The Basics of Residual Income

We all can use extra money, right? The first thing that comes to mind to make more money is to obtain a part time job. In reality, it’s difficult to juggle a second job when you’re working full time. Most people have hobbies or have gained valuable skills throughout their life. Why not make money for skills you have or hobbies you enjoy? The key is finding something that you can do once or twice that will continue to generate income.

Whatever your hobbies or skills are, in most cases, someone else is willing to pay you to advise or perform them. There are a few things to consider when deciding how to start accumulating residual income:

First, create yourself a list of tasks you do on a daily basis. Then make a second list of skills needed to complete those tasks. Once you have your list review it for tasks or skills that people will need and continue to use or purchase on a regular basis.

Second, take advantage of free knowledge by utilizing internet search engines, video tutorials and free seminars. This will help you identify the type of market you want to start with. You want to make sure what you decide on will be inexpensive, sustainable, schedule friendly, and enjoyable for you.

Third, once you’ve decided what service you will provide, determine the cost and create a budget for your new business. If you need help creating a budget, organizations like Apprisen can help!

Finally, create a plan to market your service. Discuss your idea with friends and family. Utilize social media and free websites, creating tools to help promote your services.

A few ideas you can research now for residual income are:

  • eBook’s. Provide the skills and knowledge you have in an eBook & sell it online.
  • Blogs: Provide information to people for a membership fee (or rely on advertising fees).
  • Offer classes online or at local community locations.
  • Consulting or a referral service: Spread your knowledge to help other businesses or individuals grow.

Keep in mind building residual income takes work and may not be for everyone. However, it’s smart to choose an avenue you’re already familiar with. Remember hard work can be rewarding, especially if you’re earning money doing something that you enjoy!

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