Start and Build Your Own Income Producing Assets

How to Start and BuildYour Own Income-Producing Assets

By Chesney Bradshaw

How to Start and Build Your Own Income-Producing Assets

Chesney Bradshaw 2015 P a g e | 2 www.ideaaccelerator.co.za

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Chapter 1: Getting started - Never too late (togrow income assets)

It's far harder than it ever was before for two incomes to keep up with risingexpenses. Failed economic policies and debt-riddled and inefficient publicenterprises means that civilians have to fork out more each month. At any timethere is the risk of the taxman taking more money out of your monthly income.Even at the local metro or municipal level ways are constantly devised to squeezemore money out of you to pay for the reckless inefficiency and expenditure.

But these aren't the only reasons why right now you need to seriously considerhow vulnerable your income is against the political and economic circumstanceswe all find ourselves in. For many, the response will typically be like the frogplaced in a pot of water that stays there and does nothing until it's too late and thepot boils over. Yet there will be a small percentage which I estimate at about 3 to5% of economically active people who will realise what is happening and takeaction. Wealth is built over time if you think there are shortcuts and ways youcan speed it up then go look for the silver bullet. What we are going to talk abouthas nothing to do with silver bullets but rather using lead bullets every day, whichmeans that you take small focused and deliberate steps towards your goal ofaccumulating income.

If you are starting out from scratch where you don't even have a savings accountto cover basic emergencies, there is still hope. If you don't have a basic savingsaccount that you can use for emergencies it's advisable to start one as soon as youcan. You've heard people say that you should pay yourself first when you receiveyour monthly income. Paying yourself first used to mean 10% but with things asthey are now you might want to increase that, depending on your expenses, to20%. It's up to you. Next up you need to think about medium- to long-termsavings. What I mean by this? You need to begin to build up a cash reserve orcash kitty which will be your own seed money for the income-generating assetsyou will eventually invest in yourself. Now, it's up to you how you invest. Yes,



we know that the mutual fund or unit trust companies rake off fees, and so do thelife companies but if you don't have savings what do you do? You've got to startsomewhere. Get yourself proposals from at least three financial advisers beforeyou invest in anything longer than a few months. Check the performance ofmutual funds. Go back into their history at least for the past five years. Do yourhomework.

If you do have disposable income that you plan to use within a year to invest in anincome-generating asset something that we will explain in a moment then youmight want to park off the money in a money market account. The percentageincrease will be meagre compared to a savings account but at least you do get alittle bit more for your investment. Just make sure that you save your money witha large financial institution because despite the exaggerated performances of somesmaller financial institutions in this dicey economy they can go belly up. Forexample, one fund manager last year was providing the highest money marketinterest rates but before the year had ended they were at the bottom of the pilewith the organisation losing key executives and starting to fall apart. It's hard totrust anyone these days.

What do I mean when I talk about an income-generating asset? Basically, it's anasset that provides you with income. Of course, cash in itself can produce incomethrough interest, so can stocks and shares but there are the pros and cons. Interest-bearing accounts provide you with very little income and unless you know whatyou doing in stocks and shares, the risk and volatility is too high. They may ormay not pay dividends. It's far better to look at income that becomes availablemonthly from such assets such as:

Rent from property Profit from a business in which you may have full responsibility or no

day-to-day role Earnings from Internet advertisements in a blog or on a website you own Patent royalties from an invention Trademark licensing fees for characters or brands you've created Royalties from books, songs, publications or other original works

Let's quickly look at the debate between passive income and active income. Somesay passive income is attractive because it frees you to spend your time on thingsyou enjoy. Someone like a doctor, dentist, lawyer, architect or media relations



person really only sell their time. They have to be there to earn the same amountof money each month. And when they retire or can't work any longer whathappens? Their income stops and that's that. What I'm recommending is a blendof passive and active income which you can find out more about in the next partof this special report. Take, for example, the person who has worked as anacademic professional for many years. Working in an uncertain environment, sheslowly built up a portfolio of three properties and now, should anything happen toher main source of income, she has three assets from which she is gaining cash.

This is the point where you need to decide whether you want to take the next stepof the journey. If you want to do nothing about your circumstances, then close thispage or delete this special report and continue with your life just as you havealways been doing. But if you have decided that you want to take action startingright now, today, then you will need to find out more in Chapter 2 of this specialreport.

Chapter 2: Find your purpose and passion

Before you start any step towards identifying, researching, developing or tryingout any plan towards growing and building your personal income or revenuegenerating asset, you need to do a self-assessment to find out the strength of yourmotivation. It's no use jumping into something and you quickly find out that yourenthusiasm fizzles. You will be investing time and effort as well as perhaps yourpersonal seed capital and you can't take decisions like this frivolously. When itcomes to dealing with money and investing, despite what the so-called expertssay, you need to be conservative, frugal and discerning.

To deliberately find your vision, purpose and passion wasn't important years ago.Somehow all of this came about naturally and in your focus on finding a job youwere able to eventually find out what you love to do. Of course, this wasn'talways the case because people got "trapped" in unfulfilling work. Bumblingalong, trying to find your way just doesn't work like that anymore. Rather thanwaste precious personal resources, you need to find purpose and passion.



To put in the hard work, the learning and training, the long hours involved ingrowing and building an income asset, you must be passionate about what you do.You've got to ask yourself, "Why" you want to do something. What gets youexcited? What do you think about a lot of the time? What comes naturally to you?

Finding the answers to these questions enables you to be clear about yourdirection, your purpose and your passion in life and business. But not everypassion can be turned into a business opportunity for financial gain. For example,I love cooking. I enjoy trying out traditional farm-style recipes, smoking foodsfrom chicken to fish and trying out different restaurants. Although I have a saladdressing recipe in my back pocket, I can't commercialise this uncertainproposition because the market, after doing my informal research, is much toosmall.

My other big passion is small business because of the potential it holds to helppeople rise above their circumstances. Over the years I have started several smallenterprises some of which have succeeded and others that have failed and thisexperience has encouraged me to share lessons learned. I have distilled my 30years of experience into setting up an information blog on small business ideasand implementation, have written e-books, reports and even a book called"Breakthrough Ideas". It is a work in progress and has value that can becommercialised with the right business model.

