Recurring income program
There is no better way to make money than recurring income program but how do you get it?
You will often see comments like making money while you are sleeping, or wandering on holidays
but could it all be true?
First of all, what is recurring income
Wikipedia is also very vague on this with only a very brief explanation;
Recurring means occurring repeatedly and can refer to several different things:
This is often associated with a regular income where a customer is billed monthly for a product, service or even a maintenance contract for a term either fixed or unlimited.
In this case, you still have an obligation to supply a service.
When we look at a recurring income we generally tend to view it in terms of a lifetime value.
As an example, I sell a service that averages about $60 a month income. Most customers stay for over 4 years so my total income will be $2880 over the lifetime on average per customer.
Now I have several hundred customers I bill monthly but each on its own is a small customer but when added up a sizeable chunk.
In this case, though, I am obligated to supply a service, raise an invoice and process a payment so it is not all income straight to my pocket.
It still beats the pants off chasing new customers every month as you process invoices.
So where do you get a business like this?
Coaching or mentoring services are a good example where a monthly amount is levied and time is given when and if needed?
Maintenance services are also a good example where you enter a maintenance contract over a period. Repairs are then mostly free if and only if you use them. This, in fact, is a good money builder because in most cases repairs are never required; it’s sort of like insurance.
The list like this is long and we can find examples for just about any service provided but the one important point is that they all require your input on a regular basis. Either just doing the billing or the physical effort is required.
So what other recurring income is available?
This is the best income you can possibly gather. You don’t have to bill the service or do the work your only activity is to bank the money.
Affiliate income is a great example; this is where you sell someone else’s service and get a share of the revenue.
If this sounds like a pipe dream read on because this is the best game in town.
Many premium products sold on the internet have a monthly payment cost. Examples are web hosting
Cloud backup, some web pages and sales funnels all come with a monthly charge.
When you become an affiliate marketer of these products you get to share a percentage of the invoice.
Not once but every month that the customer is charged.
With Amazon, you have a one time sale, a quick in and out and a small percentage of the sale.
You might continue to sell products so this is not to be underestimated but it does have downsides.
Products go out of style or out of date and sales dip.
I do my web hosting at The wealthy affiliate where I am also an Affiliate, strangely enough.
If I can get you to a paid account at Wealthy affiliate I earn from a part of your monthly amount.
They also have a competition for a trip to Las Vegas and all you need to do is have 300 members sign under you. Is that possible? To be perfectly honest I am not going to Las Vegas this year but a friend of mine, Grace a mother of three based in the USA passed the 300 just this week.
What is important about this is that 300 would provide you a monthly income of about US$6600
and that is every month for years to come, yes there will be some drop offs but there will be some gains because of past work. So this will last for many more years. It is really a great retirement fund.
I also use Aweber for my Autoresponders and they have a similar plan. Lifelike I use Noble Samurai for doing my videos and I also earn affiliate income from them.
These three companies have a very high reputation for honesty and delivering a great product.
Many companies are not so honest and I have been burned along the way.
You get nothing for doing nothing.
Yes it takes some time at the start and you need some training to achieve all this and that is where we start you on this massive wealth building exercise.
Pay no money to learn.
Sounds too good to be true and a bit of a gimmick but in this case, you are the winner.
Wealthy affiliate allows access to most training completely free. Just log in and train away, no credit card no grand promises and even a free website thrown in.
They do this because they want you to succeed which means they do as well and in turn, I do so the world is a better place for us all.
I just know you will go off and research all sorts of online referral programs and so you should but first of all, save yourself a lot of time.
The ones I have chosen provide complete training and are recognised brand leaders in the market.
They are easy to promote and all give you a free entry so you are not handing over money to have a look.
The other catch is Up-sells. When you buy into a cheap product you are then provided compelling reasons to spend more money. I am talking big money in some cases to achieve what you can get for nothing.
Upsells are a trap to be aware of and once you are in the loop it is difficult to get out.
What you should have is a good clean organization that everyone can use and you can gain a recurring income from. In fact, you can even use the product yourself to make money.
Take for example Noble Samurai; Here you can make videos for local businesses and charge them a fee
or send emails through AWeber and set up an Autoresponder. So many opportunities but you must get a bit of training first.
That is why I always recommend The Wealthy Affiliate as a starting or end point because it has everything for you to launch or continue a career in internet income.
Noble Samurai link to free products