Last week we discussed the importance of creating your passive income. If you are convinced and plan to start your business, well, that’s a good starting point. But one of the questions that you might be asking is this. How can you start a business with no capital? Well, folks, you might be asking the wrong question. Instead, what assets do you have for you to start a business?
An asset is a resource controlled by the owner as a result of past events and from which future economic benefits are expected to flow. Wait, past events? And future economic benefits? Yes, you heard it right. Assets are tangible and intangible items that you purchased, owned, inherited, or created in the past, which can provide future economic benefits or, in other words – income. Always remember, assets bring you profit, and this is the same mindset of wealthy and successful people. Rich people buy real properties, invest in stocks, bonds, and other forms of investments, add equipment and facilities to expand their businesses, and own franchises, to name a few.
However, since you are starting your small business from scratch, you need to list down what assets do you currently have. Here are the assets that you might have:
- cellphone and laptop or computer – the hottest assets you have as you venture to online selling;
- unused clothes, books, gadgets which you can consider as your inventories for your online garage sale,
- vacant room or space in your backyard – an excellent place to convert as your office or work area; or
- cooking and kitchen appliances, tools, and equipment for carpentry works that you can use in creating your products or services.
Just look around your house, and I’m sure there are hidden assets that you can use for your business.
But wait, assets alone are not enough; you need to combine your assets with the following:
- Skills – What can you do? Check what your God-given talents and abilities are. If you are good at baking and cooking, sell your pastries online? Freelancing is another excellent avenue on how you can sell your service. If you love writing, you can write blog articles or e-books. Are you articulate with good speaking voice, you can do event hosting. Got a hand in sketching and graphic designs, well start creating your portfolio and monetize your skills? Are you musically inclined? A lot of people are wishing they can sing and play musical instruments, so start covering songs and create your YouTube channel or Facebook page.
- Knowledge – What do you know? The best example is by becoming a tutor or coach. You can be an online tutor to kids, or if you are fluent in English or other foreign languages, well language tutorials are not new! Some people want to be fit and healthy, so if you are a Keto diet expert or you want to share your tips on how to be healthy, then be an online health coach. Another way to earn from your knowledge is by creating online courses. Start building a course and offer them at Udemy. Always remember, you can provide the knowledge that you have as long as there is someone who wants to learn.
- Experience – What have you done in the past? As a full-time employee, ask yourself what experiences you gained over the past years. You gained experience in doing specific tasks over and over again for years. No one can challenge your experience, as you earned it as you grow and mature as a professional. Experience refines your skills and knowledge. Just like the saying goes, be thankful for everything that happens in your life; it’s all an experience.
So there you have it, mga Kabayan. Always remember to check what Assets you currently have and combined them with your Skills, Knowledge, and Experience.
