How To Make Residual Income
In this article I want to go over how to make residual income. There are multiple ways you can create residual income both with your own products and websites, and using other business models. Let’s look a little closer at how you could develop an income that pays you over and over even after you stop working at it.
1. Network marketing. This is one of the most common ways that people develop a residual income.
In the mlm business model you make money selling products and recruiting people to sell product. This presents a couple of opportunities to develop residual income.
One way you can make money selling products is to set people up on autoship. The Internet makes this very easy to do.
The advantage to this is people receive their products automatically every month without you needing to resell them. As you build up a customer base your income continues to grow even when you are not continuing to make sales.
Another way to create residual income in network marketing is to build your own downline of distributors. These are people that you sponsor and help them set up their own network marketing business.
You make money whenever product is moving through your downline. This includes products for personal use as well as retail sales.
The larger your group becomes the more potential product volume you are moving. Eventually you can develop a business that is so large you can walk away from it and continue to earn money long after you stop working. This is how to make residual income with the help of others.
2. Two-tier affiliate marketing. In the affiliate marketing business model you can make money selling products for affiliate merchants.
Some programs have a two-tier affiliate compensation plan where you can recruit people to sell products as well. You earn a smaller commission on their sales then you would on your personal sales.
However, you can develop residual income over time if you build a large enough sales force of people continuing to sell products. This works well for people who like to work one-on-one with salespeople in a social networking environment.
3. Build niche websites. There are numerous examples of Internet marketers who are earning thousands of dollars every month on websites they no longer spend any time on.
The strategy here is to identify a targeted niche you can make money in. You purchase a domain name, set up website hosting, and build a website for that specific niche.
You then monetize it in various ways including affiliate products such as Google Adsense, Clickbank, and Amazon. These affiliate programs are free to join and are some of the most popular online today.
You will have to spend some time identifying keyword phrases and developing content for your niche sites. This involves some search engine optimization and a long-term approach to ranking on the search engines for as many keyword phrases as possible.
The good news is you can outsource much of this work. There are workers overseas you can hire for around $300 a month.
This lets you build your business quicker identifying new niches, and putting more websites online. Over time you continue to make money on your older sites as you are developing new ones.
It’s not unusual for ambitious Internet marketers to have hundreds or even thousands of websites they are making money on. Although this takes a certain amount of skill and effort, the long term residual income rewards make it worth it.
Even if you want to do some of these ideas on a small scale you can learn how to make residual income and get your own strategy for doing it in place. This will allow you to increase your income, or even eventually quit your job and pursue your own personal goals and dreams.
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