Others who, for example, have an interest in fashion have started blogs and madethem successful. One fashion blogger has made $8,000,000. She is passionateabout what she does. Another woman started a reusable metal water bottle, whichis double-insulated and comes in a variety of attractive colours, and now has todate sold 4 million units. A teenager who was passionate about gardening, cameup with the idea for seeds on a reel and has started and developed a successfulbusiness in this field.

Where do you start to get a sense of direction or a better understanding of yourpurpose and passion? One simple tool is the Hedge Hog concept. It's a simple toolto get you to think about what you are passionate about and how that can translateinto eventual income when combined with your skills set. There are other suchtools. Try them if you like. Using the Hedge Hog tool, ask yourself these threequestions and write down your answers. The questions are:



What motivates me and what do I feel passionately about? What am I really good at doing? What can I do that generates a profitable income?

After you have completed the exercise, you may well have more clarity aboutyour ideal role. If you would like to see these three concepts working together in avisual form, get a worksheet from Google if you like. If the exercise doesn'timmediately lead to what you believe is your passion and what you want to do,give it a rest. Talk to friends, family and colleagues. Obtain their views on whatthey think you do best.

When you know your passion, write out a brief vision for yourself. A visionpoints to an important goal you wish to pursue. It may take years. But knowingwhere you are going, your personal roadmap, is important. The entrepreneur whomanufactured the reusable metal water bottles worked initially in accounting butalways had a vision to be an entrepreneur. It was only after something like sevenyears that she came across an idea that motivated her. She developed her productover a year and established it in the marketplace through clever product design,market positioning and promotion.

Finding out what you are passionate about is an important first step. But you alsoneed to examine your motivations further. Find out how important achievement isto you. Think about your past accomplishments at school, in your career and otherareas of your life to give you an indication on whether you are an achiever.Remember that achievement doesn't always come easily and an importantcharacteristic of a successful person is someone who can carry on towards theirgoal even through difficult circumstances. Successful people can't get boggeddown in difficult situations, they need to see opportunities even when others arenegative and circumstances look bleak. This doesn't mean being blind to realitybut being able to maintain a confident, positive outlook on life and findopportunities despite one's circumstances.

Chapter 3 Become an opportunity seeker

In these hard economic times when incomes are under threat and when manypeople cannot even come up with funds to meet an emergency, you would think



that they would be deeply interested in opportunities to gain additional income.Although people would like to spot opportunities, it's a reality that for manyopportunities simply don't come their way.

People with a mindset for spotting opportunities have learnt to see thingsdifferently. How do you see things differently? Is it possible to change yourmindset after so many years of conditioning? It's thought that between 3% to 5%of any given population of people are opportunity minded.

Why so few? Because it's not the common approach. It takes risk and courage.And you need to do something about it. You can't wait around, sitting and doingnothing and expect to get "lucky". You have to go out and make breaks foryourself. As the golfer Gary Player says, "The harder I practice, the luckier I get".

What can you do to become opportunity minded?

Before we answer that question, let's take a look at three people whounfortunately are so conditioned that they are unable to look for opportunitieseven though they no longer have any income.

One example is of mature woman working in a local bookshop. Because ofeconomic circumstances and a greedy landlord, the owner of the bookshop hashad to shut it down. This woman is now looking for another job.

Here's another example: a man worked for several years in a local shop that catersfor runners. In these times, sales began to decline. The owner of the businesscame up from another city and fired both the manager and his assistant and tookover running the business himself. The man who used to run the shop is nowlooking for a job.

Yet another man worked on civil engineering projects internationally but becauseof huge drops in green fields and brown fields projects found himself out of work.This civil engineer as waited 18 months for a job. He could have done somethingelse but he cannot. He has been conditioned and, let us just say hypnotised, tolook for work.

In all three cases each person is looking for a job and won't be happy until theyfind one. This is understandable because it is what people know and expect. Yet



when it comes to searching for alternative sources of income they remain likerabbits steering at the headlights of an oncoming car.

These three people do have several options which we will explore in subsequentsections.

Is it possible to change? Yes, but there is. But, and it's a big "But", you reallyhave to want to change. You need to rewire your brain or attitude. Here are threeways in which you can "reprogram" yourself to begin to become moreopportunity minded:

1 Learn about yourself and your strengths and weaknesses. It is essential that youdo not limit yourself by defining all your accumulated experience,, skills andcontacts solely for the purpose of a job. Your personal assets can be used for otherincome-generating pursuits.2 Take small steps. After being conditioned working for an employer for perhapsseveral years, it's very difficult to suddenly take a leap into even thinking aboutidentifying opportunities for alternative sources of income. Change requirestransformation. It can't be done overnight. Reprogramming yourself takes time.3 Find your first opportunity, develop it and learn from it. It's best to get somepractice before you go out and try something that is beyond your presentcapability. Finding your first opportunity, even though it might be only a smallsource of income, gets you into the game and helps you to build up precious skilland know-how.

Let's take a look at a couple who returned back to the country and were unable tofind "work" for two years. They've freelanced in various jobs until they hit uponthe idea of coming up with a healthy chocolate granola bar. The energy bar hastaken off in various delicatessens and speciality food shops and now they can reapthe reward of their initial effort and small seed capital that they put intoimplementing their idea. Now they have income separate and in addition to theirinvested capital which they can't touch because it is for their "retirement". It's asmall business but who knows how big it can grow?

The approach that I have suggested in becoming more opportunity minded takes anatural and organic perspective. You could use other methods to speed up yourtransformation but you're not going to break through if you force yourself tooquickly.



Whatever approach you use, just consider one thing: it is possible to rewireyourself to become more opportunity conscious. But it can be frustrating andchallenging. Yet if you persevere you may be pleasantly surprised with the resultsyou achieve and for those who give it their all, you could end up delighted beyondyour expectations.

Chapter 4: Face your bogeyman

Earl Nightingale described the need for courage in "The Phantom Walk", achapter from his book "This is Earl Nightingale":

"Have you ever stopped to think about how much more people could have, knowand do if they would only try? When timidity, self-consciousness, and vaguememories of past failures all contrive to erect a phantom wall between us and thethings we would like to have or do, we need courage to leap or painfully clamberover it and achieve our desires."

If you have ever tried any venture of your own before, you can be almost becertain that fear of failure will raise its ugly head. Some people even fear makinginvestments with returns higher than the bank rate. They are suspicious andconsider them to be too risky.

