Your Online Business, An Asset or Liability
A young man was determined that he would be Financially Independent by the time he was 40 years old. He was now 30 and had not made any progress on his goal. So, he attended a Real Estate seminar. During the seminar, the presenter stated: Your home is NOT an asset!
An attendee stood up and said he was a banker and he tells everyone when they sign their Mortgage papers that they have just purchased their greatest Asset! He demanded the speaker take back his statement.
The speaker shared this:
There was a gentleman that attended one of his seminars last year. He had TWO HOUSES. He had his home that he lived in and he had another that he rented. He was also considering buying a Vacation home in the mountains. The speaker asked this man if he had any Assets from what he just named? The man said, “Of course, the rental is the only asset.” The speaker asked if he received enough rental income to cover all the expenses and have a profit? The man sheepishly said, “No”. The speaker asked the man, “I ask again, are any of these houses an asset?” The man said, “I guess not”.
The speaker then shared this: An Asset puts money in your pocket, a liability takes money out of you pocket.
The young man went up to the speaker during a break and asked him, “You mean to tell me if this man increased his rent so he was in profit, his rental would be an Asset and that would be the entire difference?”
THE COST OF YOUR ONLINE BUSINESS
In another post, (The Cost of Your Online Business ….), I wrote the following:
ACCOUNTABILITY is a BIG word that we miss the mark on. With the concept that we will do it tomorrow, we find ourselves not following thru with our commitments to build an online business. We are so conditioned to follow the instructions on how to accomplish the assignments at your workplace.
We miss one vital and important aspect of this game: THE VALUE IS NOT IN THE ONLINE BUSINESS, THE VALUE IS IN YOU!
Sometimes we miss the target because we just are not ready for the venture. (It’s too hard, I don’t have time, I don’t know anybody, etc) I have a few more of my own that I have used throughout the years and recently as well. What ever the excuse, remember everyone has one!
YOUR ONLINE BUSINESS, AN ASSET OR LIABILITY
Most online businesses and small businesses are liabilities. All this means is you are putting more money into your business than you are getting out of it. With small business failure rates being around 95%, you can determine that most businesses are or have been liabilities. Turning that around and creating an asset from your online business is (and should be) your top goal for the year 2015.
We don’t have much time left in this calendar year to make this happen. Sitting on your hands and letting time pass by is one of the hardest things for someone that wants success to do. However, sometimes it comes down to this. But! (there is always a but), Don’t be idle!
There is always something that can be done. You have to dig into your business and see what can be done. In our business, it is adding content and earning activity points. These eventually become our income.
What can you do today that will turn your online business into an asset?