A little over years ago I decided to make a web site about removing stains from carpet. Not knowing that much about the subject, I bought lunch for the owner of a carpet cleaning company. In return, he gave me some tips on how to remove various stains, and how to care for carpet in general. I asked questions and took notes throughout lunch. I later made a fifteen-page web site from those notes.
It took a week to build the site initially. Twice over the last couple years I have spent a few hours updating it, so I might have 50 hours into the whole project. I have left the site untouched for as much as nine months at a time, and as I write this, I can't remember the last time I even looked at it online.
The result was a site that still generates about $200 most months, from automated advertising and affiliate programs that don't require any attention. This is residual income at its best. I put in the effort up front, but still paid every month years later. When my wife and I visit family in Ecuador, the income keeps coming. Some of our web sites do much better, but this is a great example of residual income, because it requires virtually no attention. Wouldn't you love to have a couple dozen web sites like this?
Residual Income - Other Examples
The idea is income that continues after your efforts are done, and without much if any additional effort on your part. You may not like the idea of making web sites, so what are the other ways that people do this? Here are a few examples of others who receive residual income.
Real Estate Investors - Buy a strip mall, hire management, and have the cash flow deposited into your account - a classic form of residual income. Apartment buildings and rental condos are other possibilities. But be sure there will be enough income to cover management fees. If you have to manage it yourself, you just bought yourself another job.
Inventors - This could be a difficult, but fun one. Inventions are often licensed to companies, which means that as long as they keep selling, the inventor has regular royalty fees.
Writers - Authors typically get about 5% of the retail price of a book, and those checks could keep coming for decades. Sell e-books from your own web site, and you can keep 90% of each sale, with nothing to ship. Have a processor handle the orders (that's where most of that other 10% goes), and you'll just have to answer an occasional e-mail.
Musicians - Create a hit song, and you'll get royalties as long as people still want to hear it. Don't sing? Song writers get royalties as well.
Insurance Agents - When you sell a policy, you normally get a commission every year when the customer renews. Insurance agents have been known to retire young with a healthy stream of residual income.
What do you do when that stream of income slows down? Find another! That's another great thing about residual income. It leaves you with time to look for more opportunities.
Real Life Examples Of Functions
About 3 years ago, I decided to start some kind of online business in hopes of supplementing my full time income.As a former cop, I thought I would open a web store selling safety and security products, so I started http://www.ColemanSecurity.net
I quickly learned that selling products on the net was much more competitive than selling products in a brick and mortar storefront. The competition is brutal, and will only support 5-10% margins on many products. I determined that there had to be something else I could do to make decent money. I studied and searched and finally decided to buy into a program called Plug In Profit Site. I really liked the concept and was determined that I would dive in and make a go of it!
I spent $2500.00 following the Plug In Profits program to a tee. I received $17.32 back as a return. I was making the owner rich while I was going broke, so I cut my ties with Plug In Profit Site. I went back to the proverbial "drawing board", and researched and studied more.
Eventually, I concluded that affiliate marketing was the way to make money, but I needed an awesome way to present the products. With affiliate marketing, there's no money spent relating to the product. All the money spent is advertising MY site (http://www.ImmediateIncome.net). I somehow needed a site that would allow me to present products sold on Clickbank, as well as other affiliate programs. I built my own site, but couldn't get it to auto update, so I spent a lot of time replacing deleted products with fresh content. All while working 60 hours a week at my full time job and taking care of my two children and wife. I knew there was a better way, so again, I did more research.
Finally, I had found what I was looking for!
The company that I decided to go with offered me all that I needed. Everything that my research told me was covered here: Auto updating Clickbank products, the ability to present non Clickbank affiliate programs, a site that is super easy to update, the ability to have near 100% control of the design, layout, meta content, etc..... I now have all I need in order to make money. Once the site was done, all I had to do was drive traffic to it. With most poorly built sites, the search engines cannot even spider the site, so the only way you get listed is through paid inclusion. With my site, it's so search engine spider friendly that they build their webs there. I have also discovered some other ways to get very targeted traffic to my site which I'll be happy to share with you should you decide to join me.
If you are looking for a way to make good money from the Internet, this IS the program to use. I am not affiliated with the company that provides the core site. I want you to understand that. In other words, I make no residual income off of you if you buy in. I'll be honest, I do get paid a small commission when you buy, but that's it. I am not posting this because I need to make another sale, but because I have lost my rear end trying to get into an online business that would pay me instead of me paying into it constantly without return. I'd like nothing more than to help others bypass the pitfalls I experienced.
Okay, here's the bottom line. It cost $79.00 to buy into the program. It's a one time fee.
As far as the site goes, the company will provide you with an address to your site for nothing. It's a sub domain of their main domain. Not a good choice for search engines! You have the ability to forward your own domain to your sub domain (domain forwarding). That option will only cost what you pay for your domain and hosting. Again, not a good choice for search engines. What I did, was purchase my own domain and have it hosted at the hosting company I preferred. I downloaded the site files from the company, and uploaded them to my site. I did run into some problems getting them to work, but Ron with the company was awesome in providing his expertise in getting the site up. Then, all I did was use the affiliate programs that I was already set up with and signed up for more. Clickbank is the most important one!
Do this, go to http://chriscolem.hithog.hop.clickbank.net/, and sign up for the information (It cost nothing). Read the page you are redirected to as well as what is sent to your inbox. If you have more questions, feel free to email me. I'll be happy to assist in answering any questions you may have. I'll even help you out after you join with my suggestions on how to get traffic to your site. In the mean time, think about what niche you want to have.....Mine is home based business and affiliate marketing. Yours could be anything. Your site name should reflect your sites content in order to be more effective.
If you are considering an online business, this is the program you need! I've done the research, experienced the pitfalls, and lost the money so you don't have to. Take the step now, and start making the money you deserve. I'll help, but you have to take the first step!
Both Steve Gillman & Chris Coleman are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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