30 Day cash injection challenge
Day 8 - Your 5 Personal Assets
Day 8 - Your 5 Personal Assets
| day_8.mp3 |
Here's an idea for you. The idea that I want to talk to you about today is the idea of leveraging your personal assets. If you want to go to the bank looking for a loan, they would ask you, what assets do you have, they would want to know, if you own any property, any vehicles, art and any equity, meaning stock of listed companies or anything of the sort. Well, you'll be glad to know that there are assets that you actually have already, that all of us have, that have nothing to do with those things - that you can actually leverage today, to inject some cash in your business. These are what I call personal assets. We all have five personal assets, that you can use anytime to generate much needed cash injection into your business. Let me jump into them quickly.
Number one is time. Time, have you ever heard the saying, time is money? All of us - if you think about how we make money, there's an element of time in almost everything we do. That leads to us generating money. Usually, people who don't have cash, or whose businesses are struggling, you find that they've got a lot of time in their hands. It's either they don't know what to do with it. Or they're busying themselves with a lot of wasteful work if you like, they're just busy, busy, busy, busy. So the question then that I have for you is, if you can wake up in the morning and say, now that I've got time in my hands on what can I do with the day ahead? To generate revenue? How much is your time worth? How much do you think your hour is worth? So time is one of your assets that if you could be smart about it, you could leverage it, even if it's just for a short term, what can you do that could just require a bit of your time, that could bring you money today, that could bring you an extra R2000, R5000, R10,000, R20,000, R50,000 this week? What is it that you can do that you could leverage your time to generate some much needed revenue?
Number two, the other asset that you have is your ability. And and the beauty is that you'll find that you can actually combine these assets to come up with something really solid. So the second one is your ability. There's so much that you know, you've got so much knowledge, you've got skills, you've got expertise. Who could learn from you? Who could you teach this week, just a fraction of what you know, such that they actually pay you for it? Even if it's just for an hour of your time? Who could you reach out to this week, and teach them just a little bit of what you already know? Or even better? Who can you reach out to right now and offer to help them with your skills with your expertise with your services? Because you already have that ability and use that to generate revenue?
Number three, your third asset is energy. Your third asset is energy. Think about it this way. What if you could not get out of bed? What if you were sick? You were bedridden? You were in hospital? God forbid! But let's just say you were not in a position to do anything. Which means you have no energy to do work. What would you be thinking if you were lying there thinking, gee, I wish I could do work. This is what I would do with my time. This is what I would do today. Because a lot of times we take our energy for granted. We use it wallowing in self pity, stressed about, the struggles of our business, instead of saying, I've got time in my hands. I've got ability. I've got skills. I've got expertise. I've got energy.
So how could you leverage your energy to generate revenue? I mean, I could be ridiculous about it and say, for instance, people who don't have deep expertise, they can go and say to somebody, Hey, can I clean your house? That will take your time and energy? Right? Clean your house and you'll pay me X amount? Of course, that's not what I'm suggesting you do. But the point is that sometimes when we say we've done everything to generate revenue, we're not telling the truth, because there are things that we wouldn't do because they are beneath us. And I'm not suggesting that you should do anything that's beneath you. What I'm saying is that right now you've got energy. How can you leverage your energy to generate some much needed cash injection in your business?
Number four, reputation. We take this asset for granted. One of the reasons why a bank would not lend you money is if you've got a bad reputation, you don't pay your own pay your debts, you you, whatever, you know, your reputation is not if it's not, it's not impeccable, they wouldn't want to take that risk or lend you money. But here's the thing. Most of us, most of you have very good reputations. And I'm not just talking about banks, but I'm talking about other people, people who know you, who could do anything for you, purely on the basis of your reputation. People who could sign surety for you, if you needed to take credit with your suppliers, they would say, I know this person, if they give me their word, they'll pay me back. Or people could even say, Look, man, I'll give you 20,000 Rand, as a loan, I trust you because of your reputation. So the question is this, how can you leverage your reputation? Who do you have a good reputation with? That if you could reach out to them and ask them to do just one small thing or one big thing for your business? They would be happy to do that. And then the last one, that five of these losses is money. Right? So let me recap. Again, you've got time in your hands, you've got ability, you've got energy, you've got reputation. Number five, the fifth asset is money. I know that we talked about generating much needed revenue, but I don't assume that it doesn't necessarily translate that there's absolutely no money in your business, then the question becomes, how could you take some of the money you already have, and leverage it to generate more money out of it. Let me give you an example. For me, for instance, if I needed to generate a bit more revenue, and I used this asset called money, what I would do, I would probably take maybe three or four or 5000 Rand or 1000 Rand, I know somebody may say, Gee, I don't even have that. I may take up the thousand