Wouldn’t it be nice if you could make a sale and continue to make money from it for months (or years) to come? With these residual income ideas, you can!
With residual income, you typically do something once and then continue to get paid for a while afterward. For example, if someone makes a purchase from a subscription-based product with your affiliate link, many companies give you a commission for each payment the customer makes.
Since you get paid repeatedly for a sale, it’s an amazing way to increase your passive income.
There are many ways that I have found to earn residual income and today I am going to show you some of my favorite ideas.
Affiliate sales with recurring payments
In April 2016, I referred someone to ConvertKit. They bought their subscription with my affiliate link. And since then, I have been earning a monthly commission. That’s almost three years of residual income from a single sale!
If you have multiple people signing up with your link, you can see how your monthly income can increase exponentially. Especially if you have more than one product that you are recommending.
I already mentioned ConvertKit, so here are ten other companies I discovered that offer recurring payments:
Would any of them resonate with your audience? If so, become an affiliate for them today and start referring traffic. With some programs like this, you may need to be a customer yourself. Others are open to anyone who qualifies. Affiliate income is a fantastic way to earn more as a blogger.
Start a subscription box
Have a great idea for a subscription box? They’re all the rage right now, and it’s so much fun to be a part of. When you’re ready, you can sign up with Cratejoy and turn your idea into a stream of residual income.
You will have to decide what your niche will be. The more specific you can be, the easier it will be for you to market your subscriptions.
With Cratejoy, you start by putting together a prototype box. This gives your potential customers an idea of what to expect. You take beautiful pictures out of your box and do a pre-release. Your goal is to see if your idea is going to be profitable.
If your pre-release is a success, it moves into the production phase of the first month’s box. Then, as long as your customers keep coming back, you send them a monthly mailing.
This is a fun way to build residual income for someone who enjoys curating amazing products for their customers. However, this definitely does not fall into the category of passive income! Subscription boxes require a lot of work to make a profit.
Are you good at telling other people about awesome products? If so, it could be a good option for direct sales.
It used to be that most people in direct sales would harass their real life friends and family to make purchases. But, thanks to social media and blogs, that is no longer the case. Done correctly, you can market your product directly to the people who really want it.
Not every direct sales company will come with a built-in recurring income opportunity. We usually find them in companies in the health and wellness sector. You may need to look for companies with consumable products that offer autoship. It is those monthly automatic shipments that provide recurring payments.
With so many direct sales opportunities to choose from, you’re sure to find a company you can get behind. But before you get started, here are some questions to ask yourself and potential teammates:
- Do I really use and recommend these products? (If not, choose something else because your attitude will show!)
- What are the income opportunities?
- How much money do most beginners make on average?
- How do I go up a level? (If you’re in a tiered company.)
- Are there annual fees or starter kits?
- Do I have a minimum threshold each month?
- How long has the company been around?
You want to know what to expect. And he wants to make sure it’s not a scam.
The last thing you want to do is sign up with a company thinking you’re going to start making a lot of money, only to find out you’re no good at selling and now you’re committed to generating $100 in product sales every month for a year. . Because often you will be the one paying that $100 a month.
So, read the fine print, so to speak, and know how things work. Don’t be afraid to ask questions. A reputable company won’t be afraid to answer them, and you’ll get an idea of how supportive your “upline” is. Never join a team that isn’t friendly and receptive, because you’ll probably need their support as you learn the rules.
Again, the terms vary greatly from company to company, so always take the time to learn how it works before signing up. See a product or company you can get behind? Get started with direct sales today.
If you start a blog or YouTube channel, ads are an easy way to monetize it. Here’s a quick overview of how it works:
You have a website or a YouTube channel. You create content and market it to your audience. On your site, you place ads. The more traffic you have, the more money you can earn.
When you first launch, your income will be minimal. But as your traffic grows, you will be able to receive more.
You have some control over the type of ads that are on your site. And you decide where to put them. It’s hard to make a lot of money from ads early on, so keep your expectations in line with industry trends. Some people prefer to have an ad-free viewing experience for their readers and viewers and find other ways to monetize, but there are still plenty of ways to get ads right.
Create multiple streams of residual income
The best type of income is one that comes from many sources. You don’t want to have all your eggs in one basket.
In addition to the residual income streams mentioned above, here are five others for you to investigate and consider. Some have large payouts, some are mere pennies. But, they all add up over time!
- Property management (i.e. owning)
- Retainer-based freelance clients
- Apps to earn money with referral programs like Swagbucks
- Creating a Subscription Membership Site
I highly recommend adding residual income streams. It’s a great way to earn more money every month. Which of these ideas jumps out at you?