The Secret to Earning Recurring Income
September 8, 2007 | Author: Eve Lester | Filed under: Business Advice
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Recurring Income is another term for residual income. Residual income is one of my favorite methods, and here is why. There are three basic forms of income you may have, each is earned in different ways. All three have their strength (it is income - any income is good, no matter what for).
One type of income you may have is a one time payment for preforming a service or selling a product. You get paid for that and don’t get paid again till the next sale/service.
Another is continuous pay as long as you work for the same employer. This would be like a 9-5 job where you make money hourly or even salary, that income will keep coming until you quit (or get fired one)
The third, and my favorite is recurring income, this is where you continue to get paid long after the task was completed. For example, 2 years ago I was an active member of a ‘win cash’ (PPA/PPC - I got paid for signing up w/ newsletters, trying samples, etc) Well, that company pays the ‘referrer’, me, 10% of what my down line makes, forever. So, while I have not used the site in nearly 2 years, every other month I get a check in the mail for about 20. That is residual income, I have done nothing further than refer and I still get paid.
This also works other ways, I wrote an article about the budgeting system my husband and I use, and I was able to find an affiliate program to help with income, that post has gone into archives now, but is accessible via my ‘articles’ page and any search engines, and blog carnivals I submitted it to. So I have just created a recurring income by writing that post. If someone comes across it in a month and tried the trial of Mvelopes, then I get a commission.
Another way of creating recurring income is through network marketing, John did a wonderful guest post on network marketing called An insiders View on Network Marketing. Later in the week I will outline so network marketing business, to help you see some options.
Attention Network Marketers, if you would like your ‘business’ to be mentioned here, please use the contact form to send me information on your business, everything from what you do, how much to get started, etc. I do not want just links to your sales page, I want you to take a moment and really, honestly describe what you do, I promise you will get more signups and a good downline by honestly explaining what you do. I will review each submission, and ask you for more details if I need them to make the post.
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8 people have left comments
It’s so true that recurring income is the only way to sustain a business long term. I deal with the IT consulting industry and advise many consultants on the importance of recurring revenue and that it should always be first and foremost in their minds when going on IT sales calls. The goal is to establish long-term relationships with people that will keep them paying you for years to come. These loyal customers and clients are what will truly make your business worthwhile.
You also mention networking, which is something that I stress as critical to building a business. Relationship networking is really important in getting IT sales because it helps you qualify the people to whom you are selling your services; because the prospective clients you’re getting are people you know already and that know you or know and trust people already working with you, you can have a better shot at them getting your sales message and also at being qualified to work with you.
I have a blog I run about small business technology that talks a lot about IT sales but also general networking and marketing procedures that help bring steady revenue. Thanks for the blog post!
In our biz residual income has been our main focus this year. With so much effort spent on driving traffic to your site getting and keeping a customer is the only way to go:-)))
Great blog….thanks for sharing…Di
Thank you! And thanks for the link, lots of info on your site.
Relationship networking is very important on every level.
Hi Eve!
Yes, I’ve started to get some recurring residual income from some articles that I’ve written. It’s not much — about ten dollars a month — but it feels sort of like a treat to get money that I didn’t recently work to earn.
Isn’t it nice!! And the more you write each month that will grow!
Recurring income is the only way to sustain business long term. Its really best way of creating recurring income through network marketing. Thanks a lot really nice information.
very interesting, but I don’t agree with you
Idetrorce
Recurring income is the main stream of income that any online and offline business should aim for, as regular profits become stability in an unstable market of work.
Online marketing is fun to work out what works and what doesn’t, trial and error methods should be explored in all apsects of the residual income model!!