Let’s look at some residual income ideas which can be done by almost anyone. There are of course many residual income possibilities but some of these will be out of reach by most people. Things like buy to let property development and building a share portfolio are only possibilities if you have a large capital to start with. Let’s first look at what residual income is.
The definition of residual income is often the money you have left over after all your bills are paid. It is a term used by loan companies to determine how much cash flow someone has to determine what they can borrow. Residual income can also refer to money which is earned from previous work but which doesn’t require continued effort. Royalties are an example of residual income but are reserved for only a few – often artists, actors and writers.
Residual income and the internet
The internet is a great place to start learning how to create residual income streams from the work you have done previously. Because the internet allows the possibility of creating and generating multiple avenues of income, it is probably the best place for anyone wanting to earn a residual income, but who has no other means with which to do so.
Residual income from the internet can be obtained in several different ways. It does require work from the start however and the learning of a few key skills. Here are a few ways in which you can do it:
1. Create nice website ideas – Nice websites are simply small sites which rank freely on the organic search engines. You can build sites which make revenue through serving advertising or selling products.
2. Affiliate marketing is selling other people’s products online through content creation and advertising. This is a great way to earn a residual income and this is particularly so through membership websites which charge a recurring fee.
3. Blogging is a great way to bring visitors to a monetized website and can pay off well. Once you have an established blog you can make sales on a regular and ongoing basis provided you put in the work before hand.
4. Selling your own products online is another avenue for a partly passive income. Again you can automate the selling and downloading process much like affiliate marketing and so once that is done your only job is to bring in customers to your site. Over time you can increase your income exponentially with the right targeted website and product/s.
5. Having your own membership website is a great way to earn income for work you have done previously. Depending on your particular niche and marketing tactics this can be a huge earner and is for many people with their own online businesses.
If you are looking to build your own online business you don’t necessarily need a huge amount of know-how or even your own product. You can use other people’s marketing and products where a sales team is already built in. Learn how this is being done successfully already here.