authority. When you think about people like Bill Gates, Steve Jobs, Richard Branson, they have authority in their own right which certainly rubs across onto their business but they could still sell parts of their business and that’s the key point.
As your authority increases, it makes any new project that you start much easier, and here’s one of the main reasons why: because you’re building relationships. When you meet people, you travel, you spend face time with others, at an event when you have business dealings, you build relationships with other people in your industry and peer group members, and that is a huge asset that it’s kind of intangible and very hard to measure. The point is: over time, as your business grows, the relationships you have will get stronger and make it easier for you to support your business and to start new ones.
Wealthification is just one of the many courses inside SuperFastBusiness.com. Join me inside this Internet Business coaching community so that I can help you profit faster: Click Here
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