Let’s discuss your assets and liabilities on the entrepreneurial balance sheet. This topic is crucial to your success, yet few online entrepreneurs are taking it seriously. You will be different because you will take advantage of the proven strategies I am sharing with you here. Thinking and learning about assets and liabilities for entrepreneurs will increase your bottom line substantially.
Since the very beginning back in 2006, I have treated my online business like a real business. This means evaluating every piece of it in terms of assets and liabilities, and rewriting my goals to achieve more assets than liabilities. These are some of the assets and liabilities for entrepreneurs that will make a difference for you.
These are your assets:
1) Your Information Products and Online Courses
Since 2015 I have created almost thirty new products and online courses, including my “Really Simple” series, niche specific products, and more.
2) Your Writing, In All Formats
My blog posts lead to my Focus Guides, and some of these lead to my books. Being a multiple bestselling author is simply a matter of writing every day and repurposing your content.
3) Your Membership Sites and Communities Online
Building a “tribe” from day one will enable you to achieve your goals. Think of this as a partnership with those who follow and learn from you. They think of you as their “trusted advisor” and you can better deliver if they are a part of a group you manage online.
4) Your List
By this I mean your permission based database of people who choose to read your messages and act upon your suggestions. Treat these people like royalty because they are the one who believe in you.
These are your liabilities:
1) Your Outdated Products and Courses
I like to retire my information products and online courses within three years of creating them so that the information is fresh and current. If you still have old trainings and products out there, take them down and create something new.
2) An Outdated Coaching Model, Where You Simply Trade Time For Money
Instead, create a program where your clients may connect with each other as you serve the group. Yes, one on one calls are a part of this, but you are creating something that makes more sense as a business owner and facilitator. I keep this part of my business to about 10-15% of my annual income.
3) Social Media Mistakes
I love social media, but be careful how you approach this. Too many people are there every day, sharing every bit of their personal lives. This detracts from you as an entrepreneur in a huge way. Instead, make sure your pages and profiles let people know you are in business, and allow them to read your blog posts and opt in to your list to see what’s for sale.
I hope these tips are helpful and would love to know what you’re doing to increase your assets and decrease your liabilities as an entrepreneur, because being aware of assets and liabilities for entrepreneurs is a major determiner of your success.
Connie Ragen Green is an online marketing strategist (and an influencer!) working with people on six continents to build a lucrative business on the internet. Get started right away at Online Entrepreneur Blueprint and you’ll be on your way to entrepreneurship.