#108: Next Level L.E.A.P: High Performing Assets
So many entrepreneurs want to invest in passive income streams.
But, I want to ask you - have you been sitting on an investment opportunity that you're not even aware of because you haven't actually taken the time to look at what could make it work more for you when you are not working?
We look at these magical people who work very little and have incredibly lucrative businesses and we think that maybe they've invested in the stock market or they've invested in real estate correctly or early on, or they got lucky.
But what if that big investment opportunity was sitting right in your business, in the form of high functioning assets?
In today's podcast episode, I'll be sharing the third stage of making those next level leaps in your business, which is high performing assets.
Listen to the Show:
Laura (00:00):
So many entrepreneurs want to invest in passive income streams, but I want to ask you, could you be sitting on an investment opportunity that you're not even aware of because you haven't actually taken the time to look at what could make it work more for you when you are not working <laugh>. And so many times we look at these magical people who work very little and have incredibly lucrative businesses. And we think that maybe they've invested in the stock market or they've invested in real estate correctly or early on, or they got lucky. But what I want to ask you today is what if that big investment opportunity was sitting right in your business, in the form of high functioning assets. So in today's podcast episode, I'll be sharing the third stage of making those next level leaps in your business, which is high performing assets.
(00:54):
Welcome to Next Level Leap, a podcast where we dive into the mindset and strategies of scaling your company and creating a legacy brand. As a top growth strategist, multi passionate entrepreneur membership site, owner trainer, speaker, author, and mom to three. I love exploring the journey of how we as founders can multiply our income, impact and influence by landing on the other side of our next big leap. Let's get started.
(01:32):
There's a trend that I see amongst very successful entrepreneurs. They're taking the cash flow that they're getting from their online businesses, whether it's a coaching company or a membership, or a really successful course business. And they're starting to invest in real estate or starting to get into Bitcoin or any type of long-term investment model, which is a really good idea. And it's something that my husband and I have been talking about in terms of diversifying our long term investment assets. But recently I've been thinking, what if just like real estate? What if just like a stock portfolio you could invest in your business, but have a little bit more control over the return. What I want to challenge you with is are you creating the types of assets in your business that will impact your long term success in a way that your business won't need you.
(02:27):
And many times we look at these magical entrepreneurs who seem to work very little and have huge successful businesses. There's not that many of them out there so many times they catch our attention. Those entrepreneurs that are working two or three days a week, but have eight figure businesses. And we know that they are in the minority. So what are these magical people doing that we are not, what I want to drive home with you today is that they have assets in their business that they have developed. And just like investment houses that invest in long term stocks. They've created these assets. They've created this IP in their business, regardless of whether or not they thought that it would work in the short term and much more committed to the idea that it would work in the long term. So let's take an example that many of us could likely relate to in the hot real estate market that is happening right now, there are more millennials and more families that are looking for homes than there are homes available, particularly in
suburban areas that have really good school districts, homes are very difficult to come by.
(03:42):
My husband and I happened to purchase our home just at the start of the pandemic. And it was a risk. In fact, we were advised by several people who are high up in the real estate world to not buy during that time. But the truth is we knew that we were looking at a home that had just come off market. That was probably undervalued as a result of just some cosmetic changes that we could easily make over time. And the location of this home would always increase in value. Historically, this is an area that's very difficult to find homes. It's one of the top school districts in Pennsylvania, close to the Delaware, Pennsylvania border, where many people commute into Wilmington, Delaware for corporate jobs in banking or in law. And we knew that even if we bought this house and it dipped down in the short term, long term, it would always appreciate, well, now here we are a couple years later, and that ended up being an incredible decision houses in our neighborhood have sold at a massive premium.
(04:48):
And the house that we live in is worth about a hundred thousand dollars more than what we paid for it just a few years ago. But there was this one house at the very, very end of our street that had not been invested in in the last few years. And despite the fact that most of the homes in our area and our neighborhood tended to disappear before they even hit the market, or they would have like 10 cash only offers that day, this particular home sat and sat and sat. And one look at the photos would indicate why this was the case. The deck was falling apart. The inside walls were in disrepair. There were signs of leaking stucco on the exterior. So even though this is a home that could have easily sold for about a million dollars, it sat on the market for about 40% less until it was finally taken off.
