Residual income – are you missing an opportunity?

Computer with booksThere are lots of people who talk about ‘making money while you sleep’, usually network marketers, but there are other ways to make money without exchanging your time for money. There are four main streams of income that don’t involve exchanging your time for money:

      1. Network marketing is one way and has been promoted by people like Robert Kiyosaki (Rich Dad, Poor Dad), Donald Trump, Anthony Robbins and many other millionaires. It’s a very successful way of developing a substantial income stream, but isn’t everyone’s cup-of-tea.

2. Trading in stocks and shares or foreign exchange is one of the most long-standing and well-established means of growing a nest egg – although it needs a considerable level of skill and knowledge to make this work consistently and can be high risk.

3. Buying property – accumulating assets – is also a well-known and popular way to develop an income stream. Buy-to-let is a way to generate an income from renting out your properties to pay off the mortgage and cover all the costs. However, as any landlord will tell you, there are downsides and property needs management and repairs.

4. Number four is to create a knowledge bank that people are willing to pay to share. This is possible for most business people as, to run a business, you must have developed a level of knowledge and skill around your expertise.

So – are you missing an opportunity to create an additional income stream for your business? What do you know that you could share with others who might be willing to pay for it?

You don’t have to be a great writer and create an ebook, if you’re more comfortable talking to people you can develop a course or knowledge product using audio, video, or webinars. Yes, you will need to invest time in developing your material, but you only need to do this once and then you can sell that product many times. A little clever marketing and it will continue to drip feed into your bank account from online sales. It’s not a get-rich-quick scheme, one of the top online marketers, Armand Morin, said “People are surprised when I tell them that one of my products just turns over $300 a month – until I explain that I have over a hundred different products earning at least this much.” Do the maths!

Whether you sell a knowledge product, an ecourse or develop a membership site or club where people pay a monthly subscription, there is the potential for you to leverage your knowledge. Is there an opportunity here for you that you’re missing out on?

Written by Lesley Morrissey

Lesley Morrissey

I’ve written since I was at Primary School and achieved ‘fame’ by having a poem read on the BBC Schools programme at the age of 9! Since then I’ve written features for newspapers and magazines and, this century, commercial copy for businesses big and small.

The aim is to persuade my client’s target audience to take action so copy needs not only to be in their ‘voice’, but also to be written for the reader full of juicy benefits.

In other lives I’ve been a training manager, an HR manager, a quality director and a speaker.

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