5 Great Ways to build a Residual Income Online
In the beginning setting up a residual income online business takes time and effort but in time the payoff far outweighs the work and it will continue to produce money with minimum effort sounds good doesn’t it there are a large number of people want to enter, the widely known sources of residual income have enough people entering those markets that you can expect lots of competition. Your success depends on whether or not you are able to jump the various barriers to entry that inevitably appear. Unfortunately, jumping those hurdles can (if you’re not careful) seriously reduce the “passive” side of your residual income online. Certainly in the beginning, Residual income can make for longer (sometimes much longer) working days than traditional income, but in the end its all worth it.
Once income is coming in, you still need to check on things and put in work to keep it going and growing. The mindset of someone who succeeds in passive income is not that of “get it done and go surfing.” You need the mindset of an investor. Passive income always starts with a significant investment: if you buy real estate, it’s a financial investment. If you want to make passive income online, you’ll almost certainly invest a very significant amount of time.
The process of making passive income online involves three choices:
– Your business model
– Your niche
– Your target market.
Once you know these, you can implement your business idea, test, and repeat until you have the income you want.
For all the noise about income online, the process is remarkably simple. Try not to get distracted by the flashing lights and shiny objects along the way.
1 – Become an affiliate and promote products through blogs, social media and your website
Start with an affiliate site like ClickBank or Commission Junction. Find a few offers in a category that you know a bit about. Ideally offers with some degree of recurring income. Make sure they have good numbers, and do your keyword research to make sure there’s demand. After figuring out what keywords to optimize your blog for, start a new blog and write articles. SEO optimize the blog, and promote it around the web. Once the traffic numbers start going up, deploy some ads for affiliate offers. People click on the ads, and you get paid.
Now repeat the process until you have ten or twenty blogs, or maybe hundreds if you want to make some serious cash online.
2 – Put together an auto-responder list
Make Money Online Squeeze PageOne of the Internet’s most common business models. Once you know approximately what kind of market you want to attract, put together a free product or information people can download if they give you their email. Now drive traffic to a “landing page” that asks for the visitors’ email address. You can even install plug-ins nowadays called Squeeze pages that pop up with an e-mail sign up box when people visit your page. This is a great way to build subscribers and a sales funnel to sell to.
Use an auto-responder like aWeber to email your subscribers the link to download the product or quality information you have to offer, and follow-up with a series of (automatically sent) emails. Spread over weeks and months, build some rapport with your subscribers and then try to sell them on any number of products or affiliate offers. Make sure you break it up though, you need to offer something of value and every few mail outs or so you can send them a link to the product you wish to sell them.
3 – Sell commercial products online
Shopify – Sell Online Make MoneyCustomers are buying products online at an extensive rate nowadays. This means that there are a large number of customers looking for exactly what YOU can supply them with.
Checkout Shopify.com. They supply you with all the tools you need to sell online.
A number of people have proven that this is a great platform to sell products online. Put up a page and promote it. People pay you money. The product gets delivered to them, while you kick back as the money rolls in.
If Shopify is not your thing then you can always try your luck with eBay. You know what they say, “One man’s trash is another man’s treasure”, so scour through your cupboards and sheds and sell off some of your unwanted treasures.
4 – Sell your own information product
Make Money Sell Your Own Product OnlineThis is just like selling an eBook, except you publish and sell it yourself (generally) and it can come in the form of an eBook, DVD, software, audio book or VHS video.
When selling your own information product it allows you to keep a higher percentage of the profit. You have greater flexibility with upsells and landing pages compared with selling your products on a 3rd party site, and you can even use this to build your list (see #2), two birds with one stone 😉
5 – MLM / network marketing
Multi Level Marketing – MLM For people who are willing to put in the time understanding just what MLM (Multi Level Marketing) is. The problem with this approach is that it’s very close to a pyramid scheme. In essence, you make money from signing up people who sell the product. A number of highly reputable entrepreneurs such as Donald Trump & Robert Kiyosaki are big fans of Multi-Level Marketing.
Do your research first and make sure that it is a product line you are familiar with and passionate about selling otherwise you will be wasting your time and your friends and family may laugh at you when you approach them with your sales pitch.
I started out with #1, Knowing something about computers and the internet but little about the making money online, when I started I hit a lot of pitfalls when I came back again I found a little GEM of an opportunity with SFI it is free to get started, tons of training material, lots of advertising aid and tools, over 96,000 products to promote and even more support via forum, personal sponsor and in general just an awesome community with plenty of prizes and rewards to keep you motivated on your way to financial freedom, If your completely new to making money online. It also makes it easy for you to incorporate all five of the above methods of making money online in to one single program. I could go on about SFI all day but I would probably cause you to wake up with a keyboard imprint on your face! Instead I decided to dedicate a page on my blog to it and leave it at that. Find out why I am so passionate About SFI HERE!
Good luck and I wish you the best of success whichever road you choose, check back here for weekly links to helpful e-books, guides, promotions and tips for making money online and avoid the same pitfalls I fell into.