So I was hearing some opinions today when it came to taking advantage of what is currently hot where people can generate a lot of steady income from. It went farther from one just doing it for themselves as the debate was whether or not it was wise to start a potential business for your child where you are pre-branding and setting everything up for them to take over as soon as they are eligible to do so.
The best example was with a website. Letâ€™s pretend that currently the hot thing is that people are doing say a video blog of their life where they make money by showing the world how they are growing up. So what a person was talking about was how in that scenario if you have a newborn it would be wise to start one right away for them where you are essentially talking for the baby with the goal being that you are building the brand and business foundation for the child so that when they do become old enough they could jump right into business they have a huge head start.
In some ways it can make sense. Itâ€™s almost like investing in a property for them where hopefully they will take advantage of it in the future. I guess the main negative is of course the fact that they might not even be passionate about whatever it is you are trying to get them into and hence it probably wonâ€™t be as successful as you may have envisioned. I guess the key is to try and make it in such a way where if you had to sell it would be a perfectly viable option.
So like for this example, when it comes to the branding maybe instead of tying it down specifically to a personâ€™s name it could be in a broader sense such as it is more about a life of a person in a certain city. So either way even if the person didnâ€™t want to take it over you would have an easier time passing it onto someone else.