In the "make money online" industry, there are two ways to earn: active income streams and passive income streams. Earning an active income typically involves a great deal of work and active participation regularly to maintain the cash flow. The passive income model is where you do not have to devote as much time and effort after a while. You work hard in the front end and then can slow down a bit later and still enjoy the profits.
Prior to getting started in your own residual income business opportunity, you need to determine the area of interest you want to focus on. This can be in two forms; money investment or time investment. Generally, investing money to make money will produce profits a bit faster than investing time, but the choice is yours.
Wealthy people know the importance of building multiple cash streams. They know that it will take some upfront effort on their part to creating a residual income model that will pay them for years down the road, after which they can either sit back and enjoy or duplicate this process to create additional income streams. When you learn this process, you can virtually earn money at the snap of a finger.
Smart Passive Income with List Building
It goes without saying that the best way to earn multiple income streams is by building a list. You are probably sick of hearing this, but sorry... it is FACT. Establishing relationships with your potential customers can be done in numerous ways. Some ways to build your list is by participating in social media sites and social network sites. Facebook, Twitter, Web 2. 0 sites and the most recent Pinterest are great places to build relationships and get people to subscribe to your list.
Once on your list, do not push your sales message down their throat. Instead, give them incentives for being your subscriber. Give them value and only after you have built trust, you can send them marketing messages. Keep it at the 80/20 rule though... ALWAYS... 80% of the time you add value, 20% of the time promotion. Now, how do you earn income streams through your list? Here are some income ideas: promote your own digital product (eBook, e-guide, membership site, etc.), affiliate marketing (Clickbank products, CPA, etc.), promote your residual income business opportunity or MLM, promote a service you offer (writing, marketing, freelance services, etc.) and so forth. I found a great article on list building HERE if you plan on implementing it into your money making strategies.
CPA Marketing Residual Income Model
Speaking of CPA (Cost per Action) marketing, this type of marketing is quite similar to affiliate marketing except instead of earning a commission per sale, you are actually earning a commission per action. You can do this through many venues like banner ads, side bar ads, blogging, website promotion and more. Most CPA networks prefer affiliates with experience in online marketing, or at minimum have a website and a steady monthly flow of traffic already built up. However, you can find those networks that except beginners. Once you are accepted into a CPA network, it’s time to get promoting.
One particular way to earn from CPA marketing is through blogging or establishing a website. Here are the steps:
1. Set up a niche site related to your CPA offers
2. Add quality content to this site on a regular basis
3. Continually build quality back links to your site
4. Analyze your competition and work to beat them
5. Evaluate goals and make new ones
Read more about CPA Marketing and other methods to build real residual income with it HERE.
Build a Niche Online Passive Income Store
One passive income business model is by owning your own niche online store. Online niche stores are used to sell products or services within a particular market. You will need to carefully plan, organize, and develop your marketing plan for your online store. This is not always an easy way to make an income online because it takes some serious marketing to get visitors to your business, however, like any of the other residual income streams, once you get that flow of traffic coming, you can reap the rewards.
The first step is to decide where you want to host your online niche store. There are many options with some being setting up your own website, installing a WordPress blog or starting an eBay business. Once you decide where you are going to set up shop, you just need to buy the domain name for it and you are ready to go.
Once you have your niche online store up and running, it is time to drive traffic to it. This should be done on a continual basis through different avenues like article and content marketing, video marketing, blog commenting, social media, PPC (pay per click), classified ads, solo ads or e-zines, forum participation and the list goes on.
Read more on Niche Marketing HERE.
Summing it All Up
These are just a few ways to make passive income streams online, but there are many others. The point is to get out there and begin something. Once you have something in mind, be consistent. You are going to want to put in some considerable effort in the beginning to reap the rewards later on down the road. Once you get there to the point where real residual income is flowing in on a regular basis, you can slow down a bit.
Successful entrepreneurs know the importance of not just "making money" but instead building an Empire. By setting yourself up with multiple streams of income, you will be doing just that. I'm sure you have heard the saying, "Don't put all your eggs in one basket". By putting in the time and effort in the beginning to set up several money making systems, you will have a basket FULL of eggs. So, if an egg or two happens to break, you still have all the others to reap the rewards from. Happy Building!