Many have heard of or may have been involved in a residual income business in one way or another, but do you really understand what Residual Income is? Well, basically residual income, also known as passive income or recurring income, is income that is generated over and over for the one time effort that you have put in to generate it.
The conventional way to generater residual income that we used to hear about comes in the form of being a movie star, writer or a singer. Now, not everyone of us is gifted enough to be an artist. At least I am not. So, many have ventured into real-estate. Renting out properties, land or apartments and collecting rentals as a source of residual income. This is a good way to go if you have the means and resources, but then not many people can afford it.
The residual incomebusiness that I am most interested in, and involved with comes in the form of affiliate programs online. Why? Well, for one I don’t need to go through the trouble of creating my own products. No customer service to worry about. I don’t have to worry about getting a warehouse for my goods. No traffic jams or rising gas prices to worry about. Best of all, the start up cost is ridiculously low compared to an offline business. What can I sell you say?
There are plenty of reputable and reliable companies that offer affiliate programs with residual income opportunities online these days. The variety of products and services available are just phenomenal. Affiliate programs that sell physical products online are plenty. There are affiliate programs that offer membership sales and even more offer digital downloadable products. I must say, digital products are one of the most popular and most sorted after. Think about it, you can start generating multiple streams of residual income by promoting a few of these products.
My advice is to focus on selling items that you have an interest in for a start. Statistics show that about 98% of online business owners give up on their businesses within the first 3 months of their business venture. Now, by being involved in an online business or any business for that matter that is related to your interests of hobbies, you will not get bored or de-motivated that easily when faced with obstacles along the way. As your business begins to build up and progress along the way, you can try other promotions and expand your residual income profits.
This is where you will see the benefits of generating multiple residual income. After you sell these products or services and as long as your customers continue with the purchase, you get paid. Do you see the beauty of earning residual incomes? You sell once and get paid continuously. The more affiliate programs with residual income opportunity that you promote, the more profits you will generate. You have just leveraged your time with your effort and this is an early retirement strategy you can bet on.
So as you can see, generating multiple residual income streams with affiliate programs online is a very powerful concept. Your only challenge would be to find companies that offer residual income opportunity that is legitimate and pays a substantial percentage of commissions. You need to also look for companies with future longevity that are reliable and prompt in paying out commissions. You would want to be receiving your residual income checks for years to come right?