Three Reasons Why You Should Establish a Residual Income Business

Many entrepreneurial experts are encouraging people to start a residual income business. It is vital that you establish a business that revolves around your interests and talents. It is also important that you start a business that, when established and is running well, will generate revenue without continual effort on your part. This type of enterprise has the potential to put money in your pocket for many years, and hopefully for a lifetime. This type of business has the potential to be passed on to your children, as well as their children in the future.

Establishing a residual income business is the key to becoming a successful entrepreneur. Statistics show that this type of endeavor can provide outstanding results for people from all walks of life, no matter what your educational background, family scenario, or where you grew up. Let’s examine three reasons why you should pursue this type of business opportunity.

Comfortable Lifestyle

Some of the world’s wealthiest entrepreneurs are connected to opportunities that provide them with residual capital each month. They understand the importance of having a business that will help them have a comfortable lifestyle. You can afford a comfortable lifestyle once you know that you have an automatic stream of income flooding your bank account every week or month.

Free Time

A traditional business opportunity will only generate income if you are working. A residual income business will continue to generate income without your continual presence. This will give you a chance to have free time. You can use this time to spend with your family and friends, volunteer at the school of your children, help with charities you care about, and any number of activities which normally get put on the back burner because of the huge time commitment of a normal job. You can also use this free time to concentrate on other opportunities which will, in turn, bring in additional residual income.

Supplement Your Income

This business model is also great for anyone who is currently employed, enjoys their job, and is just looking for a little extra cash. You can use this business model to supplement your current full-time income. You will be in a position to have two sources of income, which is so critical in today’s economy, where jobs can end at the whim of any boss or company out there.

Many entrepreneurs are now encouraging individuals to start a business, and many of them will ask you to join the opportunity which they have found works well for them. They know how to train you, help you grow, and in turn help others come into a that business which can generate the residual income so many are looking for. A residual income business provides many benefits that are difficult to ignore. It will allow you to supplement your income, have more free time, and enjoy a comfortable lifestyle, as well as help others who are in need of extra income.

Residual Income Business Tips – What Top Earners Are NOT Doing

If you’ve been building a residual income business for a while, you’ve probably heard the names of some of the big industry legends, the big Top Earners with their 7- and some 8-figure incomes – people like Randy Gage, Marc Yarnell, Tom “Big Al” Schreiter, Dani Johnson, etc.

These top earners today have huge organizations and massive followings which only continue to grow along with their income.

So what is it these Top Earners do? Where is their focus for building and supporting their ever-expanding residual income businesses?

Before I get to that, let’s look at it logically. Let’s look at it from their point of view (after all, if you want to grow a huge organization you must first visualize what that would be like and organize/structure your activities accordingly. In other words, if you think small you’re only ever going to be able to build a small organization – if you don’t change your thinking you’ll sabotage your growth unknowingly to ensure you meet your expectations. So think big, expect to build a large, thriving organization so that you can!).

So, if you had an organization of tens of thousands if not hundreds of thousands or millions of people, with new people signing up on a daily – even hourly basis – with or without your knowledge or help, maybe hundreds of levels down. Obviously, with an organization that big, you can’t personally help each one get started to begin doing the right activities to make money. So you must have a system in place to disseminate that information.

Most of these leaders do have a strong online presence, with a powerful website or blog with business building and training content posted on a regular basis to help keep their teams and organizations plugged in, motivated and up to date. Technology has a come a long way helping to get the leader as close to each person in his team as possible, albeit on a generalized, team-specific level, like with auto-responders, conference calls, voice broadcasts, presentation and training webinars, etc.

But it’s still a whole lot better than handing down a photo-copied, hand-written training documents that you can barely read the writing on, or worse that others have changed, trying to interpret what they thought the leader was trying to say (kind of like trying to play that old game of “telephone” where the meaning completely changes from start to finish).

So from the leader’s perspective of such a massive organization, it is imperative that some kind of training system be in place to keep people engaged, working towards their dreams and making money. And it’s never been easier to develop such a system for one’s followers to plug into.

In addition though, a leader must think about strategies and tactics that his people can all implement, regardless of who they are, what they’ve done, where they’ve come from, what country they live in, what level of success they’ve had and regardless of whatever amount of money they have – and quickly (urgency is crucial for fast growth)!

And obviously you want your organization to produce and move product because that’s what creates the residual income. If no one is moving product – just signing up and recruiting new distributors who don’t buy anything – then no one gets paid.

So you must be able to teach and instruct simple methods that anyone can do from day one to get them making money quickly, if they get to work and apply themselves – without a lot of training or time consuming or distracting activities… (It’s a lot easier to make money fast than slow!)