Rand, and I would run ads on social media or online, I would run ads that would generate me interested potential clients. And then I would try to sell those clients my services. So let's just say I run an ad that cost me 10 Rand per email address. For 1000 Rand, that would be 100 emails. And if I've got a product that I can sell for 5000 Rand, how many people do I need to make that money back? So if I've got I get one buyer out of out of 100, that thousand Rand will multiply fivefold. So what if I could take that new 5000 Rand and reinvest it as well reinvest that money in marketing and advertising, and I generate, again, for 10 Rand per email address, I generate, let's say 500 interested leads out of those 500 leads, I just closed five. That's 25,000. So what if I keep doing that week in and week out? Can you see that? And I'm being ridiculous. I mean, if you've got 5000 interested people, you mean you can't sell you, even if you just sell five of them at 5000 Rand each, that's 25,000. But imagine if you're good at sales, you end up selling 50 of those people out of 500, you convert 10% of them. It's not our 25,000 Rand, your 5000 Rand could now you're 1000 Rand, let me be specific, your original 1000 could end up being 250,000 Rand. So how did I use these assets? I'm gonna give you one quick example of how I use these assets in the past about about 10 years ago, I remember thinking, you know, I'd like to, I need to generate a much needed cash, I think I needed about a quick extra 10 grand like in within 24 hours. So what I did was, I realised that there was a training that I had recorded for the group that I helped, I think, a year prior to that time, and I had this recording sitting in my computer. So I had this crazy idea. I could take this recording, put it loaded up on a disk like a DVD, and then just sell these DVDs, you know, and the DVDs were not even labelled. They were just blank DVDs. I just loaded the material. Yes, I did go buy those paper labels. If you remember back in the day, the paper labels for CDs that you just stick on the cover. I don't recommend those Of course these days. But that's what I did. I went and bought those. No, I didn't actually go we had those in my office. I'm even lying. And we had those in the office. I just took those and I just stuck them on the disk. And and I loaded this training on the disk. People who took that training, I think they paid 2000 Rand to be part of the train. So when I promoted this to my mailing list. I Had a mailing list of about 1000 people a very small list, and I sent an email and I said hey, I've done this training. And it's now available. I want to give it to you guys, but I'm not gonna charge you any specific price for it. Just name your price. People loved it. Oh my goodness. I said just name your price. I said name any price between 50 Rand and 1000 Rand any offer above 1000 Rand I had to have a bit of fun with it. Any offer about 1000 would be rejected. So I said, Don't make me an offer above 1000 Rand. And the average offer was about 500 Rand by 12 o'clock - I sent this email early in the morning when I got up - by 12 o'clock. I already had about 12,000 Rand in offers and and all those people transferred the money and they paid it. So what do you have right now? If it's not something you already have, how could you leverage your time, your ability, your energy, your reputation, and whatever money you already have to generate more much needed cash injection in your business. I want to live with you guys. Take care of yourselves. Bye bye
Number one is time. Time, have you ever heard the saying, time is money? All of us - if you think about how we make money, there's an element of time in almost everything we do. That leads to us generating money. Usually, people who don't have cash, or whose businesses are struggling, you find that they've got a lot of time in their hands. It's either they don't know what to do with it. Or they're busying themselves with a lot of wasteful work if you like, they're just busy, busy, busy, busy. So the question then that I have for you is, if you can wake up in the morning and say, now that I've got time in my hands on what can I do with the day ahead? To generate revenue? How much is your time worth? How much do you think your hour is worth? So time is one of your assets that if you could be smart about it, you could leverage it, even if it's just for a short term, what can you do that could just require a bit of your time, that could bring you money today, that could bring you an extra R2000, R5000, R10,000, R20,000, R50,000 this week? What is it that you can do that you could leverage your time to generate some much needed revenue?
Number two, the other asset that you have is your ability. And and the beauty is that you'll find that you can actually combine these assets to come up with something really solid. So the second one is your ability. There's so much that you know, you've got so much knowledge, you've got skills, you've got expertise. Who could learn from you? Who could you teach this week, just a fraction of what you know, such that they actually pay you for it? Even if it's just for an hour of your time? Who could you reach out to this week, and teach them just a little bit of what you already know? Or even better? Who can you reach out to right now and offer to help them with your skills with your expertise with your services? Because you already have that ability and use that to generate revenue?
Number three, your third asset is energy. Your third asset is energy. Think about it this way. What if you could not get out of bed? What if you were sick? You were bedridden? You were in hospital? God forbid! But let's just say you were not in a position to do anything. Which means you have no energy to do work. What would you be thinking if you were lying there thinking, gee, I wish I could do work. This is what I would do with my time. This is what I would do today. Because a lot of times we take our energy for granted. We use it wallowing in self pity, stressed about, the struggles of our business, instead of saying, I've got time in my hands. I've got ability. I've got skills. I've got expertise. I've got energy.
