Wouldn’t it be nice if you had a continuous residual income stream to your checking account month after month?
Just think about it.
You will never have to worry about having enough money to pay your bill each month or not having money to purchase groceries for your home.
An extra $500, $1,000 or even $1,500 can help reduce your money worries.
Having multiple streams of income is a good thing, but you need the right opportunity to promote.
For example, if you have a plan to build a residual income using a blog, you need to set it up first. You will need to promote it and find the correct affiliate programs to promote.
If you plan to make an extra income each month and save for college, retirement, vacation or for whatever reason, you need to check out the four inexpensive ways to create residual income.
Here are four ways to build residual income:
#1 – Affiliate Marketing
This in one of the easiest ways to make money from your blog, and the easiest to start. You begin by selecting an affiliate program from one of he popular affiliate networks.
You can either post a review on your blog about the product (complete with your affiliate link) or post ads along the size of your posts (also with your affiliate link).
Affiliate marketing is simple to implement because you don’t have to worry about writing a product.
#2 – Network Marketing
Multilevel marketing (MLM) or network marketing is one of the most popular ways to build a residual income. You need to join a network marketing company and become a part of that team first.
It offers a chance to build your team, which will help generate additional income on behalf of you. If you can become a leader like a district manager, you can earn more money in the process.
One thing to remember is that you should read the agreement thoroughly before you join the program. Make sure you quit the program if you find that it is for you.
#3 – Setting Up a Membership Site
You can charge a monthly or annual fee and allow the member to access products, live Q&A sessions via Skype or forums.
You can also sell monthly subscriptions and allow the users to sample new products. This is quite similar to a book club. Frequently interaction will help increase the interest while helping building membership through mouth-to-mouth methods.
#4 – Publish an eBook
All of us have some kind of special knowledge. This knowledge may be essential for someone else. In fact, he or she may be willing to pay a price to obtain this knowledge. Create an eBook and sell it to people who are searching for such information.
For example, you can provide tips and tricks on self-improvement, weight loss, and many other subjects that matter.
Develop a website to cater to the knowledge that you would like to sell. Build your email list while doing so. Also, upsell a monthly subscription.
This is very important when it comes to choose a good affiliate program to build residual income.
For those who didn’t know, a commission is generally the percentage of a sale that is paid to an affiliate who make a product sale.
The commission percentage can range from the low single digits to more than 50%. (Digital products generally have the highest commission since the margins are close to 100%)
Example two programs:
Program A pays a 40% commission on a $100 product sale or $40 commission.
Program B pays a 20% commission on a $100 product sale and pays you $20 monthly recurring commission.
Let compare the two programs above that generate $1,000 in sales each month.
So, ask yourself this question, would you rather get paid one time or get paid multiple times for making one sale?
Residual income is a great way to financial freedom. Even though some of these opportunities may require more than the others, the minimal investment and return on your time may pay off for years to come. Financial freedom is not far away if you try one of these methods.
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