Fear of failure can kill all your plans to advance and improve yourself unless youdo something about it. It can be parallelising. Fear of failure is like a disease thatenters your body and soon, rapidly spreads and destroys your energy andenthusiasm. Unless you can master fear of failure, hold it down and put it intoperspective, you won't be able to proceed with any ambition to identify, grow andbuild income-producing assets.

How can you deal with your fear of failure?

I can't help you handle your fear of failure. You've got to do it. You've got to finda way to shrink your beast of fear of failure into a minnow. Only you can do that.No book, consultant, DVD or workshop can do it for you. Only you can.



Yet we can learn from successful individuals who built businesses from scratchsuch as Mervyn Niland who together with his wife, Beryl, started in theirbackyard with small capital, a broomstick, a 5 gallon drum and made a handcleaner (their own recipe) which they called "Flight Hand Cleaner". They grewthis product through ignorance and action from "backyard to brand leader".Mervyn recalls the lessons they learned along the way:

Cultivate convenient deafness. Hear only what you want to hear. Don't take advice from all the well-meaning friends and family. They don't wantyou to take risks and get hurt. Remember, no risks no reward. The bigger the risk, the bigger the reward. The greatest tragedy of all is to risk nothing. When we risk nothing, we donothing, we have nothing, we are nothing.

Let's look at three areas for helping to conquer your fear of failure. I'm not sayingthat these are fool proof but they will start you thinking on how you can makechanges in your own life and attitude. Here they are:

1 Don't take counsel of your fears. Keep your goal in mind. If you have made arealistic assessment of how achievable your goal is and can feel it intuitively thatthings are right, you need to go ahead.2 Don't listen to well-meaning people like family or friends. This is the point thatMervyn Niland makes. You need to be realistic and face reality but don't be putoff by people, especially those who have never ventured out of their comfortzones.3 Conquer your fear in bite-sized chunks. Eat the monster one slice at a time. Do asmall project first. See how it feels. Rather than sit around doing nothing you willat least move forward and experience what it is like to take positive action in yourlife. You may even feel a sense of excitement and exhilaration that you havenever felt before.

"Many things which look impossible from a distance become quite feasible oncewe muster the courage to make an attempt," says Earl Nightingale. "There isalways a way to reach everything desirable. Yes, we cheat ourselves of thelives we could know, the things we could accomplish, the things we could have,because we're afraid to try, to ask. If we but knew ourselves better and the natureof the world, we would fear less and attempt much more."



Remember that fear of failure has one advantage. It keeps many people out ofareas of opportunity. The competition is less, the more you advance with yourlife. Felix Dennis, one of Britain's wealthiest self-made entrepreneurs, said thinkof fear not as the King Kong or of bogymen, but as a mare. A nightmare. He saysa horse can be tamed, bridled, saddled, harnessed and (eventually) ridden. "Thusthe nightmare of prospective failure provides you with the very opportunity youare seeking. Not only does it restrain smarter people than yourself from becomingrich and there can only be so many rich people in the world it affords you thechance of increasing your confidence, both when you confront it and when youmaster it."

As Dennis says, fear of failing in the eyes of the world is the single biggestimpediment to amassing wealth. If you are able to muster your courage then youcan open the door to opportunity and get out of the starting blocks to beginchanging your life for the better.

Chapter 5: Choosing your income-producingasset

The pick is yours. Many income-producing assets are available for anyone whowants to grow and build an asset that will produce income for them. Income-producing assets range from property to new products and services, licensing,investing in high-growth start-ups and even hiring out assets you already own butare not used or under-used your so-called "lazy" assets.

The challenge is for you to identify income-producing assets that you will findenjoyable and that will produce the desired income for yourself. It's no uselabouring at something you don't like doing. You also have to be realistic aboutthe income-producing asset you choose to identify, develop and grow. Each assetclass requires different levels of investment, expertise to establish and run anddiffering levels of risk. A further complication is market demand. You can't makeincome from any asset unless there is a demand for the underlying product orservice.



Let's look at examples: property in an over-traded local market will not produce adesired level of income. A small business selling delicatessen foods will not dowell in a local market where customers go for cheap fast foods.

What income-producing assets best suit your circumstances, passion, skills setand pocket?

Two of the big income-producing assets are property and small business.Property, for example, requires a sizeable investments such as for a deposit andbond costs. You need enough money saved to enter the property market. Returnswill depend on the demand where your property is located. For example, youmight want to buy into a townhouse or flat to let it out in areas that are close to oroffer easy access to the central business district. You might also look for a "youngand vibey" area that offers lifestyle attractions such as restaurants, bars,gymnasiums and so on, says property expert Jason Lee. In a young-and-upcomingarea for young professionals, rentals will be attractive but perhaps not so in amiddle or lower class family area where households are battling in a pooreconomy. One person, in his 50s, has accumulated three properties, all earningincome for his retirement (and possible job loss) in modest but attractive areaswhere there is a constant pool of good tenants.

Starting a small enterprise from an idea requires taking risk and a reasonableamount of investment capital. You need business skills and domain expertise. Bydomain expertise I mean the required market or industry know-how in a particularfield whether it be a restaurant, gardening equipment or the Internet. Returns canbe high. Compare the return you would receive from bank interest or dividendspaid annually. With a small business you are earning profit on monthly turnoverwhich is much higher.

Another source: licensing or royalties. Books, songs, publications or otheroriginal works, patent royalties for an invention, trademark licensing fees forcharacters or brands you've created.

Earnings from Internet advertising on a blog or website of your own can beanother source of income.

Then there are what is called "lazy assets". These could be anything that you havein either your business or at home. For example, you might have an empty garage



at home that you could use to rent out for income. It then becomes an income-producing asset. Think about other assets that are being unused in your homeincluding spare outside rooms and cottages. A small business can rent out spaceafter normal business hours to other small business owners such as those who takeyoga classes and modern dancing.

Investing in start-up companies, for example, in high-return sectors such asmedical and information technology are also forms of income producing assets.These investments are highly risky but if you focus in this area you may havespecialized knowledge and expertise that you can you use to minimise the risk.Such an investment may form only a small part of an income-producing assetportfolio.

