Creating multiple streams of residual income seems to be the key to financial freedom. When it comes to making money, most people think about getting a job. You to go to work, you get paid, and make savings. If you’re tired of going to work every day, consider working online. From promoting affiliate products to writing your own eBook and monetizing your blog, there are various ways to earn residual income. With hard and dedication, anyone can create multiple income streams.
Creating Multiple Streams of Residual Income with Little or No Investment
The best part about creating multiple streams of residual income is that it requires minimum investment. You can actually start your own business for free. Having the ability to identify profitable income streams is the secret to a successful online business. All you have to do is to use some simple, proven systems that really work.
Creating multiple streams of residual income can have a major impact on your finances. It also gives you the ability to make money even when you’re not working at it. You don’t need technical skills or special knowledge to create multiple income streams. For example, you can set up a blog and earn money from advertising, referrals, and affiliate programs. Some marketers make money online selling PLR products. Others create membership sites that generate passive income.
Creating Multiple Streams of Residual Income from Scratch
If you don’t have a site or blog, use social media for creating multiple streams of residual income. Find a profitable niche, set up a Facebook fan page, and connect with potential clients. Build your own community of fans. Provide useful information about your industry, leave comments on other people’s posts, and share useful tips. As your popularity grows, promote affiliate products or create your own digital products. Consider writing an eBook or an online guide. You may also create a video series related to your niche. Post these products on your Facebook page and encourage your fans to buy them.
Setting up a website or blog is a popular way to generate residual income. Although it requires in-depth research and hard work, it’s well worth the effort. For example, you can start a weight loss blog and share practical tips on dieting, nutrition, exercising and other related topics. As your site grows and gets more traffic, you can sell advertising space and promote eBooks, weight loss pills, and diet plans. In just a few months, creating multiple streams of residual income will become much easier.
My Top 5 Multiple Streams Of Income In 2013
So I often get asked what my multiple streams of income actually are and what is working for me right now. So I have put together my top 5 so that you can look at the variety that can put together for your business both in the short term and the long term.
Income Stream #1 – Clickbank
My number one income stream for the last five years has been Clickbank and it will continue to be for the next five years. It is split with 70% coming from the sale of my own products and the other 30% from affiliating other peoples products.
Though I only affiliate products that I have experience with so that it will then I am providing value for money to my readers rather than them thinking I am just promoting the next big thing just because everyone else is.
Income Stream #2 – Hostgator
Even though Clickbank is still my number one income stream in 2013 Hostgator comes a close second. And with me earning $125 a time to promote their services it is a high ticket sale compared to smaller affiliate earnings I make. Its simply a case of not needing as many Hostgator sales to match the same amount of income.
Plus payment is by cheque which is very useful as I don’t take payments via Paypal.
You can read my Hostgator Review here that brings in a lot of my Hostgator commissions.
Income Stream #3 – Amazon Associates Programme
You can’t switch on the TV or do a search on an internet marketing forum without Amazon getting mentioned. And there is a good reason for this – they are the BEST. I was around during the early eBay days and they were a nightmare to do business with, then Amazon came into the spotlight and showed people how to really do business.
Before Amazon I used to spend hours signing up to different affiliate programmes especially when I was dealing in tangible goods and I needed a bit more than just Clickbank.
Where as promoting Amazon you have a long list of products available to you and then they can also fit in with your sales funnel much better.
Also I can get paid via voucher and fund my DVD obsession without a credit card!
Income Stream #4 – Advertising Revenue
Once your site is a success you can’t beat a bit of advertising revenue and its one part of internet marketing I love. You can get a new customer contact you, have their payment and add on within 5 minutes and you have a recurring income that needs no maintaining.
Income Stream #5 – Amazon Kindle
Now back to Amazon and you can’t beat the Kindle for sales and for long term revenue. The great thing about it though is that it is literally set up and forget as far as work is concerned.
It takes me a couple of hours to get it published and getting it looking right and then Amazon markets it for me and I can check my earnings whenever I please and watch as they expand.
One of the other things I have always learnt is to look outside of the box – so look at where your income is coming from and how you can improve and increase it by not following the herds of sheep.