by: Radhika Venkata
Residual income is when you do the work one time and get paid forever.
It is passive, recurring income that comes to you every month.
Think about this-If you work on hourly basis for 2 hours and get paid of say... $100.You don't get any backend income on your 2 hours hard work.
If you work the same 2 hours on some of the projects that are around or your own, you will be paid continuously month after month.So if you get paid $20 every month , your profits will be $240 per year.
This means multiple payments of $20 every month will be always profitable than one time payment of $100. This is the charm of the residual income programs.
Every online business person needs to follow this principle to start earning residual incomes.
Here are a few of the ways you could be earning residual profits in your business:
Membership site-If you have your own membership site, you will be paid every month by your members. No need to sell again and again to them.
Affiliate Programs-There are hundreds of affiliate programs on the net.Choose wisely before expecting your reasonable residual income. Here is a free course on 'How to increase affiliate commission': http://www.123affiliatemarketing.com/
Your affiliate product should offer you atleast 30% of the product prize.If your affiliate product is good and with your effort, certainly you will be profited by the affiliate programs.
Most of the people join in every affiliate program and advertise for few days and quit and join in another program.This will be pure waste of time. So try to concentrate on few selected programs.
eBooks- Yep...Another way of getting residual income. Whether free ebooks or ebooks with resale rights or ebooks for their personal use, once they go with your name and web site links means, they will send you constant traffic to your web site.
After keeping links, always check them whether working are not.
Sell a product and offer upgrades for a minimum fee:This is another way of getting residual income. If your product needs to be upgrade, you can do that at specific intervals with minimum fee.
At these situations, your initial product prize should be reasonable.Otherwise nobody will buy a high prized product that needs to pay for upgrades too.
Certain businesses:Offering merchant accounts (like Clickbank.com people) at one time low fee of $49 and getting a share of future sales is great way of getting residual income.
I am not telling everybody should follow the Clickbank and offering merchant accounts to business people. But there are certain businesses that produce residual income to you all the coming years.Some of the top class consultants and copywriters do the work with minimum fee and a share in the profits.
Conclusion:These are only few ideas on getting residual income.You can think of your own way of getting it on your specific product.
No matter whether you started your online business few months back or today...Always try to get something from it in the coming years.