Do you want to build an income-producing generating asset?

 

Have you been hard hit by the rise in personal taxes? Do you try to cut your expenses down to the bone that still don’t come out each month with money to spare? Has doing something on your own been a lifelong dream? Or is building an income-generating asset your goal in life?

If you answered yes to any of these questions, you may want to take a look at the different ways in which you can acquire all come up with an income-producing arriving asset.

Some people start out by acquiring a second-hand business. But this means that if you haven’t saved money you might have to take out a further loan on your property. It’s a risky proposition, especially in this economy. Yet if you can find a second-hand business that you are passionate about and have the skills set to run, it might be well worth looking into. You never really want to buy the business for what it is doing presently – you want to look at how you could expand it over time what’s derivatives it provides such as providing additional income-generating asset such as adding on a service business or training business.

Another way people build an income-producing raiding asset for themselves is by purchasing a franchise. When you look at most franchises you can see that they are merely a pre-packaged business. You’ll start to wonder if you couldn’t do the same for yourself if you could come up with a new business idea. Buying a franchise off the list price is a mug’s game. Franchises don’t come cheap. I know one entrepreneur who looks around for badly managed and run franchises in the fast food area, buys them, turns tehm around and resells them for a healthy profit. If you looking to buy a franchise, you may want to look around for one that is not doing well and try turn it around. But you have got to know what you are doing and be aware of the potential that the particular franchise has.

Some people build an income-generating asset by coming up with a new business idea. Take the example of a woman who went out on a hiking trip with a metal water bottle and suddenly had the realisation that she could come up with a better product and position it in the premium outdoor category. Her double-insulated metal water bottle that comes in attractive colours has sold more than 4 million units to date. Getting a new business idea off the ground from concept to implementation requires much hard work and time and even if you can keep the cost down you will still need a reasonable bit of money to get it going. Yet I have seen some entrepreneurs do it on a shoestring. One person started a body lotion product, sells it at morning markets and online and has built up a regular clientele.

Instead of developing a new business idea from scratch and creating a product or service yourself, you could license your idea. Licensing frees you from development costs, marketing and running a business. But it’s unlikely that you will make enough just from one licensing idea. You would need to come up with several licensing ideas and get them licensed to provide yourself with enough income-generating assets. But if this appeals to you it’s a fun and exciting way to go.

If you are interested in coming up with new business ideas or looking to develop your own income-generating assets, don’t waste any time. Start now – here – today.

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