(05:39):
And the owner decided to invest in it like the asset that it is. The owner of this home, let the house go. As many people might say. But what I would say is that they actually undervalued the asset that they were sitting on as, and as a result, they under invested in the asset in order to create long term wealth. So how does this relate to your business? First of all, I find that many entrepreneurs actually underestimate the amount of assets that they're sitting on and they don't necessarily redeploy them. A lot of times they're actually sitting dormant in a junk drawer in the business. And if you're listening and you have an established business and you've reached about $500,000 in sales per year or more chances are you have underutilized assets sitting in the junk tour of your business and your company. There are promotions and campaigns that have worked really well, that you've only maybe did once and you never automated them or put them on an evergreen system or scaled them up in any way they worked once.
(06:45):
That was great. We moved on and then we kind of forgot about it. So many times it actually takes looking at the data to remember about what it is that we did so well. And how could we redeploy it in the current circumstances, maybe we need to tweak the messaging. Maybe we need to speak the language of what's happening in the world today. But the foundational aspect of those assets still works. And many times we make the changes because we're entrepreneurs and we like to create, and we like to change. And many times when I dig into a company and start looking at the data, what I found is the sales page that they had two years ago actually worked better. And that was a better asset for them to invest within their company. The second is to be willing and committed to bringing your assets to the finish line.
(07:35):
Many of my clients will submit something for audit to me where I review it. I create a loom and, and which is a video recording that gives them feedback on the copy or on the webinar or on the email sequence. But I've noticed a pattern, the ones who revise it and continue to submit it to for audit are the ones that reach their goals faster. Those are the ones that, that make the bigger leaps, the ones that just say, oh, that was nice feedback from Laura. Let's make some tweaks and move on. Those are the companies that create more of that slower growth trajectory in their business. The ones that just keep kind of pounding away at that asset until it's doing exactly what it is that the owner wants it to do are the companies that make those incremental leaps over time. The third is that being open to shifting those assets based on market conditions, but not throwing them away together, just like some stocks are good at certain times.
(08:38):
And other stocks are good at other times. The market is much like that. At the time of this recording, we're living in a world where shorter sales copy actually tends to work better because many, many people, particularly the target market of many of my clients who are parents and women are overwhelmed with the amount of things that they have to do that they weren't used to doing free pandemic or during the pandemic. The world is opening back up there's birthday parties, there's soccer games, there's baseball games. There's all of these to dos that didn't exist before that we weren't really used to doing so it's very easy to get overwhelmed. So just tweaking some copy or changing the sales page, or tweaking a headline, maybe just the thing that you need in order to catapult that asset forward versus throwing it all all together, because it's no longer doing what it is that you want it to do.
(09:35):
For many of my clients, a high converting sales letter, a webinar that's guaranteed to generate revenue, an email sequence that can be redeployed for every new person on the list. A lead magnet that is creating remarkable cost per lead and converting at an incredibly high percentage. These are all assets that they get to have in their business, even after we're done working together. So not only do they get the immediate ROI from the improvement of the assets that they already have or creating new ones that seem to be an obvious win in their business, but they get to leverage those assets for years to come. And it's the multiplication factor of those assets. It's the layering of a win after a
win, after a win, where many of my clients will come back and they say, I can't believe I just doubled revenue in the last 12 months, but it's taking that asset based approach with the business.
(10:37):
It's that mindset of I'm going to bring this to the finish line before it is before I'm going to move on to the next asset creation. That is the main difference between those who experience major leaps in their revenue growth and the ones that don't. And if this is resonating with you and you haven't had a chance to check out my free guide, I recommend that you go to yournextmillion.me, it's yournextmillion.me. And it talks about how to approach your business differently. If you want to actually see more revenue and more stability and more consistency, um, with the growth of your business, without actually having to create something from scratch or hire new people, or spend more money. So if you head on over to yournextmillion.me, you will see some of these concepts that have really proven to create the types of results in our businesses that we can now become. One of those magical people of which we're not working that much. And the assets in the business are doing the heavy lifting. If you enjoyed this podcast, I really would encourage you to leave a review or send me a message. Let me know. I'd love to hear from you and I thank you so much for listening in the next episode, we're gonna be talking about the final step in the leap process, which is looking at progress.
(12:04):
Make sure to visit our website, yournextleveleap.com, where you can subscribe to the show in apple podcasts, Stitcher, or RSS so you never miss a show. And while you're at it, if you found value in what you heard today, we would love a rating on apple podcast. Or if you simply tell a friend about the show that would help us out too. Thank you so much for listening.
The Scale with Joy podcast dives into the mindset and strategies of scaling your company to the million dollar mark and beyond. Each week, we follow the journeys of innovators, disruptors, experts and leaders - sharing behind the scenes stories of their most challenging moments and greatest lessons learned-all while building their multi-million dollar empires.