Residual income is a powerful income source that can free up your time by providing a continual income stream. By creating a residual income stream you will get paid month after month, year after year as long as business keeps flowing.
How is residual income created?
Quite simply, residual income occurs when you get paid over and over for doing something once. Think about Elvis. He recorded a song, put together an album, and had the album sold. Every time one of his albums sold, he made money. Whenever the radio station played his music, he made money.
Sounds like a great plan, right? Most people think about this and wonder how they can get paid like this.
Believe it or not, the common man can get paid a residual income. The most common way to do this is through network marketing. In network marketing, you have a product from a company to sell, and you can recruit others into your sales organization to make sales as well. When you make a sell, you get paid. When someone in your sales organization make a sale, you get paid as well.
The key to building a residual income is having a product or service that is purchased monthly. When you sell the product, and that customer reorders, you get paid again. When your sales team sales a product and their customers renew, you get paid. This is where true residual income kicks.
The key to developing this residual income is helping others develop a residual income. You, as an individual, can only help a finite amount of people. But if you help someone else, they can reach people that you might not. If you help them be successful, the amount of sales in your organization will grow and so will your residual income check.
Residual income can be achieved by the common man, not just the Elvis’ of the world. It takes time, work, and dedication, but the rewards are great.
Brent Worley is an Internet Marketer geared towards teaching others how to have run a Successful Home Based Business [http://www.SuccessfulHomeBasedBusinessReport.com] on the Internet. You can learn more about Brent and his Internet Marketing work by visiting his blog at http://www.brentworley.com.