How would you like to earn a passive residual income? Passive income is the best kind of income. With a regular income when you stop working you stop getting paid. With passive income you continue to get paid for work you have done previously.Â
Passive Residual Income – Kinds Of Work
Passive residual income can come from various types of job. It’s usually only artists, writers, actors and directors or those involved in creating a piece of work which continues to sell over and over again. However, the internet has changed all that. Now anyone can sell something on the internet over and over again without having to continually put in the work. Being paid for work already done is the best and most accessible way to make residual passive income.Â
Residual Passive Income – Working Online
So unless you have a job which pays you royalties, your best opportunity for multiple passive income streams is by working online. An online business lets you do the work once and get paid for it time and time again. To get a residual passive income from any other career is pretty hard. Either way you still need to do the work first in order to get those passive income streams flowing.
Passive Residual Income – How To Set Them Up
There are various ways to make money online. You can do a number of things to make an income. The great things about the online world is automation. Much of the process of selling can be automated and scaled. Here are a few ways to set up automated income streams from your laptop:
- You can write and sell an e-book. Selling an e-book is a great way to make a residual passive income. Once you have written the book you can automate the selling process and people can pay and download without you having to be physically present.
- You can give away your e-book and build an email list. You can grab my e-book free here:Â Niche Blogging For Profit. By building an email list you can communicate and sell products to many people at once. This also can be automated. This is done with affiliate marketing.
- Affiliate Marketing is simply the selling of other people’s products and services online. This can be done through a blog, landing page, advert or and email. Products are immediately accessible so there is no storage, handling or posting required. You can also sell physical products if you wish.
Residual Passive Income – Is This All Completely Passive?
There is work to be done of course but once things are set up it can run automatically. For example setting up a blog takes some time. Writing articles takes time. However, each article you write can continue to bring in people to your website for potentially years to come. An article you wrote several years ago can still make you a sale of your e-book or affiliate product.
An email series can continue to automatically send out emails to subscribers selling affiliate products. This can be completely passive once it is all set up.
Best Products For Passive Income
The best products to sell for a passive income are those with monthly memberships attached. You only need to sell the product once and you make passive income month after month from your members. There are a few other things to consider which choosing affiliate products. A single sale item can earn you $50 for example. However, you need to keep finding new customers in order to keep earning from that particular product. A smarter way is to choose affiliate products with a range of different items from which you earn affiliate commissions. That way for each sale you earn a income from the lifetime of the customer, rather than just a ‘one off’ sale.
Choose products with:
- High ticket commissions – To make the maximum commission with each sale
- Membership products – To earn monthly memberships from each customer
- A range of further products from which you benefit.
- Built in sales team – Means you continue to earn ‘passively’ from having referred the customer initially.
Tools To Create Passive Residual Income
Some of the tools you will need to build a passive income are:
- An Autoresponder – this lets you collect emails and deliver a pre-formatted follow up email series. The automates the process of communicating with potential customers.
- Affiliate products – The best products are digital. They can be downloaded and accessed instantly without any storage or customer service needed on your part.
- A website – Although it’s not entirely necessary to have a website in order to sell affiliate products, it’s another tool which can help you find new customers.
- An advertising platform – Advertising online is now very clever. You can target very specifically your perfect client, and only pay when they visit your site. Testing and measuring of advertising platforms gives you the best result. Once you have a profitable model you can scale up. This is possible due to automation.