It's a personal choice on what you decide to invest your time and money in.Choose wisely. It's not something that you can jump into and out of like a low-interest bearing money market account that pays annual interest. A farmer with asizeable land area said that it had taken him five years to plant the correct money-producing crops and if all goes well he will turn a profit for the first time in thenext two years. Overnight success in producing income is just not realistic. Youneed to invest for the longer term. If you want to invest in a certain income-producing asset, take time to get educated and equip yourself before you get yourfeet wet. Your learning period may well take up to a year or more but preparationis critical.

Chapter 6: Make a start with something small

If you don't do something about investing in an income producing asset, you willnever even feel what it is like to make money through your own initiative andcreativity. Don't let the opportunity pass you by. You can start small. This helpsyou to understand the challenges of producing income. It also gives you anappreciation of what gaps you may have in your know-how and skills.

Any business venture comes with its own challenges. If you have no experience,you can easily fall into unexpected traps. That's why it pays to do your homeworkbefore you start anything. Talk to others in the field, read up on what others havedone, watch videos on-line get educated beforehand.

How do you go about investing in a small income producing asset?



Start by looking at what resources you have available. You may want to draw upan inventory of your personal assets. These assets could include:

Your home (flat, townhouse, cluster home, free-standing residential property) Your car (a liability but which can be turned into possible income) Spare storage space Skills you have accumulated over the years Equipment you could hire out Unused rooms or dwellings

These are just a few items to jog your memory. Make your own list; write downas many potential assets as you can. If your assets are limited, think of those thatothers may have that you can reuse or rent out for income.

The list of ways you can earn income depends on your experience, knowledge,skills, assets and your imagination. I am hesitant to put down suggestions becauseyou may see the list and dismiss the ideas as not relevant. Rather come up withyour own ideas that are applicable to your circumstances. But if you'd like, hereare a few ideas to get you thinking about possibilities:

Sell your knowledge. You could run classes on cooking, gardening, playing amusical instrument, dancing, yoga, computer skills and even foreign languages. Sell your produce or gourmet foods at a local Saturday or farmers' market. Sell soaps or hand and body lotions. One couple came up with a honey and milklotion that they sell as hand and body lotions, moisturisers and even aftershavebalm. They sell at morning markets, retail outlets and online. Sell crafts and art. Home-made clothing, gifts, painting, toys, kitchen ware andornaments all can be sought-after items if made well. Morning markets, specialitystores and online can all be outlets. Sell sown objects such as totes and bags, custom bedding, draperies andupholstery cushions. Alterations and designed for wedding clothes and customer-fit close could be in demand in your local area. More alterations work can beobtained from people on diet programs who need the clothes tailored to fit theirnew physique. Sublease space for other support of businesses. For example, an auto repair shopcould less space to a coffee vendor or sandwich shop. You may have space youcould rent out for events such as parties and company teambuilding functions.



Rent out unused or "lazy" assets such as power tools, trailers, furniture and evena spare garage, tool shed or cottage. One entrepreneur uses his trailer to transportfurniture across provinces. He is sought after because he takes such care withthese customers' goods, something which is lacking with the giant furnitureremoval companies.

If you can use existing assets, you can minimise costs. It enables you to get yourfeet wet, learning the ropes as you go along. This experience will be valuable forany future ventures. Start now by identifying your "hidden" and "lazy" assets andwork out how you can make them produce income for you.

Your search for making money from assets may not necessarily happen overnight.This is good. You don't want to rush into anything only to find out later that it'snot what you enjoy doing. That's why it's so important to do your homework.Professional small businesses and entrepreneurs don't just jump into somethingwithout research whether formal or informal. They explore various facets of theopportunity they think will make money for them and come up with variousoptions or scenarios before they invest their valuables seed capital. This samekind of rigorous investment discipline applies to existing small business ownerswho may want to look for derivatives in the business. By derivatives I mean, forexample, if you are running a small computer business, you may want to look atother sources of income such as servicing computers, providing monthlymaintenance contracts, offering training to local businesses in your area and evenhire out some of your retail space to other small businesses that have allied orassociated product lines. Evaluate any opportunity carefully before you start, evenobtaining a second or third opinions from a trusted adviser who can help youidentify flaws in your thinking so you don't have to waste time, money and effortthrough unnecessary trial and error.

Chapter 7: Income from property

Some people love property. It's all they talk and think about. They usually haveseveral properties. Others are lukewarm about property. They prefer more"exciting" investments in paper assets such as bonds, stocks and unit trusts ormutual funds. A small percentage of people get stirred up by investing in theirown ideas such as products and services and turning them into viable businessventures. Then there are those who see property as a roof over their heads,



something they are paying for and which will one day become something theirown.

Which one of these three categories do you fall into?

Let's look at some people who have invested in income-producing property assetsand enjoy what they are doing. All these are real cases but I'm not going to revealnames and locations because of client confidentiality. These cases representvarious aspects of income-producing property investment to help you consider thepossibilities that property provides.

Before we start looking at the case studies there is a formula that you need toconsider: what do you really want? Why do you want it? What is your actionplan? These three questions seem a simple but when you look behind each onethey have a specific purpose, which relates to making decisions and choices aboutincome-producing property assets. Ignore them at your peril. Make sure youanswer them perfectly clearly before you get involved in any income-producingproperty asset.

One case I'd like to share with you is of a woman who came to Johannesburg withvery little money in her pocket, two children who she has to support and a skillsset way out of the present job market. But she had other personal assets such asstamina, determination and street smarts. Her idea was to rent a property andattract borders and lodgers. Within the first year she had more than 10 peoplestaying on the property that she rented in a low-profile suburban area. In thesecond and third year she branched out to an additional house and is looking for athird. If anyone says it's impossible within about 18 months to make 1 million,then you only need to look at this woman. Whatever you may say aboutovercrowding, she has used other people's property to earn an income that otherpeople only dream about making in a lifetime. However, not many people havethe will to succeed and stamina to deal with so many people as she does. Butrealistically speaking, the principle here is that even if you don't have propertythat you own, you can rent out property and sub-let on a reasonable basis (notnecessarily crowd a house with more than 10 people).

A case I find interesting is that of a young surfer from Pinelands in the WesternCape who had new-age ideas long before they became fashionable. But as he gotinto his 30s he realised he had to make income and do something with his life. He



started a small painting business and bought a property in the really rough area ofObservatory at the time. But later Observatory became a fashionable suburb. Hecashed out by selling his property and bought a unit in Pinelands. Here he rentsout part of his property to single tenants who subsidise his larger home. Now, hehas bought a plot of land near a coastal village which he wants to turn into a backpackers establishment for international surfers. Property investment doesn't occurovernight but happens through gradual steps.

