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Residual income streams flow from an initial investment of time, energy and other resources, but they are set up in such a way that they continue to make money beyond the initial effort or work. Sounds cushy, right? The real question you want to ask is can you really do a little work and then have it continue to pay out over time? Yes, you can, and here are three ideas that you can set up and eventually you will see yourself earning a residual or passive income stream from them: 1. Becoming an Affiliate Marketer With affiliate marketing you would effectively become an online marketer who pre-sells products for other merchants. When prospective customers visit your website, or see your ads and click on your affiliate link and then purchase the product, you earn a commission. If the product you are selling has a recurring billing aspect such as a subscription or membership program you will generate residual income streams because you sold the program just once. It will continue to make money for you with no further effort. To get started you research products that people are already searching for and that you have knowledge about. Create a website or blog that shares value-added information about those products where you can add your affiliate link. You'll also want to create a way to capture their name and email address so that you can continue to communicate with them and offer them additional information, products and services which are related. 2. Joining a Multi-Level Marketing company With a multi-level marketing company you earn a commission when you sell their products. Many MLM company products require a recurring monthly product shipment, which generates a monthly commission for the distributor. Another revenue stream comes in when you start recruiting other distributors to sell products and recruit distributors. You earn a commission not only on the sales volume that you generate, but also on the sales volume of those distributors that you have recruited, and the ones that your recruits have recruited. You'll want to find a MLM that sells products that you already use, and that has a compensation plan that makes clear sense to you. Set up a blog and start to establish yourself as a leader in your industry so that people will really want to work with you. 3. Creating Your Own Information Products
Slide 2: When you share your expertise and knowledge in the form of an information product that you can sell online from your website in an automated way, you create residual income streams. You create the product once, but it continues to make money for you even while you are asleep or doing other things. To get started you might participate in an interview series where you interview leaders in your industry asking them questions and getting them to share valuable information that your audience is searching for. Sell the product as either an audio program, or have the interview transcribed and create a downloadable eBook that you can sell from your website. There are many ways to create residual income streams, but you must be willing to put in the initial time and effort in order to be able to reap the rewards later. Just imagine the kind of lifestyle you could enjoy if you had several passive income projects cranking away for you while you relax, spend time with your family and enjoy life. This is all possible for you if you are willing to take some action today.
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Article Source: http://EzineArticles.com/?expert=Milton_V._Jones
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