subject: Make Money and Loads of it using Passive Income Potential [print this page] Make Money and Loads of it using Passive Income Potential
Anyone who wants to make any money online needs to harness the power of passive income potential. You need to focus your efforts in creating work that will give you returns long after you have stopped doing the work. This is the true power of passive income.
Passive Income keeps generating income after you have stopped doing the work.
What Generates Passive Income
Two basic types of income are considered passive. First, there is the income that comes with making a product and each time that product is purchased you make a profit. Therefore, all you need to do is the initial work of creating a product and promoting it. Then the people buy the product without you doing much work.
The second type is more residual. It comes when you sell an item and continue to make money off that item when other people sell it or with monthly fees. Take your cell phone for example. The cell phone company made the initial sell of the phone. However, they get a residual income each month when you pay your monthly fees. As long as you keep the service, they keep getting a fee.
Membership Fees Bring Money in Over Time
Everywhere you look, there are membership fees. You are a member of your auto club, your gym, and probably a few other places as well. Each of these places is creating residual income by charging the fees.
As an online business, you too can create a membership. One way is to have a free service for everyone. However, people need to pay the monthly fee for "special" access. This could mean you give away free tips and strategies via message boards. However, if someone would like to watch a webinar on your strategies, then they must pay a fee.
This is but one way to create residual income, and there are literally thousands of ways you can do it. All you need to do is decide which method works best for you and apply it to your business.
Help Decide What Passive Income Works for Your Niche
It is understandable that passive and residual income is new to many people. The old methods of marketing focused more on the immediate sell. Very few companies focused on this continuing income. Therefore, many people need help finding ways to apply it to their niche.
The most effective way to apply any new strategy to your current niche is through duplication. This is where you find someone who is familiar with your niche and is creating passive or residual income already. Then you work with the person to duplicate their strategies. The niche does not have to be exact. The person just needs to be familiar with the type of niche in order for it to work.
Duplication or copying a successful strategy is by far the easiest and fastest way to gain success. It cuts through the learning curve and goes directly to earning money now. Find out more on how you can duplicate success and we will see you there.
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