Before we go on, you must be worrying about nightmare tenants. Well oneproperty owner in Sandton, Johannesburg, landed up with a nightmare tenant whowould not pay rent for five months. The property owner was too kind buteventually had to do something about it and hired a specialist task force headed bya large former rugby player who evicted the nightmare tenant together with thelocal police force. Another way of protecting yourself against tenants from hell isdemanding a three-month deposit upfront to pay for any legal fees. By the way,this property owner in Johannesburg lets out four units as well as having a guestcottage for local and international visitors. The income he receives net is as goodas if not superior to those working in high-profile company jobs.

In the Western Cape almost everyone you speak to is invested in some way oranother in property. One coastal town I visit annually has virtually noaccommodation for holidaymakers because it is booked out in advance. Everycottage, room and even garage has been converted into holiday accommodation.At one place where we have stayed the retired couple make in 10 days whatwould be an attractive salary for a person in their early thirties. Remember thatthey rent out their holiday cottage year round, except perhaps in the cold andrainy winter months, which allows them to never have any money worries.

In another city, a man who is in his mid-50s and holds a professional job, hasslowly built up a portfolio of four rental units including flats and townhouses.While other people are concerned about losing their jobs, constantly upgradingtheir skills and scrambling for income-producing ideas, this man has alreadysewed up his retirement and never has to worry about income again in his entirelife. But it's not an overnight success story. He started small, saved up, bought oneunit at a time and over a 20-year period now has four separate sources of income-producing assets.



A last example shows you how big some people think when it comes to property.One property developer in a medium-sized city developed a complex of about 30townhouse units. He sold all the units and then used the money to invest in a newcomplex development with more than 40 units. What makes this stunning is thathe has not sold one of these new units. Instead, he has kept every single one andgets 40 sources of income monthly. He is now in his late 50s and has no worriesand never needs to look back.

The similar situation exists with people I have spoken to about property includingcommercial and even industrial units on the edges of major cities who haveacquired property over time and now have many units which are all income-producing assets providing a monthly income. The thing is with property is thatnot only do you get your income monthly but you can increase your incomeannually. This means that you are always above inflation and can expand yourlifestyle.

Make no mistake property also has its traps, pitfalls and fatal flaws. Before youinvest in even one square metre of property, make sure you know what you aregetting into. If you want to begin your investment in property, then I wouldrecommend a basic primer "Fast-forward Your Retirement Through Property" byJason Lee. He has many years in the property industry and will show you how tofind the right deals, minimise risk and finance deals using a combination of bankand private-investor finance.

Those three questions that I mentioned in the beginning, which actually make up aformula are:

1 What do you really want?2 Why do you want it?3 What is your action plan?

The first question is designed to make you think about the results that you want.The second question forces you to think about your "why". You need to be clearon your purpose getting involved in investing in income-producing propertyassets. The third question is where the talk stops. This is where you need to comeup with an action plan that can grow your idea for property investing into reality.Without specific and planned actions, you won't get anywhere. If making income



from property appeals to you, be keen to explore ways how you, starting fromright where you are, can take advantage of income-producing property assets.

Chapter 8: The fallacy of the great idea

Having a great idea is not enough. Ideas have to be implemented to make income.It's not possible to patent an idea. You can only patent your own method forimplementing an idea. Some people have never had a single brilliant idea in theirlives yet they have been able to produce income from other people's ideas. Takeany category of product from running shoes to toys and you'll find that there isnothing stopping anyone from coming up with their own version as long as it isnot a duplicate or replica of an existing product.

Felix Dennis, the UK entrepreneur, says, " I have lost count of the number ofmen and women who have approached me with a "great idea", as if this, in and ofitself, was some passport to instant wealth. The idea is not a passport. At most, itis the means of obtaining one."

An excellent example of this is Ray Kroc, of McDonald's frame, who did notinvent the idea of fast food. What he did was to recognise the potential in fastfood at the time. He implemented a simple five-point plan: standardise the foodand prices, franchise the outlets, produce the food swiftly in clean surroundings,offer value for money and market relentlessly. It was the implementation of thisplan that turned a 52-year-old multi-shaker-mixers salesman with diabetes andasthma into a billionaire.

Saying that the idea is not as important as the implementation of the idea helps toclear the mistaken belief that all you need is a great idea and the money will startrolling in. But it doesn't mean that the power of new business ideas should be putdown, scoffed at or belittled. New business ideas for products and services canprovide the inspiration for an income-producing asset. A new idea can bepowerful such as we have seen with Ray Kroc's McDonald's. Many thousands offast food outlets were being developed in the United States at the time includingthose owned by the McDonald's brothers, from whom Kroc purchased his outlets,yet the genius lay in Kroc's imagination. He developed a system that would makefast food attractive for customers as well as franchise owners and ultimately theMcDonald's franchise corporation.



So what is implementation? If implementation is so important what does itinvolve? Implementation means taking your idea, concept or notion and turning itinto a physical product or service. How do you do this? You start by developing aprototype or sample of your product. You then need to take your prototype orsample and test it in the real world. Some entrepreneurs might go for marketresearch but surveys and focus groups are notoriously unreliable predictingmarket demand. That's why there has been a whole new revolution in thinkingfrom the Lean Start-up movement which advocates getting your minimal viableproduct (MVP) out into the market as soon as possible so that you can do real-time, real-life testing. When you have established that there is a niche and marketdemand for your product, what comes next? This is where you need to doextensive business planning to map out how you are going to produce yourproduct, how and where you are going to market it, through which distributionchannels you will sell it and how to sell your product or service. But there are alsotwo other things that are important. One is that you need to run a business tomake, distribute and sell a product or service. So you have to acquire businessskills to run a small venture otherwise your product or service won't get off theground or may be successful for a while and then land up smashed against therocks like a yacht in stormy seas. You've got to know about sales, gross profit,margins, breakeven points, stock control, cash flow management as well as basicfinancial management. But there's also the human elements of knowing how tobuild and manage a team of people in your small business as it grows and dealwith customers and customer relations.