So how could you leverage your energy to generate revenue? I mean, I could be ridiculous about it and say, for instance, people who don't have deep expertise, they can go and say to somebody, Hey, can I clean your house? That will take your time and energy? Right? Clean your house and you'll pay me X amount? Of course, that's not what I'm suggesting you do. But the point is that sometimes when we say we've done everything to generate revenue, we're not telling the truth, because there are things that we wouldn't do because they are beneath us. And I'm not suggesting that you should do anything that's beneath you. What I'm saying is that right now you've got energy. How can you leverage your energy to generate some much needed cash injection in your business?
Number four, reputation. We take this asset for granted. One of the reasons why a bank would not lend you money is if you've got a bad reputation, you don't pay your own pay your debts, you you, whatever, you know, your reputation is not if it's not, it's not impeccable, they wouldn't want to take that risk or lend you money. But here's the thing. Most of us, most of you have very good reputations. And I'm not just talking about banks, but I'm talking about other people, people who know you, who could do anything for you, purely on the basis of your reputation. People who could sign surety for you, if you needed to take credit with your suppliers, they would say, I know this person, if they give me their word, they'll pay me back. Or people could even say, Look, man, I'll give you 20,000 Rand, as a loan, I trust you because of your reputation. So the question is this, how can you leverage your reputation? Who do you have a good reputation with? That if you could reach out to them and ask them to do just one small thing or one big thing for your business? They would be happy to do that. And then the last one, that five of these losses is money. Right? So let me recap. Again, you've got time in your hands, you've got ability, you've got energy, you've got reputation. Number five, the fifth asset is money. I know that we talked about generating much needed revenue, but I don't assume that it doesn't necessarily translate that there's absolutely no money in your business, then the question becomes, how could you take some of the money you already have, and leverage it to generate more money out of it. Let me give you an example. For me, for instance, if I needed to generate a bit more revenue, and I used this asset called money, what I would do, I would probably take maybe three or four or 5000 Rand or 1000 Rand, I know somebody may say, Gee, I don't even have that. I may take up the thousand Rand, and I would run ads on social media or online, I would run ads that would generate me interested potential clients. And then I would try to sell those clients my services. So let's just say I run an ad that cost me 10 Rand per email address. For 1000 Rand, that would be 100 emails. And if I've got a product that I can sell for 5000 Rand, how many people do I need to make that money back? So if I've got I get one buyer out of out of 100, that thousand Rand will multiply fivefold. So what if I could take that new 5000 Rand and reinvest it as well reinvest that money in marketing and advertising, and I generate, again, for 10 Rand per email address, I generate, let's say 500 interested leads out of those 500 leads, I just closed five. That's 25,000. So what if I keep doing that week in and week out? Can you see that? And I'm being ridiculous. I mean, if you've got 5000 interested people, you mean you can't sell you, even if you just sell five of them at 5000 Rand each, that's 25,000. But imagine if you're good at sales, you end up selling 50 of those people out of 500, you convert 10% of them. It's not our 25,000 Rand, your 5000 Rand could now you're 1000 Rand, let me be specific, your original 1000 could end up being 250,000 Rand. So how did I use these assets? I'm gonna give you one quick example of how I use these assets in the past about about 10 years ago, I remember thinking, you know, I'd like to, I need to generate a much needed cash, I think I needed about a quick extra 10 grand like in within 24 hours. So what I did was, I realised that there was a training that I had recorded for the group that I helped, I think, a year prior to that time, and I had this recording sitting in my computer. So I had this crazy idea. I could take this recording, put it loaded up on a disk like a DVD, and then just sell these DVDs, you know, and the DVDs were not even labelled. They were just blank DVDs. I just loaded the material. Yes, I did go buy those paper labels. If you remember back in the day, the paper labels for CDs that you just stick on the cover. I don't recommend those Of course these days. But that's what I did. I went and bought those. No, I didn't actually go we had those in my office. I'm even lying. And we had those in the office. I just took those and I just stuck them on the disk. And and I loaded this training on the disk. People who took that training, I think they paid 2000 Rand to be part of the train. So when I promoted this to my mailing list. I Had a mailing list of about 1000 people a very small list, and I sent an email and I said hey, I've done this training. And it's now available. I want to give it to you guys, but I'm not gonna charge you any specific price for it. Just name your price. People loved it. Oh my goodness. I said just name your price. I said name any price between 50 Rand and 1000 Rand any offer above 1000 Rand I had to have a bit of fun with it. Any offer about 1000 would be rejected. So I said, Don't make me an offer above 1000 Rand. And the average offer was about 500 Rand by 12 o'clock - I sent this email early in the morning when I got up - by 12 o'clock. I already had about 12,000 Rand in offers and and all those people transferred the money and they paid it. So what do you have right now? If it's not something you already have, how could you leverage your time, your ability, your energy, your reputation, and whatever money you already have to generate more much needed cash injection in your business. I want to live with you guys. Take care of yourselves. Bye bye