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No.71 - Are Your Creating Assets In Your Business?

2019 Jan 14, 2019

In February 2014 I began my quest to work out exactly what my next business venture would be and to understand how I could make the most of social media and the world of technology to help me move my life to my new home in Scotland. 

For many, many years before I had bought books, courses and programmes from a range of Business Guru’s all offering me the benefit of their experience and advice as to what the best Business model would be to help me take my business ’to the next level’. 

I’ve had my own Business since I was 19. Like all of Business Owners, with each business venture I took my lessons learned and tweaked and improved my model and my thinking to make sure each business was more successful than the last. Don’t get me wrong, not all of my decisions were brilliant, but that’s how all successful Business Owners grow; one lesson at a time. 

I remember clearly the lessons from Robert T Kiyosaki in his book ‘Rich Dad Poor Dad’ and also the huge light-bulb moment that I had when I read his subsequent book ’The Cash Flow Quadrant’ in 1999 - finally understanding that I needed to break free of the ’self-employed mindset’ and think like a 'Business Owner'. 

It was much later on that I heard the phrase ‘Stop Trading Your Time For Money’ first time. As I attended workshop after workshop down in London one speaker after another would offer their own spin on how this phrase was going to be the key to my continued success. 'Monetise' they said; 'Productise' they told me! 

These phrases kept resonating in my head, but I couldn’t see how the models they offered could  relate to my, by then consistently 6-figure, business. It just didn’t seem to fit.

Then in the summer of 2015, whilst on another of my, by then infamous, learning expeditions, I encountered someone who finally made me understand and see the potential for me to capitalise on my knowledge and expertise. She opened my eyes to what should have been obvious to me all along and ignited my ambition to break free from the need to be directly customer facing to earn money. 

From that day forward I have worked on a daily basis to move away from a business model that saw me creating almost bespoke, stand alone offerings for my clients, that would be used only once, to something where every project or contract that I work on is now viewed with new eyes. 

Just as before, I still create exactly what my client needs to give them their desired result. I deliver it within their budget and time-frame, and make sure that they get my individual attention (I’ve never really been interested in building a business that employs mini me’s - as that’s not what my Clients are buying). But now I am clear in my parallel Business Owners focus to always create products and services which have a much longer life-span and become assets for my business. 

Every ‘Business Bootcamp’ I run or ‘One-off Development Day’ I deliver to the Public Sector or Corporates' becomes the incubator for a new online course; or Webinar or Digital Programme. These are the things that will earn us 'money while we sleep’ and ensure that we never again ‘trade our time for money’. Turning all that ’sales(y)’ rhetoric that I heard on my quest into a reality. 

It’s a way of thinking that has now become firmly embedded and we no longer struggle to apply the concept. Creating 'Products' with a beginning, middle and end is now normal practice for us. In fact we've surprised ourselves with just how 'productive' we can be! 

Today the mantra that constantly fuels us is ‘How can we share this product we have created with more people and have more impact’?   

With this new way of thinking has come the ability to build a business which has the potential to be more successful than any we have ever had before, by some considerable distance. It’s a way of thinking which has taken the glass ceiling off my previous business model and opened us up to build the business and life that we dreamed of. 

So as you go about fulfilling your work commitments this week ask yourself: 

Are you focusing on creating assets for your business, or are you delivering one-off solutions that are not helping you to build the financial freedom that you deserve? 

Until next week, 

Karen x

 

P.S. 

If you’ve watched the journey we have taken to create our successful business here over the last 18 months, and you want to move forward with your own business this year, there is still time to enroll on our Unknown To Expert (Business & Personal Growth) Accelerator Programme - where we share with you the exact process we have followed since moving here to Scotland! Book a Discovery Call and see how we can help you!   

CLICK HERE TO FIND OUT MORE

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