I’ve read from a Robert Kiyosaki book that those who are saving money are losing it. He goes on to say how those money should be invested in something like real estate, and the income from those would fund a business, and so on.
What he’s really saying is that you shouldn’t just put all your money in your bank, but you should invest it to earn more.
I was thinking how this is applicable to an online business. You might be focused on earning money in the present, but are you building your online assets that could give you passive (or at least easy) income in the future?
These online assets would include:
1) Your list of subscribers and customers. If you’re not building a list, your online business is not on secure ground. By building your list and establishing good relationships with them, you could earn lots of instant money at the push of a button!
2) Your network (JV partners, affiliates, etc.) Talk with your JV partners from time to time about things other than business. It’s easier to persuade them when you have established some sort of bond with them, other than only contacting them every time you need something.
Also, make it a habit to search for new partners to JV with. Promote for them first, and they’ll be more likely to reciprocate.
3) Your personal web properties. This could be your own websites, domains you’ve bought, or anything else you have full control of.
4) Rent-free 3rd-party webspace. In the offline world, you need to pay rent for the office or store space. But in the online world, you could put your content permanently on 3rd-party websites… without paying a single dime!
You can put your content on content-sharing sites like squidoo, hubpages, qassia, wetpaint, google knol, etc. And of course, article directories like ezinearticles, goarticles, buzzle, etc.
You can put your videos in video-sharing sites like youtube, metacafe, revver, and a lot more!
The more content you create and post on 3rd party sites, the more passive income you stand to make!
What other online assets can you think of that are worthy of building?