Learn how to make money from intellectual property assets in your business…without losing the rights to them.
What Are You Building?
A while ago, I shared a training called “The Beach Analogy.” The basic idea is that if you bought a piece of land at the beach, you would buy it to build something specific. Whether it’s a shack, a house, or a mansion, there’s a vision. That vision drives all of your plans. From the materials you purchase to how deep the foundation is, to everything in between, it’s being pulled together in a specific vision.
The Importance of Perceived Value
Having a vision and purpose for buying land is also true of what you do after you’ve built the structure. For example, back in April at our clients-only Beat The Odds retreat, we rented an AirBnb that was within walking distance of the beach. The properties on the beach were double and triple the cost of this one. And you know that AirBnb values properties based on what the owner believes they are worth. The same is true if you’re looking at renting in Alabama vs. New York City. So if you buy a piece of land, you have an expectation on the value you’ll be getting from it.
Identifying Assets In Business
These examples with real estate illustrate the concept I’m sharing today: Income follows assets. Specifically revenue follows your business assets. You may be thinking that your team is your greatest asset, but I would like to add that your other highly valuable assets are the systems and playbooks you create for operating your business. I was recently on the phone with an extremely successful business owner who owns and operates multiple million dollar businesses. He has leadership teams in place and does a tremendous amount of good. What he shared was that he actually enjoys and is energized by training his team. However, as I dug a little deeper, I found that he has never recorded his team trainings. He has different documents and written playbooks, but I encouraged him to record his trainings on those plays too.
Developing Your Assets
Consider if you recorded all your team trainings and role-playing. Within a year of this, you would have an amazing library of business leadership content. For the client I mentioned above, I recommended he do some simple edits and release those edits on YouTube to grow his following. As he does this, he can develop and monetize his assets to generate more income. This is just one way that you can create assets out of your skills and intellectual property in business. What are some other ways you can do this in your business?
Grow Your Leadership
Bradley has many resources to grow your leadership in the area of vision and priorities. Check out a few of them:
How are you investing your time and energy as a business owner? In this quick training, Bradley shares how to invest wisely and avoid burnout. Keep Reading…
If given the choice between a business you’re passionate about or a business that makes you more money, which would you choose? Here’s what Bradley has to say. Keep reading…
It’s difficult to get to your destination if you aren’t sure where you currently are! After all, the path from Minnesota to Canada is very different than the path from Mexico to Canada. If you aren’t certain where you’re at today in business, you need to take the Rainmaker to Architect assessment. It will gauge your strengths and weaknesses as a leader and in your business. Then, you’ll get detailed, specific suggestions for improvement. Take the assessment here.