How to Find the Right Residual Income Business Opportunity

Finding the right residual income business opportunity is not easy and going through hundreds of different residual income opportunities online can take days and leave you only with frustration.

There are millions of different residual income business opportunities online and offline. Once you start looking and request more information from promising sites you’ll have your email inbox flooding with emails promising you instant riches and $100K within 30 days. Information overflow can be daunting and at that point many just give up and get back to dreaming about residual income possibilities.

However, if you take a critical view on this process there is a possibility that you can find a business that offers residual income and also instant income so you can cover your cashflow while you are building that very important year after year residual income.

Let’s look at some important points you must keep in mind when choosing a residual income business opportunity that is a good fit for you.

Your personality is something that must be taken into account when choosing the right business opportunity. Remember that once you start your business, you are not an employee anymore, you are an entrepreneur and your own boss.

Also, keep in mind that there are some things you need to do to keep your business going forward. That can be selling, making a website or a blog, writing emails and following up with your prospects.

Usually this kind of residual income opportunity is network marketing or direct sales business.

Of course you can also start a residual income business opportunity online that doesn’t require contacts with your customers.

You can start building so called niche websites that are geared towards some particular niche you know about or would like to learn more about. Then eventually you monetize your site and after your traffic grows this site can build you a residual income that keeps coming month after month.

This is a great way to build residual income, especially for those who are uncomfortable selling something and are more introverted personality types.

If you go that route, finding the right niche is crucial. That’s why you need to learn to do keyword research. If you have no website building experience there are options that take you by the hand and show you exactly, step-by-step, what to do.

Network Marketing And Direct Sales

If you decide to go with the network marketing business to grow your residual income there are certainly a myriad of options for that!

Basically, you can either go with traditional multi-level marketing plan or direct sales type of plan. MLM usually takes longer to build and many times cashflow can be a problem as you need some money to advertise your business or purchase leads.

Directs sales usually pays better in the beginning as you usually make bigger commissions from your sales. There are also so-called hybrid models that combine aspects from both plans and that is something you should definitely consider if this kind of business interests you.

Eventually, your residual income business opportunity should give you passive income that keeps coming even if you take months off your business. Here, traditional MLM can be great, although it can take years to achieve that point in your business.

Hybrid models can also offer excellent passive income and possibly lot sooner than MLM.

Both models require massive action to work and that’s where most people fail. If you don’t have a lot of money to use something like PPC advertising to build your business you have to work really hard to make that long term passive income.

Building websites

Building websites that create passive income is also an excellent option and if you have 3-5 sites that generate monthly income it is a great addition to your income streams.

Again, that too, requires massive action and right tools and knowledge to do it correctly. Anyone can slap up a website or a blog, but building it into a residual income business takes time and a lot of old fashioned work.

However, after few years of hard work you can start to enjoy that residual income. Even if you only make an extra $ 2,000 per month imagine what that would mean to your pension or salary. Even smaller amounts can pay for your car payments and mortgage!

Of course we all dream of huge incomes, but even small, regular additions to your income can mean a lot to your family’s well being.

That’s why you should start looking for that residual income business opportunity right now! Don’t fall for scams and look for something that resonates with you. Then start building. Don’t look sideways and don’t compare your progress with others. Just build, day after day, do something to grow your business.

If it’s network marketing, advertise and build a blog or a site. Do marketing everyday online.

My mentor said that he did not dare to miss a day of marketing for the first three years! If you have a low budget there are lots of web 2.0 low/zero cost options.

If you decide to build few websites, learn the ropes and start building. Find the right tools and get on with it. Build a page per day. If you do that for a year you have 365 good pages and your site gets free traffic from search engines. If you keep doing that for 3 years you have built an authority site that will generate passive, residual income for you, day after day, month after month and year after year! Sweet!

All is takes is action and work. It’s all in the mindset. If you wait for instant gratification forget it. If you do one thing for a month and then jump into another, forget it. You need 100% focus.

How do I know all this? I know because I made most of the mistakes. It has taken me years to understand this and it’s still difficult to focus on my own business and not compare it with others. Don’t make the same mistake. Start today and in 3 short years you’ll see that it worked.

Passive Income Business

A passive income business can be a great way to earning a residual income for the rest of your life. It is easy to setup and anyone can do it providing they are prepared to spend a little bit of time and effort.

You can build your own passive income business in your spare time, for example in the evening or at weekends. This is how thousands of people have been able to leave their full-time job and work from the comfort of their own home.

A passive income business can be set up without a website. I will show you how to do this later in the article. I prefer to use a combination of simple websites and web pages as well as other methods that do not require a website.

Which ever route you choose to go down very little technical knowledge is required to build a passive income business.

Almost everything you will need to get started with a passive income business will either be free or can be purchased for a very small sum of money.

This makes it a really great business for anyone who would like a major income, a second income, a work from home opportunity or just a hobby that will make you some cash.

Whilst on the subject of money there are thousands of people on the Internet who regularly earn in excess of five figures per month with a passive income business.

There are virtually no barriers when building your own passive income business; it does not matter if you are young or old, male or female or where you live in a world.

To get started with your own passive income business you will need access to the Internet. Should you decide to build your own website or web page you will need some simple to use free software.

This is not a complicated or difficult thing to achieve and almost everything you will need is either free, or will cost you very little money.

