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.