In my two decades of coaching entrepreneurs, I've seen countless businesses struggle to achieve sustainable growth. They hustle hard to make sales, only to find themselves stuck in a cycle of feast or famine. They wear too many hats, trying to do everything themselves. And they constantly feel like they're trading time for money, with no clear path to scale.
Sound familiar? If so, you're not alone. But here's the good news: there is a way to break free from this cycle and build a business that can thrive without you. The secret? Developing strategic assets.
In a recent Scale Up Summit training, I dove deep into the two key types of assets every business needs to scale sustainably: digital assets and physical assets. Here's why they're so critical:
- Digital assets create leverage. Digital assets are anything that can be delivered or accessed online, from ebooks and courses to software and apps. The beauty of digital assets is that they can be sold and delivered automatically, without your direct involvement.
One of the most powerful digital assets you can create is an evergreen lead magnet. This is a valuable piece of content that attracts your ideal customers and entices them to join your email list. It could be a PDF guide, a video series, or a webinar. The key is to make it irresistible and highly relevant to your target audience.
Once you have an evergreen lead magnet in place, you can use it to fuel your entire marketing funnel. You can run ads to it, promote it on social media, and use it to nurture leads into paying customers. And the best part? It works for you 24/7, even while you sleep.
Other types of digital assets include online courses, membership sites, and software tools. By packaging your knowledge and expertise into these assets, you create leveraged income streams that don't require your constant presence.
- Physical assets build authority and credibility. While digital assets are essential for scale, don't underestimate the power of physical assets. Things like books, workbooks, and even physical products can be incredibly valuable for building your brand and establishing your authority.
One of my favourite examples of a physical asset is a book. Writing a book positions you as an expert in your field and gives you instant credibility with your target audience. It's also a great way to generate leads and attract speaking engagements and media opportunities.
Other physical assets might include workbooks, planners, or even physical products that complement your core offer. By creating these tangible assets, you give your customers something to hold onto and engage with, deepening their connection to your brand.
- Assets create long-term value. The real power of assets lies in their ability to create long-term value for your business. Unlike one-time sales or services, assets continue to generate revenue and attract customers long after you've created them.
Think about it like this: if you sell a $1,000 service, you make $1,000 once. But if you create a $100 ebook and sell it to 100 people, you've made $10,000. And you can keep selling that ebook for years to come, with no additional effort on your part.
The same goes for physical assets like books. If you sell a $20 book to 1,000 people, you've made $20,000. But the real value lies in the opportunities that book opens up for you - the speaking gigs, the consulting contracts, the partnerships. A single asset can spark a chain reaction of growth for your business.
So how do you get started with creating assets? The key is to start small and focus on solving a specific problem for your target audience. What knowledge or expertise do you have that could be packaged into a valuable resource? What tools or templates could you create to make your customers' lives easier?
Once you have an idea, commit to bringing it to life. Block out time in your schedule to work on your asset, and treat it like a priority. And don't be afraid to invest in help if you need it, whether that's hiring a designer, editor, or developer.
Remember, building assets is a long-term play. It may take time and effort upfront, but the payoff can be transformational for your business. By shifting your focus from one-time sales to creating leveraged assets, you'll be able to scale your impact and your income like never before.
Your success is waiting for you. All you have to do is take the first step.