The second thing that is often overlooked is that you need what I call "domainexperience or expertise" to operate in a market or industry. What this means, forexample, is if you are starting a new food product you need to know about foodproduction, flavourings, colourants, preserving food, labelling and packaging.Plus you would have to know about food distribution and how to deal withcustomers in the food chain. So this means you also need to gain experience,skills and have a plan to educate yourself on whatever market you wish to enter.Yes, you can bridge this gap by bringing someone aboard who has had priorexperience in the industry or market place. But this is a dicey move because inmost cases you will be beholden to this individual and you never know howcompetent that person is until you hire them and get them working at makingdecisions for your business. But without the experience you will need to be



careful that the so-called "experts" that you bring into your business make theright choices and decisions.

Let's take a real example of someone who took the idea and turned it into anincome-generating asset. Sara Kauss was a graduate who wasn't cut out for taxauditing, according to Fortune magazine, but she decided to make a water bottlethat would be "cool" enough to convert users of plastic. Kauss always wanted tobe an entrepreneur but it wasn't until about five years after graduation that shewent back to her university to listen to a panel talk about the global clean-watercrisis. Sometime later she was on a hike with her mother. All she had for waterwas a cheap, thin metal bottle that had warmed up in the sun. Suddenly, she gotthe idea about creating a more upscale, fashionable, reusable bottle that wouldkeep the liquid cooled. But here's where implementation is so important. Whenshe got back home, she hired an outside designer, found a manufacturer in Chinaand within several months had her prototype. Her prototype was a double-insulated, stainless-steel bottle in a single colour, ocean blue. Through cleverhustling she was able to find publicity and promotion on some importantplatforms for her water bottle and to date has sold four million bottles. So therewe have it someone who came up with an idea, developed an implementationplan and made an income-producing asset for herself.

But if we look at that story as it is told in Fortune magazine we forget about otherimportant elements. Sara understood positioning. There are many water bottles onthe market made from materials such as glass and reusable plastic but how comeher bottle made from metal took off? Positioning. Sara understood the power ofpositioning her product against others. If you look at a positioning matrix of whatwas available on the market, she found the area all gap where water bottleproducts had not been previously positioned effectively. This is what some maycall "blue ocean strategy". She took the trouble to hire a designer to make surethat the product was well-designed. She found a manufacturers who was able tobring the cost down. A good business decision. It provides a much higher margin.Then, to take her positioning further she went for upmarket distribution outletssuch as Crate & Barrel, J. Crew stores, Neiman Marcus and Nordstrom. She alsogot into Starbucks. But she has been choosy by not going into the discount storeswhich don't align with her upmarket product positioning. By the way, the waterbottle now comes in a variety of fashionable colours.



One last thing before we close this section and that is people who come up with aproduct but don't know how to market and sell it. This is one of the biggestproblems or obstacles for so many entrepreneurs. And it's not only the smallentrepreneur or business person. Large companies come up with new productsevery year and they bomb within a year. What goes wrong? The problem is thatthe market for products and services is highly competitive and contested. Tobreak through the noise and clutter, you have to know how to cut through thenoise to position your product in the mind of the consumer or prospect. It meansknowing your product and the benefits that it delivers and being able tocommunicate this in a clear and powerful way. It's not about coming up withheadlines with puns in them to entertain. Leave that to the ponytails in advertisingagencies who want to win creative awards. As a founder or owner of a product orservice, you need marketing and selling that moves product. To do that, you haveto know the buying triggers and motivators of your potential customers and workout how you are going to persuade them to buy. In short, you can have a fantasticproduct but if you don't know how to close the deal, you will miss youropportunity to produce an income-generating asset.

Chapter 9: Avoid the risks of developing a newidea yourself

You would think that the big companies know more about innovation, taking newbusiness ideas and turning them into profitable products, then individualentrepreneurs or start-ups. But according to the Harvard Business Review, severalstudies show that between five, and as many as nine, out of 10 new products endup being financial failures. A case in point is Polaroid that enjoyed a nearmonopoly in instant photography when it went the wrong way around trying todevelop digital photography. The company used its in-house research tomanufacture its own high-quality product as it always at done. But Polaroid's firstdigital offerings were expensive and didn't catch on. When Polaroid launched itsfirst digital camera, the PDC-2000, targeted mainly at commercial photographersbut also intended as a platform for entering the consumer market, its camera wasso expensive that it couldn't compete with digital cameras already available on themarket. Relying on the wrong innovation approach, according to the HarvardBusiness Review, proved fatal for Polaroid, which finally filed for Chapter 11bankruptcy court protection in October 2001.



The risk in developing a new business idea means that you have to be a prettysharp start-up founder or entrepreneur to make a success of developing a newproduct or service. Even Lean Thinking introduced especially in the hightechnology sector with its minimal viable product (MVP) is not a guarantee ofsuccess. A minimal viable product simply means making or manufacturing yourproduct or software, putting it into the market as soon as you can and testing it inreal time to see how many orders you can secure. If your minimal viable productdoesn't work out you can "pivot" which simply means change in a differentdirection and try again.

Another way that takes out the need to start a business to profit from a great ideais licensing. Some people get excited about licensing. They are not onlyprofessional inventors but people who enjoy coming up with new ideas. Yetothers are intimidated by the whole process and pursue licensing instead.

Licensing is not something for the amateur unless they are assisted by people inthe know. You can't just get into licensing. You need to know the basics of how toregister your idea, negotiate with potential companies who will manufacture andsell your product and bring on patent attorneys where necessary.

What do you need to know about licensing so that if this appeals to you canexplore it further and use it to your advantage to produce income generatingassets through your new ideas?

An example of someone who has successfully licensed is Stephen Key. He startedout freelancing for toy manufacturers and eventually started producing his owninventions. One of Stephen's products that he invented was a small indoorbaseball back board that was designed to look like a basketball player with hisarms outstretched. Ohio Art licensed the idea from him and sold over 1 millionMichael Jordan Wall Balls in the first year. Stephen went on to develop theRotating Label which provides information for products on the outer label andwhen the label is spun around the container whatever is printed on the inner labelis viewed through a clear window. The rotating label is manufactured and sold incountries around the world. Stephen received over 13 industry awards as a resultof this innovation and the benefits that the label offers to its users. Stephen wasalso involved in developing the guitar pick called HotPicks which are sold in10,000 stores worldwide.



