Passive Income, Anyone?

suitcase_full_of_money.jpgThere’s no shortage of books on the subject of how to build wealth, and the buzzword that comes up quite often in such books is “passive income.” Passive income is often defined as money that we can make while we sleep. Money that comes our way without us having to lift a finger. Real estate is often considered such a source of income because the rent or lease money comes in every month and the property usually appreciates.

We’re all familiar with companies like Coke and Harley Davidson, who make tons of money just for licensing their brand for use on other products. Imagine the incredible margins they enjoy for just sitting back and raking in license fees from other respectable companies who so eagerly pay them for the privilege of the use of their brand image.

But have you ever considered that YOUR brand could also be such an asset? If you own the company and build such a strong reputation and goodwill in your market and industry, a buyer may show up and want to pay a premium for the valuable customer goodwill you have already built.

If you’re the kind of employee who is exemplary or, for that matter, is just consistent in his or her performance, that may help you stand out and be the kind of asset your current or a future employer values at a premium. 

Or imagine being the sales person who never has to cold call. Imagine spending the first few years of your career building your business by taking care of your customers, then being able to reap the rewards of your labor later on through repeat business..and referral business! You could find yourself so busy that you’re almost forced to turn business away, but, fortunately, because your brand is so respected in the industry, you’re able to partner with other vendors or sales professionals and you get to collect a commission or finders fee or whatever. They do the work and YOU get money without having to do anything. 

A brand is better than money in the bank! A good solid brand is like having a printing press in your basement and being able to print your own money! Let that guide everything you do, and in everything you do, remember, EVERYTHING IS BRANDING!