Most people earn money by working at a job. Go this route and you will know how many hours you are expected to work and how much you will earn in return. Generally you must work more to earn more. There are some differences if you work on commission. The goal of many though is to make money with residual income business opportunities.
Residual income is otherwise known as passive income. You do work once but make money for months or years after. You are probably attracted to the idea of making more money without having to work your socks off. Residual income is a great option if you can achieve it.
As I said this is not the norm. The majority of the population earn money through employment. They get paid a fixed rate for the hours they work. It doesn’t matter how hard you work or how well you perform, you take home the same money. This can be demoralizing if you always over-perform.
That’s why your goal should be to have at least one source of residual income. This means you put effort in once but reap ongoing benefits. This has other advantages. If you get sick or have an accident that takes you out of work for some time, residual income does not stop.
There are many ways to earn residual income. Many of these are online opportunities. Indeed this is one of the main drivers for those entrepreneurs looking to make money online. We have looked at some of these opportunities previously on this site.
Online ways to make money with a residual income business
For instance if you create an online course then that can go on making money ad infinitum. You may need to update it occasionally depending on the subject matter but otherwise it will bring residual income. This is not as difficult as you may think and definitely worth considering.
If you already have a talent or skill that others could learn from this is a no-brainer. Even if you can’t immediately think of subject matter to monetize it is still worth exploring. There are courses that can help you find a way.
Affiliate marketing is another option that can become close to passive. If you have a website with ads then once you have set up the site and generated some traffic there may be little work required to keep it going. You will need to add content to keep a blog current but much of this work can be outsourced.
If you are dropshipping then there is minimal work required to service the orders. You could work an hour each day and still make a good income. The website will do the bulk of the work of taking orders and accepting payment. Certainly easier and less risky than opening a store on the high street.
Write a book
Another route to make money as residual income is to write a book. Write a book once and it can go on selling for years. You can publish a book through traditional offline methods or self publish online.
Unfortunately you will find a lot of competition in the traditional route. Publishers receive thousands of book submissions each year. You will need to be very lucky to get a book published immediately. Importantly you need to realize that this doesn’t necessarily reflect badly on your work. J.K.Rowling had numerous rejection letters for Harry Potter before getting a deal, and we all know how that worked out.
You can actually make more money by self publishing a book. This is easy to do now using the Amazon platform. Many people think of e-books on Kindle but you can also publish physical books which are printed on demand when orders are received.
We looked previously at ways to make money from e-books without actually writing them yourself.
Offline opportunities for residual income
Residual income is not restricted to online money making opportunities. One of the best offline ways to make money as residual income is through real estate. Buy a property to let and it can make money without you needing to any work.
You can outsource the day to day management of property to a letting agent and it can bring you passive income. This is something to consider once you have built up some savings to invest in a deposit. Although having said that, some people are now making money through property without needing a deposit.
You can investigate rent to rent as a cheap way to get in to property investment. Subject to local regulations and the landlords permission, you could rent a house and convert it into an HMO for multiple occupation. This way you are making more than you are renting it for, and pocketing the profit as passive income.
Buying property also gives you the chance of making money through the increase in the property value. At present mortgage rates are so low that more people are able to consider property investment as a means to residual income. This can give you the potential for a large payout eventually on top of the regular rent money.
Hire out your “stuff”
You are not restricted to property either. There is now a market in the UK for letting out more than houses. If you have a driveway you could rent it and make money. This is easier if you are close to a popular sporting or entertainment venue for example. Again you need to investigate local regulations to see what is allowed.
There is also a market to rent out your vehicle, tools or household equipment. If you have a suitable property you can even rent out your home to a film or TV company to be used for filming.
Some of these offline opportunities are restricted at present because of the impact of the pandemic and lockdown limitations but they should give you food for thought.
If you want to earn money with residual income business opportunities then you need to think outside the box. There are many ways to make residual income, you just need to find the one that best suits you. Online or offline finding a way to make money without working harder should be your goal. I suggest starting with an online business to make money from home as it is the cheapest and simplest option.
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