One of the things I constantly preach is the importance of treating your blogging like a business. That is, if you actually want to make a business-level income from it.
That means thinking strategically about what you’re doing and how you’re developing.
In everything that you do, you should be thinking about how it is increasing your leverage and increasing your assets. Increasing your assets results in increased leverage.
So, what do I mean by assets?
In offline circles, we usually think of “stuff”. Things like houses, cars, computers and furniture. However, in the field of online business, these things aren’t as significant. They don’t really increase your leverage. In other words, you cannot USE these things to grow your business online – at least directly.
So, what are the assets we need to build for our online business? Things like:
- Your List. Very definitely leveragable. The size of your list is often directly proportional to the size of your income. An email list and a solid relationship with that list is one of the most important things you can have and leverage online.
- Content. As bloggers, we are consistently creating content. Done correctly, it turns into a leveragable asset. More on that in a bit.
- Products. Unfortunately, most bloggers seem to drop the ball on this one. Products are highly leveragable. Not only can they be marketed and sold in order to bring in revenue, but they can be given away, offered as bonuses, etc. Products are essentially any self-contained body of knowledge which you can give to somebody else. Video courses, e-books, printed books, membership sites – it all fits the bill. Without having products to leverage in your growth, you’re essentially building nothing.
- Data. People often underestimate the importance of simple data as a leveragable asset. For example, the data you can glean simply from your Google Analytics stat reports can be very useful to see what works, what is popular, where people are coming from. This is important data that nobody else has. Ever run a split test? Those results are useful data. Ever given something a try and failed at it? We all have, but guess what? That’s useful data that can be applied next time.
- Relationships. Although not physical, your relationships with other people in your niche are points of leverage.
- Knowledge. It is important to always be increasing your own personal pool of knowledge, because this, too, is an asset you can draw from. It increases your leverage.
Surely there are other examples.
Now, I mentioned content. We’re creating it pretty routinely, but are you thinking about leverage? Most bloggers just write something and quickly publish it. You’ve got to post something, right? Sure, we all have to do that sometimes. But, don’t do it ALL the time. You NEED to be thinking about leverage. How can you use content again and again? How can you get maximum “bang” from your content?
This is why a large portion of the content I produce is not in the form of free blog posts. I can do other things and get more leverage. Such as…
- Webinars. I am doing a larger number of webinars, both for Blog Masters as well as Inner Circle. All webinars are recorded. That gives me a 1-hour video of high quality content. I can take chunks of those videos and use them elsewhere. I can use them as products in multiple forms. I could create a DVD from them if I were so inclined. I could get them transcribed.
- Videos. A simple 2-minute video is distributed using TubeMogul to, let’s say, 10 different sites. That’s 10 outposts for my blog from a single 2-minute video. Plus, I can post it on the blog and use it as a blog post.
- Reports. I take content and put it into a PDF report. It doesn’t even matter if some of the contents of the report could also be found on the blog. By putting it into a report, I’ve increased my assets. My leverage. I can use that report as a list builder, a bonus, etc.
Get the idea?
So, are you just typing some stuff and hitting the “Publish” button?
OR… are you building ASSETS?