First things first. What is passive income / residual income?
Good question
Passive / residual income is when you earn money for the work you've done some time ago. You can get income several times for the same job. So you do not have to be at work when you receive income. In fact, it may be for any work you have done several years ago...... Great isn´t it?
Passive / residual income becomes more and more a goldmine for the average worker in a time of global crisis with high unemployment. But are there many people who can actually live on a passive income? How hard is it to make a passive income? Can you make a passive income without knowing much about it?
The answer to these questions is absolutely YES. More and more people are making passive / residual income and realize that passive income is the only way to go in a time where it's difficult to get the economy to make ends meet. The advantage of doing a passive income is that you can make it next to your "normal job". Many do it the way that they retain their "regular job" until they have built an equally large passive income.
What is important to know before you attempt passive / residual income? There are many possibilities, so it´s important that you know your strengths and weaknesses when choosing business and how you will market your product. Here are some tips to make a passive income:
1. Start in a network marketing or MLM business. I personally think that the easiest way to create a passive / residual income is by having a network marketing business / MLM. Choose preferably a company that been around for some years, as it would be a shame if the company closes when you are well started. The MLM industry can be difficult on start-ups. Benefits of selecting a network marketing company are low start-up costs. You also avoid the painful process of creating a business from scratch.
Usually companies have products, tools and marketing strategies in place and all it requires is your very hard work and sincere effort and you can make a passive income.
2. When you choose your network marketing company it is important that the company sells consumable supplies you can market. Would you rather sell a hammer or the nails? A Hammer is purchased only once, while the nails are bought again and again. If you are involved in a business where you sell an item like a computer, you're out of business until your next sale....
Can you find a network marketing company that has products on a subscription, it's the easiest way to earn passive income.
3. It is important that you are willing to educate yourself and expand your abilities. In our system the people who make the most money are those who can adapt to the changing business environment the fastest. Passive income is rising, and if you keep your eyes open there are endless options available to you.
Follow these 3 tips and you will be well positioned to make a passive income that you can live for many years in the future, but remember! a profitable passive / residual income is not something you build up over night.