Take An Inventory

Take An Inventory
by Marnie L Pehrson

I’ve been in business since 1990 and over the years, there have been times of slow cash flow. There have also been times when what I was offering became obsolete due to changes in the marketplace. During these times, and even periodically to explore new options, I take an extensive inventory of everything I have at my disposal.

In doing so, I often find that I have acres of diamonds in my back yard. As you work toward your money goal, there are most likely resources all around you that you can use to generate the income you desire.

In this challenge I’ll share with you the process I go through to inventory my assets to generate quick cash and long term revenue streams.

Gifts, Talents and Interests

First, look at your gifts, talents, and interests. Are you a great listener? Do you give excellent advice? Do you have creative skills? Perhaps you enjoy writing, teaching, speaking, creating crafts, encouraging people, rock climbing, music or yoga. Maybe you’re a whiz at meditation. Maybe you are a baby whisperer. 

Make a big list of everything you’re good at – even if you don’t see how in the world it could be monetized.

Resources

You most likely have at your disposal some resources that could be sold or monetized. When you inventory your resources, look at the things around your home or office that you don’t use anymore. Maybe you have some rings you never wear. Maybe you have a car sitting out back that doesn’t run, but could be sold for the metal. Maybe you signed up for a multi-level marketing company and have an excess of product.

I’ll give you an example. I once used a particular fat-burning bar to release 60 pounds. I finally got thin enough that I was starting to lose fat in areas that, as a woman, I wanted to keep. I stopped using the bars and had about 10 boxes at the house. While the company wouldn’t let me sell their products on places like ebay, I did have a mailing list.

I mailed my list and said, “Look, I used these fat burning bars to lose 60 pounds and I don’t need to lose any more fat, but I have 10 boxes here. They normally sell for $14 a box, I’ll let you have 10 boxes for $97. They were sold within hours.

You may have an inventory of your own products. Or maybe there are information products or virtual products you’ve created that you haven’t sold recently. You could pull them out of your archives, give them a fresh face-lift, and re-release them.

Maybe you have an excess inventory of a book you wrote that you could sell. Could you bundle the books with another product or service that you’re offering? I’ve offered copies of 2 of my books when people purchase an hour business consult with me for the same price as a consult.

Also look at tools you own that you haven’t monetized. Maybe you have a garden tiller. Could you till your neighbors’ gardens for them for a fee? If you have an industrial sewing machine and yards of material, could you produce something creative with it and sell it at craft fairs? Maybe you have some video editing software and you know how to use it. Could you offer video editing services?

Services

What services do you currently offer, if any? Have you offered services in the past that you could offer again? Maybe you could teach a craft class or piano lessons. For years I taught people how to use computer software from my home. Then I started going out to businesses and teaching their staff how to use software specifically for their company’s needs.

If you’re great with kids, you might offer babysitting or daycare services. If you’re fantastic at decorations, maybe you could do party planning. If you make delicious healthy meals, maybe you could become a personal chef who prepares a week of healthy meals and brings them to people.

Start looking at your gifts, interests and talents and how they could be massaged into services you offer. Or perhaps they could be turned into information products where you teach other people how to do what you know to do. Or maybe you could offer classes at a local community center. Perhaps you could find a rent-by-the-hour office complex and offer classes there. Some local vocational schools hire people to teach classes. Check in your area for opportunities.

People

Lastly, but certainly not least, inventory the people in your life – especially the people you know who have connections or who have special skills, talents, products or services. How could you joint venture with these people?

It may be that your own teenager has special skills. I was at a mastermind recently and the woman running the mastermind had a 17-year-old daughter who was great at photography. While the mastermind was going on, her daughter did head shots for anyone who wanted one for $36.

This expanded the value of the woman’s mastermind and gave her daughter a way to generate her own income. When you help your children create their own income, that saves you money! Saved money is found money!

If you’re an essential oils rep, you might buddy up with someone who is good at marketing. He or she could come train your team. This would enhance the success of your team and perhaps if someone on your team wanted to purchase the marketing consultant’s products or services you could make an affiliate commission on the sale.

How could you enrich what you do for your existing clients and customers by creating joint-products and services with others? 

How can you earn affiliate commissions by introducing people to what other people are offering?

As you gather your inventory, open your mind to the possibilities. It may be that you come up with an idea that will work really well for you in the next 3 months. It may not be something you want to do long term, but it’s a quick cash crop for you. Other ideas may be more long-term producers.

As you create revenue streams think of them as a garden. You have your summer produce like beans, squash, and cucumbers. They grow for a few months and you can preserve them for later. But they aren’t going to keep growing long term. Then there are fruit trees that may not generate anything edible for years, but when they do start producing, they’ll feed you for a lifetime.

As you review your inventory, look for the short term producers and the long-harvest crops. Have a healthy mix of both.

So it’s your turn. Take out a piece of paper and go through these areas and inventory what you have at your disposal. Then get creative on finding the acres of diamonds in your own back yard.