Earning a residual income of $ 5,000 check in the mail every month is quite exciting and fulfilling. Such an achievement would definitely change how you live your life. Obviously, you will want to drive a better car, live in a bigger and comfortable house as well as take your children to the best private schools in town. The fact that you’re earning a passive income means you don’t have to invest time to earn your money. One interesting feature about this income is that you reap the fruits now for work that was done in the past. This is incredibly exciting because not only do you secure your financial freedom but your time as well.
For many people, earning a lucrative residual income is a dream come true but a lot of people believe this is not possible. Truth be told, there are thousands of smart individuals who have completely taken advantage of residual income, worked tirelessly for a short period of time and are now living a luxurious life able to afford anything money can buy. You can also have this dream turn into a reality for you only if you’re willing to take up the challenge.
What Does Residual Income Mean?
WiseGeek, a website that provides concise answers for regular questions, suggests:
“…residual income is any income generated through indirect involvement with something. This is more properly called passive income. Rental income, royalties, website revenues and portfolio dividends are all means of generating this kind of income. Read more…”
This is income created by directly getting involved with something and is also known as passive income. Revenue generated from websites, royalties, rental income and portfolio dividends are examples of passive income. Landlords, investors, authors, musicians and other categories of entrepreneurs qualify to earn residual income. This income doesn’t discriminate, regardless of your race, religion, and educational background, social and economic status; there are plenty of opportunities for those willing to be part of this phenomenal income model. It’s worth mentioning that anyone earning passive income once worked very hard to get to where they are now earning a lucrative and steady income.
Unfortunately, not all of us have the economic capability to build rental properties, write books and songs or invest in stocks and mutual funds. Finding something within your reach is the answer to starting off to a highly rewarding financial journey.
How to Build a Residual Income Business
Since 2008, the CitiVine team has built a dozen of six figure online businesses. We have built some for our clients, some to sell our own products (mainly internet marketing products), sold other people’s products to generate a commission (affiliate marketing) and also have created huge teams of motivated entrepreneurs (network marketing).
In each of these scenarios, we used a 4 step residual income model that always seem to works, and that has never failed us once.
1. Select a target market you intend to engage
2. Find out the problems of the target market and how you can address them
3. Build content to demonstrate how to use and where to find these products
4. Promote content to increase visibility in target audiences
To be honest, we have found that it really doesn’t matter what you sell…How to sell it is the only model you need to follow.
This is the main reason why we were able to create various stream of residual income businesses online. It is a very simple model to follow, but it does require hard work. A proven step-by-step success model.
The Three Greatest Residual Income Businesses?
There are three key strategies of building a residual income model; internet marketing, affiliate marketing and network marketing.
Affiliate Marketing – Darren Rowse recently answered that question: What is affiliate marketing?
“Perhaps the simplest way to explain affiliate marketing is that it is a way of making money online whereby you as a publisher are rewarded for helping a business by promoting their product, service or site. …in most cases this involves you as a publisher earning a commission when someone follows a link on your blog to another site where they then buy something.”
In other words, it refers to promoting and selling products from other people to obtain commissions.
You can simply do that by creating your own website or blog just like this one, to promote and sell other people’s products.
An example of that are “shopping sites”, which most are built by affiliate marketers. You have probably stumbled upon multiple websites that reviewed a certain product or service, these sites usually sell the product that is being reviewed. So what do you think which product gets the highest rating? – Obviously the product or service that generates the highest commission!
Affiliate marketing is a great start because the initial investment is very low and there is not a lot of overhead. The only thing you need is internet, a computer, a domain name, and a few marketing tools. That’s all.
The only problem with affiliate marketing is that the commissions are usually low, ranging from 5 to 20%.
Network Marketing, also known as MLM marketing is what we call “affiliate marketing on steroids” because not only you receive a commission whenever you sell the product but you also make a commission when the product is sold by one of your motivated members you have trained.
So Imagine if you get paid a commission on the sales that are done by your team of 100 members. Now that’s how you get residual income!
It is a great model, but usually takes about 3 years before you start generating a six-figure residual income.
Internet Marketing – involves selling your own products using various online channels.
This method is where you sell your own products online and set up your own affiliate program. This is when you are the creator of the program. This is where most 7 figure earners generate there money from online. It is the main difference between generating a tiny 10% commission and getting a 100% commission.
Building a residual income is not a one night affair. You must be focused, hardworking, goal oriented and ready to make it work. Any venture you undertake must be treated with the seriousness it deserves. If you remain consistent and keep working towards your goal, you will be on your way to joining the club of passive income earners.
Best Residual Income Opportunity
If you are really serious about wanting to make a residual income from the online world, while you are working part-time from your comfort of your home…the key is to find the right product right from the start.
The easiest way to do that is by combining all 3 marketing models mentioned above which will guarantee your success.
Let me explain…
Imagine being part of an affiliate marketing business that will pay you 100% commissions for selling their products and services.
This automatically puts you in the realm of the 6 and 7-figure income earners because, it is exactly like selling your own products.
Now imagine this same business has a built in “network marketing” component that allows you to earn 100% commissions on 20% of the sales your team produces.
Are you starting to see the magic? If you are really serious about it simply click here or on the banner below.
TAKE AWAY & ADVICE
So the take away from this whole blog post is to follow this strategy, and stick with it, as well as become a bad ass problem solver and you’ll be well on your way to generating more leads and even a nice six figure income from your business website or blog.
Now if you enjoyed this blog post then click on the banner below to access our boot camp training which will teach you to get more leads, more sales and which will allow you to create a full time income online.