If you do a Google search online you will find many different free applications for building your website or web page, a great one that I use is called kompozer.

Our own passive income business generates an income mostly by using other people’s ready made products these are usually digital information products such as E books.

You need to choose a niche market for your passive income business that you would like to work in.
Here is a great tip, the most lucrative ones are health, wealth and lifestyle.

Once you have chosen your niche market you will need to sign up with a digital marketplace for example clickbank, this is a free sign up.

Take a browse around clickbank and find products that are in tune with your passive income business and your niche markets. You now need to promote these products and in return you will receive a commission on any sales that you generate.

There are many different ways to generate sales with a passive income business; the most obvious one is through your website or web page. If however if you do not have a website or web page you can still promote these products and make a really good living.

You can do this by simply starting a blog in your favourite niche and discreetly advertise your products. Never try to sell anything to anyone, just make discreet recommendations.

You can also recommend several products and give each product rating with your favourite product being the number one. You now have several chances of making a sale.

Another way to produce a great passive income business without a web page or website is to go along to blogs that are in your favourite niche markets, and look for people who need answers to problems.

You just need to do a few searches to find a solution to the problem, then Cross reference to the products that you have available in click bank.

You now go back to the blog and discreetly recommend a solution to the problem.
It is very important that when recommending products you are being honest to your readers on the blog site.

A Smarter Way to Prospect And Present Your Residual Income Business

There are only so many hours in a day and so much money you can put into your residual income business – so how can you work smarter and leverage these precious resources?

Regardless of how or where you generate your leads – whether they’re from your resource list, someone you met during your normal day’s activities or a lead you attracted online – you need to present your residual income business to your prospects to be able sign someone up, increase the revenue to your company and make money – this is part of the process that most people waste tons of time and money!

How to Leverage The Presentations for Your Residual Income Business

There are many ways you can present your business, face-to-face via a one-on-one or two-on-one presentation, via a large hotel meeting, etc – but you have to take into consideration the time and money aspects for not only yourself and your team but also your prospects. Realize that every step of the process you take a potential prospect through, your prospect is thinking can I do or rather am I willing to do what this person has just done (in order to potentially build their business)?

So why not make it easier on you and your prospects, why not enable yourself at the same time to also be able to go through more people faster, easier and cheaper so you can find more of those leaders by simply directing your prospects to a presentation they can view either on their computer (webinar, video, etc) or if nothing else, listen to over the phone.

What prospect, with a sincere, genuine desire to create home based income would object to building their business by ACTUALLY being able to do it from home?

Think about it: you talk with an interested prospect over the phone, ask them a few questions to see what their needs are and what they’re looking for and then email them or tell them over the phone what webpage they need to visit to see all the details about your residual income business which will help meet their needs. You get off the phone, they view the presentation and while they’re viewing it you could be talking with another prospect putting them through the same process, perhaps several prospects. Now the hours you would have previously wasted each week sitting around while your prospects watch a presentation can now be multiplied into further results – and more profits!

Not everyone has the time, ability, resources, whatever to present the business in person, one-on-one. But anyone can build the business in this manner.

Plus, how many more people can you present the business to in a day? How many more people can you sign up and how much more money would you make in the same amount of time, working smarter? How much more enjoyable would the rest of your day be?

How many more people in your team would be able to duplicate such an approach? How much more excited and motivated would that make you? How much more money would all that in turn make you?

(As a sidenote, one-on-one presentations and hotel meetings, have their place. But with hotel meetings, for example, you have no control whatsoever, so always make sure your prospects have seen the presentation and have an interest in joining you after they have all the facts before even considering taking them to a hotel meeting. Those types of events are helpful to show your prospects and more importantly your new people who sign up the big picture – the business is bigger than just you. Use these events to show them what’s possible, to build their belief and see other regular people making great income as well – but don’t use this approach as your prospect’s initial business exposure unless you like getting flaked on and not making money).

Not only should you be presenting your business from the comfort and convenience of your home or home office (and more importantly your prospects should be VIEWING your business from the comfort and convenience of THEIR home) to dramatically increase your number of sign-ups, but you should also be using a system to automatically sift and sort or pre-qualify your prospects so you only spend your valuable time with those who again have a sincere, genuine interest in creating home based income in the first place (like the example of sending suspects to a video capture page).

As your prospects enter your MLM system’s pipeline or sales funnel, again they are thinking to themselves “can I do this?” It’s pretty obvious to see that you’ll get a much higher percentage of people interested in a systematic process that qualifies and follows up with their leads automatically than to have to manually keep following up with people, calling and harassing them over and over to see if the time is right yet (believe me, I’ve been there and done that, and no one wants to be on either side of that!).

So if you’re Serious about Success with your Residual Income Business, here’s 3 Smart Steps you need to take:

  1. Get your priorities straight – spend only 20% of your available time on finding/creating leads and 80% of your time actually talking with interested prospects (MLM prospecting).
  2. Save time and increase your productivity by directing all your leads through a MLM system that can sift and sort the suspects from the prospects so you’re only spending your time talking with actual pre-qualifed prospects.
  3. Maximize your results and income, as well as the retention and duplication of your team further by showing the business from the comfort and convenience of your home (so your prospects can view it from the comfort and convenience of THEIR home) so you can waste less time and money and show the business to more people, which will also enable your team to grow beyond your local area, potentially around the world.