There are many different ways to earn residual income, however in my mind; some are better than others. The best residual income opportunity is the one that asks you to join for free.
With residual income opportunities, you get paid over and over in the future for work you’re doing right now.
In this article what I want to do is look at the best residual income opportunity based on a particular set of criteria.
I feel confident I can quickly establish why this is the best opportunity to earn residual income today.
One way to earn residual income is to sell a membership program that is built on an ongoing basis. This can be billed once a year, quarterly, or monthly.
Many membership programs do bill monthly which is nice from a recurring income standpoint. You know every month that your customer is charged, you are going to earn residual income on that billing.
For example, you can buy a Premium Membership with Wealthy Affiliate for $49 a month. There is a way to get that down to $19 a month.
As the selling affiliate, you earn 50% or about $10 a month. This residual income comes in every month without any new work on your part.
Another example would be to sell an auto-ship product with monthly billing. This is a membership program in that every month the customer’s product is shipped to them you earn your commission over and over.
You see this in MLM programs that sell diet products for example. As long as a customer is getting their shipment you are receiving your residual income.
I like affiliate programs as a way to generate residual income. I mentioned Wealthy Affiliate, but it could be any product that earns you an ongoing commission.
In affiliate marketing, these are often referred to as recurring income programs. You join the affiliate program and have access to all of their products to sell.
In some cases, you may be required to purchase the product before you can sell it. This makes you an affiliate with resell rights for that product.
Many big-ticket programs are going this route. You could earn commissions as high as 100% with this business model.
The thing I like about Digital Products is how easy they are to access for the customer. This gives you a selling advantage over products that they have to wait to receive once they purchase them.
Many membership programs offer instant access to their member’s area, once the customer has made the purchase. That access stays in effect as long as they are a paid member.
You don’t have to do anything regarding updating the customer because the affiliate merchant handles that. Plus, the fact that the client can access these online means that they can go and view their products anytime they want 24 hours a day.
Residual income is referred to in other ways such as passive income, recurring income, or walk away income. I like the phrase passive income because of what it infers.
There many ways to earn passive income, but the idea here is the money comes to you every month even when you stop working. This could be done online or offline in a variety of ways.
1. Rental income. With rental income property once your expenses are covered you earn money every month that your unit is rented. Do that with more than one unit to increase your monthly income.
2. Blog with Google Adsense. This is a standard residual income strategy that’s used by Internet marketers. You build an information website around a targeted niche and make money when people click on ads Google sells for you.
3. Write an eBook and sell it on ClickBank. Once your book is written, affiliates with Clickbank can sell it for you, and you pay them a commission of between 50 and 75%. Clickbank handles all the transaction so once the book is published you are completely out of the picture and just make commissions every month.
4. Email marketing. This is a strategy where you build an email list and sell things to it using an autoresponder. Once you get a system in place, the whole process can be automated 100%. Selling affiliate products in your email messages is an attractive strategy to earn residual income.
5. YouTube videos. Another way to utilize Google AdSense is to create videos and publish them on YouTube. Monetize the videos with Google AdSense and get paid commissions by the click.
6. Combine eCommerce and Drop Shipping. Build an online store and sell products that you drop ship from another location. This can take a fair amount of work on the front end, and you’re probably going to want to hire a virtual assistant to handle some of the daily details, but you can turn this into an ongoing income stream with no work on your part once that’s done.
7. MLM. Also known as network marketing you can build a residual income stream from products that are being shipped within your distributor group.
You can also earn products that you sell as we mentioned earlier with auto ship. Also, any product purchased within your downline, whether it is for wholesale or retail purposes, will earn you a commission. As your volume grows, this can turn into a substantial amount of passive income or walk away income as it’s known in the MLM business model.
I just laid out some of the many different ways you can earn residual income. In my mind targeting a niche that solves a problem is the best residual income opportunity.
If you’re not sure where to start, I will invite you to join me with Wealthy Affiliate. This is a membership program that you earn a monthly commission on, and the product helps people get started as affiliate marketers.
Become a Wealthy Affiliate…Turn Any Passion Into a Successful Affiliate Marketing Business.