Selling your intellectual property patent means that you have permanentlytransferred ownership of your property to another person or company for anagreed fee. Licensing means that you continue to own your own invention but yourent out the rights to make, use or sell your invention. You can give an exclusivelicence to one party or a non-exclusive licence to more than one party. You canalso set a time limit on the licence. In exchange for the rights to your intellectualproperty, you can charge a flat fee or collect a royalty for each unit sold, orcombination of both. Just remember that royalties are a much smaller percentagethan most people think they are. For first-time inventors they are often under 3%.This is because the licensing party is taking a financial risk and has tomanufacture, market, advertise and distribute the product.

One of the first steps you need to take when coming up with a new idea orinvention is to check if there are similar products on the market. You need to becareful that your invention is not so unique that it can't be found anywhere else.As an expert noted, if you only have a niche market for your idea or invention,your invention may be only solving a very small problem. You need mass appealotherwise your invention won't sell or at least not big enough to make a profit foryou and whoever takes on the manufacturing and selling of your invention.

The advantages of licensing is that the licensee assumes all of the business risks,from manufacturing to marketing to stopping those who infringe on the product'spatents. However, you must understand that the odds of licensing success can below. A study showed that only about 13% of inventors who attempted to licensetheir invention were successful. The research was limited because it was onlybased on people who responded to the study but it still gives an indication of howcompetitive the market is for licensing inventions.

Let's quickly look at the process of coming up with an invention or new idea to itsavailability on the market. The process involves:

producing a prototype creating tooling or moulds mass-producing the product finding distribution collecting payments enforcing patent rights



Inventors Digest, the invention magazine for idea people, says it is important tokeep good records about your idea in case some day they may be the backup youneed to prove your idea is yours. You need to get a bound notebook and record ina professional manner everything you do with your invention. Record the name ofevery person you talk to, including the date and brief recap of the conversation.Also staple into the notebook receipts of materials you have purchased to buildprototypes. Record ideas you have for other invention so that you don't forgetthem. Have a trusted friend witness your notebook periodically. Your notebookwill become your invention diary that will be a very valuable tool as you developyour idea.

It is also important to build a model. There is no need to be too sophisticated atfirst. But no matter how simple your idea, you have to prove it works. It's alsoimportant to try out invent yourself because once your product is on the market,you can be sure competitors will try to improve on it. You should also have yourinvention evaluated by a non-biased professional. There are non-profit inventorsassociations that offer an invention evaluation.

If, despite all the potential risks involved in starting a business to develop and sellyour idea, you want to go ahead and do it yourself then you need to get guidanceon developing a new product from scratch. You will need to educate yourselfabout business basics and finding a system or roadmap to help you in the process.The website ideaaccelerator.co.za offers a proven process to show you how to goabout new product development step by step without having to reinvent thewheel.

You will also need to do a patent search and even get hold of a patent attorney tosearch local an international patents. You will receive a patent research report thatshould give you an opinion of the patentability of your particular invention oridea.

When you have filed a provisional patent application (PPA) you will be able tostate that your invention is "Patent Pending", which can help you keepcompetitors at bay. Your PPA provides the same legal protections as a regularpatent and for significantly less money and waiting time. When you have yourPPA it will be time to organise your invention information into a sell sheet. Thesell sheet is a one-page advertisement that describes the main benefits of your



invention. It will include diagrams or drawings of your invention and your contactinformation. A marketer or graphic designer as well as a copywriter can help youcreate a winning cells sheet at a reasonable price. If you hire any such suppliersmake sure they sign a nondisclosure agreement (NDA) before you provide anyinvention information to them.

A serious side to inventions is to ensure that you comply with the requirements ofany consumer product safety requirements and testing. The safety rules governingchildren's products are especially strict. Visit websites to determine the consumer-safety rules that apply to your product before having a prototype made. When youhave a prototype you will need to submit it to a lab for a product designevaluation report which will include a list of mandate retesting that needs to bedone.

Licensing, when it works for the person who came up with the invention or rideidea, can be a great source of income. John Janning of Bellbrook, Ohio, in theUnited States was asked by his wife to find the bad bulb in a string of Christmas-tree lights. Inspiration struck and he came up with a way to keep tree lights liteven if one burnt out. Jenning, a retired engineer who holds dozens of patents,thought the idea had potential but did not believe he could do the marketing. Soafter he obtained a patent for his lights, he researched manufacturers and foundone that was willing to mass-produced his product and sell it. The terms were$30,000 upfront, plus a royalty of 5% on future sales.

If you are intrigued by making money from licensing your invention ideas, youmay want to begin your own journey by starting with a problem. You need to finda problem that a large group of potential customers have so that you have highenough demand to be profitable. Listen to other people when they complain,speak to existing customers about products available on the market and get intouch with your own problems that you experience from the products and servicesyou use. Problems need not be major. Think of the Windshield Wonder whichcleans windshields from the inside of a car. Many car owners complain about notbeing able to effectively clean the inside of their windshields and this productsolves the problem. To get your first idea going, look for problems by becoming aproblem finder and then develop solutions that make you a profitable problemsolver and solutions provider.



Chapter 10: Grow one income asset at a time

When you start your search for income-producing assets, you may well bepresented with one or more opportunities that all seem attractive. Which one doyou choose? You have limited resources and time which means you need to selectwhat will work best for you and that will move you towards a realistic income-producing asset.

There is always a temptation to do more than one thing. But with limited time andresources you could quickly end up with a scattered approach and even burnyourself out. Jumping from one project to the next can leave you confused andfrustrated. You won't really know if something will work until you have carried itthrough and tried everything you possibly can to make it a success.

How do you go about starting and developing an income-producing asset andstick with it?

The simple answer is to select the project that you are most passionate about. Youalso need to choose the project that will give you the best chance of success in themarketplace. A product or service may seem attractive to you but unless it isattractive to potential customers who buy, you don't have a business. Ultimately,you need to select the project that will give you the best possible return.

Each income-producing asset requires different levels of effort, investment, timeand educational training. If you, for example, want to find and acquire a propertyincome-producing asset, it may mean months or even longer researching themarket, looking at properties and even taking a seminar or course to educateyourself on what properties to look out for, how to go about financing a propertyand how to deal with property contracts. Such an undertaking is not to be takenlightly. Investing in anything is a serious business and if you don't give it theseriousness that it deserves you only have yourself to blame.

