Home Business Ideas and Opportunities

Archive | March, 2015

Make Money While You Sleep – What is residual income?

By Norberto Mercado

So you decided to start your own at home business, now what? Contacts have been made, referrals are pouring in and sales are generating. Your ball is rolling, but that is only during your waking hours. What happens when you sleep? Are you still continuing to earn money? The answer is yes and the earnings are called residual income. Here are a few ways to earn this type of income and what to expect.

Residual income is considered the monies earned while you are not working. Often residual income is referred to as passive income or recurring income. This stream is a consistent cash flow after you have put in your investment, time and effort to generate an income source.

A common misconception of residual income is that this is much like a salaried job. Sadly a salaried job is paid based on the time put into the job, this is generally consistent with a standard 40 hour work week position. Salaried jobs are linear and the pay correlates to such. Residual income is earned while you work, while you are on vacation or while you sleep. Once you create you business and revenue stream you can continue to make money while you do other things besides working.

In a perfect scenario the idea is that residual income will continue to generate and that you do not have to interact on some level to maintain this income stream. However this is not always the case.

A great deal of effort is invested to maintain and yield a residual income. Managing your contacts and or up-lines, maintaining a certain level of customer service to ensure your present and future customers are supported, and preserving your business base is key to a continued and consistent residual income. While you can work at this as a full time job, most have been successful in treating their business as a part time job with full time income potential.

Some common residual income sources are:

• Royalties from intellectual property (book, screenplay, patents)
• Subscriptions, memberships, affiliate sales/commissions
• Transferring of rights (sale of a photo you took for public use)
• Asset leases (pinball machines, apartments)
• Savings and investment

Income sources that have the potential to generate residual income are highly advantageous for those who are seeking an additional income stream to earn in their spare time. Another advantage to residual income is that while the income can be earned and generated on a part time or in a spare time basis which can evolve into a full time income level. Some folks have found they are able to quit their traditional 9-5, salaried jobs because their residual income levels supplement their full time job income source. If you have attained the level of full time income with your residual income source the world is virtually at your fingers where you can take an extended vacation, pick up that hobby you always wanted to invest more time into and earn additional residual income through a savings and investment account.

Before your income starts pouring in you have to remember not all residual incomes are the same. While some of the more common sources are listed above, other options are available that require a bit more finesse and rigor such as networking marketing. Patience, determination, and focus are key to ensure the success of your business or project to yield consistent residual income. Albeit the idea sounds as if very little work is required, you could be highly disappointed when you find you are not receiving instant gratification as the income trickles into your bank account.

Building a business or project to produce a residual income is a great way towards financial freedom. Not all residual income sources are the same. Be sure to do your research and determine if an initial monetary investment is required. This step will help you determine which route you want to take with your business and the future earnings of residual income. All things are possible if you are willing to put in the effort.

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Earn Residual Income While You Sleep

By Norberto Mercado

Have you wanted to travel the world? Maybe purchase that sports car you have vied for in years past? Do you wonder how people work from home to afford these luxuries or the lifestyle? These people have used their talents to apply to their home based business where they can earn residual income even while they sleep. But what kind of home based businesses or business opportunities offer residual, also known as passive, income.

Network Marketing

Network Marketing, formerly known as multi-level marketing, is a great way to earn and yield residual income. The key to truly earning an income while you sleep is through your network of partners and sales affiliates who sell goods and services to consumers who seek these products. The sales will yield a commission style payment through your network marketer where you earn a portion of their overall sale and subsequent sales even if you have not sold anything. The same can be said for anyone in their network.

Writing

If writing is your niche, consider authoring for websites, printed and online columns or magazines, or write a book. Becoming a published author is not just about having your book on the New York Times best seller list. As an author you can sell your works and issue rights to distribute your works which can result in a consistent stream of income through royalties and payments. E-books is another way to share your niche for writing and your knack for do-it-yourself or self-improvement information through a compiled newsletter, monthly subscription or on Amazon through their self-published E-book options.

Affiliate Marketing

If you have capitalized on your gift for writing and you have established yourself on a great blog and or website affiliate marketing is a great income source with very little effort. As an affiliate marketer you will drive sales to a retailer based on your connection. This connection can be done through a friendly website or blog post that draws your customers to purchase the product by clicking a link placed on your website, strategically within a blog post or content articles about the product with a relevant link to the affiliate retailer. Once a purchase has been made, commissions are paid based on the level of the sale amount.

Consumer Services

A little known residual income revenue stream are hidden in our most convenient consumer services. These services are found in the form of DVD rental kiosks, soda, snacks, gumball machines, video games, pinball machines and jukeboxes. Each of these convenience items require very little upfront investment and return a steady stream of income with each use. Furthermore, additional income is yielded to you when other businesses wish to place these self-serve consumer service items within their business, thus requiring a lease. The business agrees to the terms and a monthly payment to have your kiosk or consumer service machine within their establishment.

Maybe you offer a monthly membership service that allows your customers access to exclusive products, goods, and or services. You can sell your expertise through this same membership by offering live FAQ sessions, podcasts, or a weekly newsletter where you offer interaction and engagement through professional advice or products.

Customer Referrals

Networking has become the most popular method for advertising. The explosion of social media has allowed our once very large world to become very small in contrast to making contacts and seeking referral business. Customer referrals is the most tried and true method for earning a residual income. You may refer them to an established product or service and or they may refer someone to you for an established product and or service. Word of mouth marketing is the cheapest and most effective way to earn income.

While other forms of income streams are available these are some of the most common that require very little interaction. Other more industrious options are available, coupled with a stronger income stream, however the trade-off could be additional upfront and or backend costs that if not managed effectively could cost you all of your potential income. Passive or recurring income, also known most commonly as residual income is an excellent way to earn money by letting money work for you.

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