Seasoned Business Owners Value Residual Income
The longer you own a business, the more you value residual income. It has taken six years for this to sink into my head, but now that it is there it will not leave. When I began studying business, I immediately heard the phrases, “residual income,” or “passive income.” I knew I wanted them, but I guess I viewed them as some future event, much like retirement. Six years later as a business owner, I have had many successes, however, I don’t have a penny to show for it that really would set me apart as a business owner. Now that I look back, I realize that I have not worked as a business owner, but just as someone who is self employed. There is not to much difference in being self employed than being an employee, except that all the responsibility lies on the shoulders of someone who is self employed.
Because of the epiphany, my focus in business has shifted. I went back into the employee world, and have ever since, focused on building businesses that provide this passive income. Fortunately for me they have begun to work. Without giving away any of my secrets, I will share a few ideas with you of what some of my friends have done.
My friend Rodney has purchased several candy machines that he has placed at various business locations. Every week or so he stops by to refill the machines and get his money. I thought that was pretty cool. Another friend is an investment advisor rep. He puts his clients’ money into investments and he gets a commission check every quarter. As his clients’ money grows, so does his paycheck. To me, that is awesome.