Residual income the key to your online business success
Hi Folks,
You have probably heard this before…as it is definitely not a new marketing concept.
But the key to building a profitable online business is to create residual streams of income.
By residual streams of income, what I mean is the income comes in each and every month whether you are working on or in the business or not.
Now you may be asking yourself why people would pay you money every month if you don’t have to do anything.
Well strictly speaking, your customers will not be paying you for your time on an hourly basis, but you still have to provide them with some value.
The quickest and easiest way to do this is to use leverage. I’ll tell you how to use leverage in a minute, but first let me give you an example of an online business that provides residual income…
A great example of an online business that provides a residual stream of income is a membership site.
With the membership site model, members pay a monthly fee every month to be a member of the site. In return, content in the site that is only available to members is updated on a monthly basis.
An example of this would be a template membership site. Members pay a monthly fee – say $27 per month, and every month you update the site with 10 new templates.
The great thing about this business model is that you can outsource the creation of the templates, that way leveraging your time.
So let’s say you outsource the creation of your 10 templates every month, and this costs you $100.
Over time, you build your membership base to 100 people all paying $27 per month. I bet you can see where this is going…
So your cost per month is $100 + some minimal overheads for hosting etc. and your time to upload the templates to the membership site, and do some marketing to maintain and expand your existing member base.
Your income every month is 100 x $27 = $2700.
Now, from the member point of view, they are paying only $2.70 per template. So this is a win / win situation.
And the possibilities for membership sites are endless. You just have to find a hungry market and feed it! Also, this is only one business model to create residual income.
If you don’t already have a membership site, you can quickly and easily set one up on WordPress. Using my WP Member Site software, you can create multiple membership sites in different niches and have multiple streams of residual income:
If you already run an online business and want to make some extra money selling WP Member Site to your list, then check out my affiliate program here:
http://www.wpmembersite.com/affiliates
There is a cut and paste email that you can send to your list – it couldn’t be any easier.
To your success!
Leigh.
Yes, indeed there are, and here are just a few of the different types:
RSS
Newsletter
Facebook
Twitter
YouTube
Thank you!