A residual income is an income that continues being earned long after the original sale or transaction has been made. Residual income is much similar to royalties earned by celebrities’ but is most commonly found amongst businesses involved with network and affiliate marketing. However, with the popularity of the internet and the never seen before ease of starting an online business earning a residual income has never been this easy. Almost any individual can earn a residual income especially if they are involved in one or more of the following occupations.
Freelance Writer – One of the most popular freelance occupations that can earn a measurable residual income is that of a freelance writer. Freelance writers write about any topic of their choosing and can contribute their work to various publishers, magazines, news editors, and journals which earn money based upon their performance and the amount of views they receive. With enough experience a freelance writer can earn an even higher residual income by authoring or co-authoring books that are sold either in traditional brick and mortar stores or online. Freelance writers are also able to earn a sustainable residual income by writing ebooks and selling them through either Amazon or other online ebook retailers.
Musician – Being a musician doesn’t necessarily mean you’re in a band. Instead many musicians make a living by providing soundtracks to various movie companies, theaters, video games and other entertainment industries. Musicians are able to earn a residual income by providing companies with the sounds that they are looking for. For example, every time a commercial plays a popular song in the background of their advertisement the artists who created that song are receiving a residual income earning for every time that commercial airs. This is an easy way for a musician to continue doing what they love to do and still earn an income.
Photographer – Like a musician a photographer too can earn a measurable residual income by providing their work for various companies. The most common way photographers earn a residual income is by selling their pictures to magazines to be published either in print media or online. As well as many photographers provide marketing companies with photography to be used as part of their advertisements. Doing so earns photographers a residual income based upon the contractual agreement established between the purchaser and the photographer.
Investor – Investor can also be considered an occupation that earns a residual income. Although a Return On Investment (ROI) differs from residual income with enough experience and wise investments an investor can eventually create a large and sustainable amount of positive cash flow. For this to be possible however an investor must have quite a bit of money that won’t be missed to begin with prior to making investments. Proof of this is Warren Buffett who made his rise to power based on wise research and earning enough positive cash flow in return for his investments that he, with time, doubled and even tripled the earnings of many of his initial investments.
Advertiser – Advertising is one of the most common ways to earn a residual income. This is especially true for individuals who partake in direct selling because every purchase order traced back to that individual earns that individual a small bonus. These bonuses can continue being earned long after marketing events are over solely due to the fact that word of mouth marketing is helping sales to continue being made. This business tactic helps a company reach its product to new customers and helps advertisers earn a residual income based off of a portion of every sale sold on their behalf.
Internet Marketer – Internet marketing has become increasingly popular over the last few years and has helped generate millions of dollars in revenue for both individuals and companies around the globe. Internet marketing is fairly simple because in essence traffic from one website is transferred to another and if a sale is made during the transition the original website receives a percentage of the sale for connecting the customer. For example, a website about dogs with an advertisement for dog grooming brushes will receive a percentage of every dog brush sold simply by hosting the ad on their website. This is an easy way for freelance writers, musicians, and photographers to earn a sustainable residual income by hosting their own websites with advertisements and increasing their talents and popularity in their artistic fields.
Network and Affiliate Marketer – Much similar to internet marketing, network and affiliate marketing is about connecting customers to the companies. However, one minor difference is the website used as the vehicle to do so does not have to pertain specifically to that individual as previously mentioned with internet marketing. Instead websites are created in order to boost performance and create sales for a business which in turn rewards the affiliates either based upon a percentage from the sales or on a pay per click (PPC) agreement.
Property Owner – Property owners are especially able to earn a measurable residual income by renting out their property for a monthly fee. This can either be a business property or a simply a home. Either way additional space that is not being used can be rented out in order to earn a profit. Although property will need to be in possession prior to being able to rent it out it is definitely a business tactic to consider for any property owner or homeowner.
Business Owner – Many business owners work within their own business in order to save the most amount of money possible. However, in doing so they spend more time working ensuring the fact that they will never be able to enjoy their own money or their own free time. To avoid this many business owners have either franchised out their business or have hired enough employees to rid themselves of all their tasks and enjoy a nice measurable and sustainable residual income by simply being a business owner. Although it takes some time to get to the stage of being able to hire employees it is a goal nevertheless that is reachable that still earns a residual income.
Service Provider – In the never ending search for different ways to earn money many individuals have discovered that a way to earn a livable income is to simply be a service provider. For example, individuals looking for a specific service such as a catering service can benefit from another individual searching for this service on their behalf. A commission is earned once the service has been found and connected with the individual in need. Companies, such as that of the catering service used in the example, can also benefit from such service providers as these individuals act as representatives for the company that receive a commission for every sale. A travel agent is another excellent example of a service provider.
“25 Internet Marketing Facts.” By Ian Lurie