You need to watch out for becoming easily bored with projects and moving on tosomething else that you find more exciting. You could quickly end up withseveral uncompleted projects that have wasted your time, energy and resources.That's why it's so important to have a single-minded focus on the project orinvestment that you have chosen to turn into an income-producing asset for



yourself. You will need the self-confidence and energy to stay the course withyour project or business venture. You will need it when you find out thatcompetitors are stronger than you thought, that the demand that you projected orestimated isn't nearly as optimistic as you believed, that the advertising you aredoing is not attracting potential new customers and the cash flow that youprojected falls far short of your real requirements.

It may not be the information that a would-be investor in an income-producingproperty or business wants to hear but it's important to be aware that commercialventures often don't turn out as expected. This is where you need to determine ifyou should continue or throw in the towel. One solution comes from the leanstart-up philosophy which is to come up with a new direction and "pivot". Thissimply means that you look at all the available options, perhaps evenbrainstorming them, and change direction towards what new market research maytell you is a more profitable avenue. You should keep on trying but don't hammeryour head against a brick wall. Find an alternative route. If you are really stuck,get a second or third opinion. This is why it is important to set up your ownnetwork or ecosystem of resources such as your bank manager, attorney,accountant, financial adviser, an informal board of advisers, suppliers,promotional experts, subcontractors and people outside your core business but inrelated fields such as people you meet through belonging to businessorganisations, chambers of commerce and even technology hubs.

Remember too that life and business often involves a series of mistakes. You needto constantly self-correct, to get back up after your falls and head again towardsyour goal. A missile reaches its target through constantly correcting errors causedby weather and other conditions. Mistakes and failures actually lead you towardsyour goal if you do something about them.

If the income-producing asset you are developing suddenly hits a roadblock ordoesn't seem to be going anywhere, perhaps it's time to think about repurposing orfinding new uses or markets for your business idea or even property. As MichaelMichalko in "Cracking Creativity" says "Fortunes have been made in business bypeople finding the latent potential in a subject and recycling it into somethingelse." A fascinating example is the one involving the Jacuzzi brothers whoinvented a whirlpool bath as a treatment for people with arthritis. Michalko saysthey sold a few, but essentially did little with the invention until several yearslater they discovered new potential in their invention, modified the design and



recycled it into a luxury bath. If you want to examine your income-producing ideafor latent potential to transform it into something different, use the SCAMPERchecklist of questions that help you to substitute, combine, adapt,magnify/modify, put to other uses, eliminate and rearrange/reverse. For moreinformation see "Cracking Creativity: The Secrets of Creative Genius".

In this special report I have showed you various ways to create, start and developincome-producing assets. What I have avoided is to recommend any specificincome-producing asset. That is up to you taking into consideration yourparticular circumstances and inclination. If you need advice, consult with areputable business adviser, an accountant or lawyer, depending on yourpreference and the nature of your issue, problem or challenge. The only thing Iwould advise is not to get involved in any "biz op" scheme. When people are indifficult circumstances they can believe what they want to believe. The temptationto believe people who claim fast sales or profits can become too strong. Awarning: even top business people get taken for a ride as did some a few yearsago by a seemingly legitimate business opportunity backed by prominent businesspeople. It turned out to be a pyramid scheme. Any promise of fast and easymoney should be an instant red flag. Walk away. No, run. It can ruin you.

It may be more challenging and difficult to start something of your own whether itbe in property, creating a small venture, using "lazy" assets or even licensing. Butyou will have full control over putting your plan together and making it work.You will also understand exactly how your business model makes or generatesincome for you not like the business opportunities out there that often don't makesense when people deliberately avoid transparency. Do your own research orhomework beforehand. Get educated in whatever market or industry you want toenter. Pay your dues in hard work, experience and a hard-won education and youwill stand a far greater chance of reaching your goal of realising income-producing assets that can serve you in the years ahead.



About the authorChesney Bradshaw is the founder ofideaaccelerator.co.za, an on-line resource forpeople who have the fire to innovate. He hasworked with start-ups and businesses inpublishing, websites, public relations,photography, fishing, diving, consulting andbusiness broking. His own ventures have beenin distribution and publishing. Chesney hasconsulted to small and medium-sizedbusinesses as well as having owned andmanaged over five of his own businesses.Qualified in business management,marketing, sales and public relations, he offers innovative insights, adviceand information for business owners and managers. Chesney haspublished several business books to assist startups, small independentbusinesses and professional consultancies. His publicity experienceincludes more than 20 years, promoting large and small businesses.Chesney holds an MBA degree from Heriot-Watt University in Edinburgh,Scotland, and a degree in Communications Science from the University ofSouth Africa. He is an Accredited Public Relations Practitioner (APR),Public Relations Institute of Southern Africa (PRISA).



Other Titles from Bell & Cray Publishing

Secrets of Generating Ideas For Profit: how to quickly and easily get viablebusiness ideas by Chesney Bradshaw. Published by Bell & Cray Business Books.

Seven-day crash course: Turn Your Idea into a Viable Business by ChesneyBradshaw. Published by Bell & Cray Business Books.

How to Promote your Business through Blogging by Chesney Bradshaw.Published by Bell & Cray Business Books.

Cash Flow Survival Guide for Small Independent Businesses by ChesneyBradshaw. Published by Bell & Cray Business Books.

Marketing Lessons from Ozzy Osbourne by Chesney Bradshaw. Published by Bell& Cray Business Books.

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Selling Strategies for Start-ups, Small Business Owners and ProfessionalServices Firms: Proven Sales Ideas, Methods, and Techniques by ChesneyBradshaw, Published by Bell & Cray Business Books.



Courses and workshops

Business Idea Clinic. A confidential one-on-one face-to-face session oronline cloud-based virtual meeting that shows you the steps you need totake to develop your most promising idea. Advice, guidance andsuggestions cover business idea generation, feasibility studies, marketresearch, business planning and marketing and selling. You will end thesession with a clear action plan for commercialising your business idea fora product or service.

Business Idea Generation Workshop. For anyone who would like togenerate business ideas and turn them into viable products or services.Presented by Chesney Bradshaw, Masters of Business Administration,Herriot-Watt University, Edinburgh, UK, and founder of Idea Accelerator.Content covers idea generation, product development, market testing,evaluation and market introduction.



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Start and Build Your Own Income Producing Assets

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