What is Residual Income or recurring income? It is income that keeps coming in month after month, year after year, from work you do only ONCE. One type of residual income is earned when a product is sold and the customer reorders the same product again and again requiring no additional effort. This type of order is referred to as an Auto-ship. This business volume is what your residual income is based on, so the more affiliates (or customers) on Auto-Ship in your network, the higher your residual income will climb. A good example of this type of business is Symmetry Direct.
A home business that uses leverage (efforts of other people) and that provides residual income is the best first step to creating wealth, which can lead to financial freedom (fire your boss). It is of therefore a very important and reliable source of income for anybody who is looking to create an online business. Internet based MLM (multi level marketing) business opportunities offers this combination of leverage and residual income. The type of income is made possible by being able to earn commissions on future purchases by your down-line. I believe that creating a stream of residual income is one of the best ways to build an extremely profitable online business long-term.
Creating Wealth with Multiple Streams of Residual Income.
There is only one option you should accept in order to provide yourself and your family with a reliable source of income: Multiple streams of residual income. If so, then welcome to the wonderful world of ‘internet marketing,’ where the average Joe or Jane can actually create multiple streams of income with several different online business opportunities. Fortunately, turning a home-based business into residual income is not as hard as it may seem. We will examine a few examples below:
Affiliate Commissions: Affiliate Commission or Residual Income is the main source of income from Affiliate Programs. An Affiliate Program is a business which allows you to sell its products or services and earn a commission on each sale. In many cases, you can earn an income (commission) on a service which is paid for on a monthly basis by the customer. This is one of the best possible ways to build your home based business income. Building residual income is a strategy for attaining financial freedom, and my web site has been created to help people achieve that objective.
Membership Commissions: Another way to earn a great residual income is to sell memberships and get paid a commission each month the membership is maintained. To be successful with this type of business the service must be perceived as valuable to members and be consistently delivered on time. The only way an online membership business can generate long-term reliable income is through a high rate of customer retention. There are many programs available online which pay commissions for selling memberships and this can be a great source of repeatable income for your online business.
Online Selling: The ability to create a repeatable income is a powerful and very attractive feature in network marketing and one of the fastest growing areas of opportunity is found in online shopping. There are many online programs where you can become an affiliate and have your own online store. When you introduce this opportunity to other people you earn a commission on what they sell from their online store. When people shop on your online store you earn a commission on anything they buy. This year, about 28% of those doing discount mall online shopping are expected to be women, up from 21% last year, according to Forrester Research.
Residual Income is the fun way to personal financial freedom. By now you should be able to see the advantages of setting up multiple streams of income. You can make money online with this simple and proven formula, which others use right now to earn multiple streams of residual income. I am a firm believer in the strategy of developing multiple streams of online business income to achieve true financial freedom.
How to Start Your Multiple Streams of Residual Income.
How can you create multiple streams of recurring income for yourself? I suggest using the one-bite at a time principle to create multiple streams of income. You start with one good program and focus on that until you achieve a steady stream of residual income, then repeat the process with the next online opportunity as follows:
First you need to identify a great affiliate program that meets all the criteria for success.
Create a budget for a minimum of six months and enroll in the first affiliate program.
Commit to spend a specific number of hours each week marketing your new business. Some programs like Six Figure Yearly provide a comprehensive Starter-up Guide.
DO NOT QUIT. You are building your own business and you must see this as the first step to achieving wealth and an early retirement.
When you start to generate a residual income with your first affiliate program, find another great program and repeat the process.
A great way to build residual income is to combine an affiliate program with smart marketing. There are thousands of articles written on the subject of marketing online and you can find many great ideas to help you get started. You will find that an endless flow of new ideas on marketing are being created for online businesses and you can always find more effective ways to market and grow your own business. This is what makes the Internet so exciting and challenging for most of us who are building multiple streams of residual income.
I have been earning an online income with several great Affiliate Programs and MLM Businesses Opportunities for more than ten years and the best opportunity that I have seen so far is Six Figure Yearly This is a great program for a beginner as it provides a fantastic training resource for learning how to be successful while you have the opportunity to earn an income almost immediately. It is a home based business that anybody can succeed with and develop a reliable, sustainable income.