This week held the last scheduled Quick Start Challenge training webinar. Dean Holland chose to call it the “Instant Internet Lifestyle”. What does that mean? Being online for a couple of years without significant success, I’ve heard all the hype. As I listened to the webinar, I got it. Dean was discussing ways to generate recurring income online (also known as passive income), ways to break the chains of slavery to your computer and ways to create a successful business online and have a life too.
During the initial stages of developing a successful online business the work is hard and grueling. It does not matter if initially one is creating the business on a part time basis or full time. Every free hour is spent learning, developing and trying to make the business get of the ground. There is very little time for anything else, often including the family.
Real business takes work and real results take an effort. However, it does not mean that for the rest of your life you have to be chained to your computer and work this hard. What Dean Holland of Quick Start Challenge meant was that Internet Lifestyle is achievable. That means that you can be successful online yet you do not have to be, most of the 24 hours, working at your computer. As far as he is concerned, Internet Lifestyle means financial freedom and freedom to live life. There are several ways to achieve this state. Generating passive online income is one of them.
Recurring Income Online Equals Internet Lifestyle and Financial Freedom
Residual income, recurring income or passive income is the income continuously generated after the initial sale or other effort is made. In other words it is to get paid over and over as a result of your initial effort. For example, if you sell your customer a monthly membership to your site, or as an affiliate a monthly membership to someone else`s site, for as long as the customer remains a member and pays his monthly dues you will earn money. How sweet is that?
Quote! Getting rich isn’t about one silver bullet or secret strategy. It almost never happens by sitting in a room coming up with an idea. It happens through regular, boring, disciplined action. Most people only see the results of all this action — a winnable moment, or an article in the press. But it’s this behind-the-scenes work that really makes you rich. – Ramit Sethi
Online residual income can be generated other ways as well. For example, you may allow advertisers, such as Google Adsense or CPA (Cost Per Action) offers to advertize on your site. As your traffic grows chances are that some visitors will click (and they will click) on the advertisements and you will get paid a variable amount for each click. Some internet marketers are very successful using just this method.
Another way to generate recurring income, is through your email list. Suppose, you have an email series in your autoresponder (see email list and income on auto pilot) aimed at an Internet marketing beginner. In your series, you can recommend and provide your affiliate links to a hosting provider, or an autoresponder or another tool that is absolutely essential for that individual. Chances are that a significant number of your newbie subscribers will visit the link and purchase the service. That will generate recurring income online for you for as long as that person remains a subscriber to the services that you recommended.
Although the following method, in a strict sense, is not a true residual income generating technique, it will still give you recurring income. Many products online are not only stand-alone products (there is value in that product alone) but they are a lead toward other products.
For example, suppose you are selling cookbooks, the customer that buys a cook book may be interested in other products related to cooking and will continue to buy them. There are many companies that honor affiliates by linking the customer and the affiliate for life. That way, every time that customer purchases something related to the original product, the affiliate makes money. When you become an affiliate make sure that you explore this issue.
In summary, incorporating recurring income streams in your online business opens a whole new door to making money online and gives you more freedom and flexibility. To build residual income one can sell his own products or work as an affiliate or both. To generate residual income online may be slow at the beginning, but over time the cumulative effects of all these various types of passive income generating techniques you implement will be huge. You may know of other great methods to generate recurring income. Please share your ideas.
Update: As I read through this post I realized how much I leaped forward and how successful I have become. I continued my relationship with from Dean Holland. One of his courses that led me to today’s success was the Big Commission Blueprint. If you would like to find out what it is all about please watch the video here… Or click on the banner below.