Can you see where I’m going here?

Here’s the biggest distinction I see between what the most successful leaders this industry do and what the majority of distributors trying to build a residual income business are doing – the focus of their business.

Why is it that these industry legends continue to focus on building their businesses belly to belly, person to person, home meeting to home meeting, etc?

Do you think they’re out of touch with the times?

Obviously not, just look at their powerful lead-capturing, results-producing websites.

Are they just trying to keep their internet marketing strategies to themselves?

That makes even less sense – remember, these web properties they develop are specifically there for their people, their organizations from which they make their money. They wouldn’t purposely sabotage or limit the success of their own people, that would directly impact their income and level of success.

So why aren’t these industry Top Earners promoting the latest and greatest online marketing strategies for building a residual income business?

If you’ve been marketing online for any length of time you probably know the answer!

Simply put, the majority of people out there are not marketing geniuses nor are they computer software engineers or technicians. The internet and online marketing requires a certain skill set that the majority of the population is only beginning to become familiar with, let alone proficient with (the internet and online marketing has really only been around for a decade or so, and is only beginning to go somewhat mainstream thanks to Google and Facebook, etc. In comparison, people have been building network marketing or residual income businesses for over a hundred years successfully before there ever was internet…).

This familiarity or proficiency with computers and the internet, etc will change over time, but the industry Top Earners understand that in order to build a large team, you need people to be making money as soon as possible – methods and approaches that can be implemented today, not tomorrow. You dramatically increase the ratio of people making money when you get them started fast so that the income starts coming in while they’re still excited about it before the world around them crushes their dreams and takes away their hope, allowing disbelief and fear to take its place, making it incredibly more difficult than to make money.

This is why the industry Top Earners still encourage prospecting your warm market or resource list first, for example, prior to learning online marketing – if at all. As you probably know – or should have been made aware of – learning to market your business online takes time. There is a steep, steep learning curve in learning how to setup your blog properly, how to advertise online, or create content like articles or videos, setup and strategically use other web 2.0 properties for lead generation, etc. Contrary to a lot of the hype out there, lasting success with a residual income business doesn’t happen overnight – with or without the internet!

Interesting Online Residual Income Business Ideas For Freelancers

Residual income is better known as passive or recurring income business in the business world. An individual can take up this business option to continue making money from a project even after its completion. This source of income is usually considered best as it gives people an opportunity to make from a way other than regular job. Residual income acts as a great substitute for full-time job and can even replace it successfully.

If you are seeking for an interesting idea on residual income business you can start searching for them online. There are plenty of websites which can give you ideas on how to earn residual income easily. You need to be little cautious while taking ideas from such sites as some of them may be just scams and it could hamper the prospects of setting up a recurring income business of your own. So, be ready to do a proper homework before choosing from so many residual income ideas.

Below are given few interesting online residual income business ideas especially for freelances so that they can earn good amount of money by using them.

Build Up Different Websites or Niche Blogs

Niche blogs or websites are the most simple and easy home income business ideas that users can have. Niche blogs are blogs which are built around a particular topic. They don’t contain diversified topic and can better target the customers who are looking for specific information. It usually takes a couple of hours to create a niche blog but it should be properly maintained so as to generate good home income in future. The income coming from the blogs is not fully passive but they assure blog owners get a consistent flow of income as long as the blogs are updated.

A blog host will be required to set up a blog. You can use free hosting providers like WordPress and Blogger or buy some space in a web hosting company to help you to host your blog at an affordable price. After setting up process is over, interesting and useful website content or blog content should be produced and published in the site for visitor’s use. While the content has been developed, the affiliate programs on services or products related to the niche or theme of the blog can be used to monetize it.

Join Revenue Sharing Websites and Write Content For Them

Revenue sharing websites are another meaningful way of earning residual income. Some of the online sites allow visitors to post articles on their sites and earn a percentage of the revenue generated by these articles. While some sites mention the offered percentage others will not. Writing contents for revenue sharing sites can become an online residual income business because the published articles tend to earn money for the writer as long as they remain live. The greater traffic attracts these articles, the more will be revenue and higher will be the percentage of the writer. Again, the more number of articles a writer writes, the greater will be the amount coming from these articles in every month.

Conceptualize And Develop an eBook

Creating an eBook is an invaluable residual income business idea. The complete project becomes the sole responsibility of the writer who will get the copy rights of the eBook and earn cent percent profit made on the sales. Unlike revenue sharing sites, this passive business opportunity can help the writer to earn the full profit. It is because a major part of profit is retained by the revenue sharing site itself.