If you are keen to build a business that works hard FOR you, instead of a business that you work hard for, this article is for you.
The same principal that I’m going to share with you applies to any kind of business, be it online or offline.
Remember this:
The key to business survival is CASH FLOW, but the key to building a business that works hard for you is ASSET.
You see, most people are busy building businesses that make money. Making money is their top priority. Fair enough. But if your business objective is simply to make money and not building any form of asset, you will eventually realize that you don’t really own the business. Instead, the business OWN you!
For example, if you invest time and resources driving traffic to a product that you promote as an affiliate, a Clickbank product for example, you will be forever busy driving more new traffic each and every day. You may make money, but you are not really building anything. If the affiliated product is gone, you will have to start all over again.
On the other hand, if you build a website that attracts traffic, and invest the same time and resources to drive traffic to that website, which in turn promote the affiliated product, then to a certain extend, your website is your asset and you can use that asset to churn out profit via different means for probably a long period of time.
Often times, what you think is an asset may not turn out to be one. In fact, in the business world, change is inevitable. What used to be an asset may no longer become one. Your challenge is to keep building more assets so as to reach a critical base, like an old tree with well established roots to the ground and hence not likely to fall under strong wind.
Let me illustrate this point with an example. Assuming you build a search engine optimized website that attracts tons of search engine traffic. Sounds good isn’t it? But who really own that traffic? You or Google? If one day Google change its algorithm, or it decides to penalize your website for whatever reason, your traffic is gone and you will have to start all over again.
On the other hand, if you build a community website with an aim to build a list and a group of followers, chances are even if you lose your search engine traffic, you can still easily gain traffic from other sources, not to mention you still have your faithful followers whom you have built over the years.
Let’s end this discussion with more examples.
Do you know what is Macdonald’s business? It’s not burger. It’s real estate. During the early years, Macdonald’s business model is to purchase shops and rent those shops to its franchisees who pay the rent (and hence the mortgage of that property). In long run, whether Macdonald profits from its burger business, it is almost guaranteed to build a huge portfolio of properties.
How about Google? Google may start as a search engine but its real business is in building tools that can attract traffic. These tools include its search engine, Gmail, Google Map, Google Plus and even Chrome and Android. Google’s range of free tools is its true asset and I’m sure it will continue to create more useful tools. The more tools it builds, the more traffic it will attract and the more ways it has to make money.
So back to you. What assets are you building in your online business? More importantly, do you really own that asset?
As usual, great article Kenneth.
When I first started marketing online, I focused on the program or product I was trying to sell for someone else. My biggest asset now is my website which I work hard at everyday.
Wow, nice post,there are many person searching about that now they will find enough resources by your post.Thank you for sharing to us.Please one more post about that..
This is truly a great addition. I have read this great post. Thanks for posting article about it. I really like your way of writing.
I love this article.It is Mind blowing. Please keep it up
Thanks for the information!
You’re right about the part – “the business owning you”
It’s very easy to get distracted and lose sight of what we should be doing. Thanks again Ken for the article.
Great article. You’re right about the affiliate products. we should be working on getting traffic to our own sites first.
Great information and everyone can use helpful tips. Really enjoyed your Post and looking forward to seeing more.
This is truly one of the best article that I have read and which is practical and important to note in regards to working on a business instead “in” the business.
Many people end up working harder, longer hours and earning less in their online business endeavor instead of the Internet life style dream that they hope and yearn for.
I guess it is all about working towards growing a thriving business and setting long term goals and perspective instead of short term monetary gains which is not sustainable.
I always spent my half an hour to read this webpage’s articles daily along with a cup of coffee.
Spot on article here Ken.
In addition to building your list, you would do well to build a solid MLM for long term income. There are a number of things to look for in choosing one of course to make this a reality that you can count on.
Keep up the great work!
Fred Raley
Woodbridge, VA
703.203.4648
This is a very cool post.Viral is the key and Leadsleap does it best. Thanks for the info.
Viral and blogging is the key to this…..wake up call to a lot of people including me….
This was a direct and to the point great article thanks to you I did start my own website your site gave me the courage I needed to build my site and when I started seeing my own list that I’ve built from my site I was so proud of myself. And even now I encourage people to concentrate on building there list because your list is your customers and you want to make them feel comfortable and make them trust you and give them good quality service.
You think I would have known this because I use to sell for SMC years ago and I kept a customer lists so it is the same thing exept your doing it over the internet instead of keeping a paper customer list.
