When I am asked what I do, I tell people I am building online assets.
By assets I mean that I’ve got content of various types (written, audio, video, pdfs, etc) on a number of websites, that point to either an optin page to collect leads or to an affiliate link or to a buy now button.
In the financial world, an asset is something that either has intrinsic value or creates income, like a bank account or a rental property. A liability is something that costs more money each month than you put into it, like most car loans, mortgages, and hobbies.
Going through my assets, which are domain names, products, and affiliate marketing tools, I have a few things in place. And some things that are incomplete or old and stagnant that can be redone and rebuilt.
I am proud of the current assets that I have. But it isn’t enough. Not way enough.
What has worked and is working are niche sites. And my main blog (this blog!) from which I am building a great list of new friends.
Dennis Becker has a wonderful philosophy about building assets. He takes the long term perspective, and advises focusing and building projects or sites that make just 5 Bucks a Day. And start and complete that project in about a week or so.
Not a month. Not a year.
But a week.
His recommendation based on his own history of years of miserable failure and finally success, was something small and focused – something he could start and complete in a relatively short finite span of time, and something that he figured that over time would make an incredible 5 Bucks a Day.
But this strategy is an asset building strategy. Checking emails doesn’t build assets. Surfing the web or spending time on Facebook doesn’t build assets.
What activities build assets? Creating a blog post. Writing an email offer for your autoresponder. Writing an article. Interviewing a subject matter expert on the phone for an information product you are creating.
Those are assets.
Build a real business.