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, 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.
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.
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.
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.
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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