Thank You Again Ken
Jimmy West
Well, that is good info. Would software be and asset? I mean, I own and create the software, and it gets me profit wile my site does not really. The software, so you can answer my question better is at http://fireburst.webs.com/webmaster.htm
It depends on what kind of software you are talking about. For example if your software takes you directly to the main service like ezines articles or classified ad sites and ect. than this software would be valuable to your customers. However if you are creating cheat bot software that just gets people free traffic this can really hurt your business. You can get your website banned for this and other peoples websites banned as well that’s why if your an clickbank affiliate and you make too many sales they can refuse to pay you until they see how your making your sales. And even Godaddy says that if they catch you using cheat bot software as an affiliate they can terminate your account. So bottom line don’t try to use cheat bot software to make a profit it can hurt you in the end. but you can sell software and that’s fine as long as you use the right advertising techniques. I just want to make sure that you thrive in your business and save you from making huge mistakes in this way.
Jimmy West
Excellent ideas shared here.Perfect! These articles written too great,they rich contents and data accurately.they are help to me.
Establishing a profitable business is always difficult job.Great article. You’re right about the affiliate products. we should be working on getting traffic to our own sites first.Happy to find your site.
One can’t achieve success in business without analysis of market. According to my experience business analysis is a key factor to be a successful business man.
Your blog is great. Your thoughts are also very good and i am very inspired from your post. That is why I visit this blog again and again and will come back in future too.
Key to building business that really works for us is really that hard and yes right now i guess I would still be doing on what’s best for me too. I do like it.
Look it’s really simple if you want a successful business weather offline or online you have to create a flood of traffic and that is it for example. If you own a store you want to put it in a spot that gets alot of cars and trucks going by it like a big city and metro areas. If you have a website alway make your presents notice on social networking sites and other cheap advertisng websites. Remember google ranks you by popularity so the more your site geta hits the better rankings you should get from them but if you don’t don’t worry so much about it. Look anyone who has been in advertising of any kind knows that it is truely about MASSIVE exposure. Why in the hell do you think companies pay millions and millions of dollars to have there ad be put on television!
oh well, yes I guess I have to realize how important that is for me… I think that would really be nice. that’s much for all the help.
I think building a business that works hard for you is as simple as 1 using targeted traffic and 2 using your social network sites. Targeted traffic is the tricky one though this is why I would want you to use PPC (pay per click) when using this method but there are companies that will do it for you!
Sincerely
Jimmy
A successful company always starts with a compelling business idea. Thanks for the share guys!
I agree with you Jenny you must have a good idea and put it in writing. And as I’ve been told by many mentors don’t worry if you don’t get it right the first time just get it going.
I just read this article again and it does make a good point about building assets or as I like to call them followers. That’s why I advice all my subscribers including the ones on here to have your own website or at least a squeeze page. Remember though once you build that website to build that squeeze page I do it on the first page of my website. Godaddy makes it cheap and easy for you you can find out more by clicking my name and checking out the Godaddy advertising banners. I think a website tonight page which had pre built templates, auto responder and lot of other features is like 12.99 a yr. Great for people who don’t know all the tech stuff about building a site.
Very good article. I’m facing many of these issues as well..
One thing I’ve found that tends to work well, is having a mentor, someone who has already done it, that way you can bypass the entire learning curve.
I know this can work greatly. More attention is needed for doing this perfectly.
I have been working hard since 5 years to make business stand. Your tips make me inspired also. I am sure i can make a good move with this.
Building a business is not an easy one. A lot of discussions,calculations are needed. A lot of barriers will come.
This is a very informative site. Extremely helpful to find the best information.
Awesome information and everyone can use helpful tips. Really enjoyed your Post and looking forward to seeing more.
Once more my thanks for a very good article that explains a lot.
Hi,
This is really a great article. I learned a lot from this. Thank You So much.
ok, just…WOW! i have my computer read to me since i do so much reading, its easier on bad eyes.. so you can imagine I’m listening to comments and i here this “hi Shella Dudley, just comment and post.’ my ears perked up and then the machine said… “We know it’s you’ ;] now, i don’t know about you all, but that’s creepy ..i’d say, in anybodies book.. i don’t know about you.. what i wanna know, is how’d ya do THAT?” ps. great article, point well made. guess it’s back to the struggling with names and freakin niche.. thanks a lot. ;]
I enjoyed this article making me feel like my thinking is not completely outside the box. I needed this inspiration and confidence to know I am on the right path.