Bizology.Biz — the science of building YOUR thriving business — improving and increasing business results has added new modules and updated information.
Have You Created Residual Income Strategies in Your Business?
Residual Income is a strategy that keeps money flowing into your business or your personal life, consistently, month after month. A true residual income strategy involves making one sale, or one referral and then receiving income from that without the need to make additional sales or referrals to the same customer over and over. The product or service is typically one that the person uses each month and pays for each month. Let’s look at a few strategies for consideration:
Residual Income Strategies:
- Membership Sites: many businesses have created membership sites that offer information to their clients each month. The site bills the client each month and new content is provided for that monthly membership fee. Many businesses can implement a membership strategy for their target market. Bizology.Biz is our membership site. It provides new “lessons” or content each month in the form of reports and audios. Once set up a membership site can operate automatically and deliver the content to its members without the owner having to do anything.
- Books- Writing target market e-books can provide income that continues to come in month after month if you have selected a good niche market for e-books, you have good content and you work on key promotional strategies.
- Buying Clubs: We participate in an online buying club that fits with our values of living green, buying in eco friendly ways and eco friendly products. When we refer others to the company then we receive a commission from that referral. As we teach others how to refer people, then they earn money and we earn money… The income repeats and grows each month. For us, this has become a family partnership. We are building it as a retirement strategy. It has been easy to do and great people are involved…
- Affiliate Marketing: Affiliate marketing is used by many on the internet. You create a product and then offer others a commission for referrals. If you are promoting a membership site then you create monthly income other products result in one time commissions. Bizology.Biz offers an affiliate program that pays a 20% commission.
- Multi-Level Marketing: Many people dislike multi-level marketing, but it can be a powerful strategy. I use direct marketing companies that provide services that benefit my business. I use Talk Fusion as part of our email, video marketing. It offers a suite of video marketing tools that are state of the art and save me money each month on other services. I also use Send Out Cards for both personal card and gift sending and business card and gifting. The benefit of these businesses is that as people join my team, my costs are even less. I have a service that benefits my business and adds income
It is important to evaluate strategies that are right for you. But adding a multiple streams of income strategy to your business has many benefits.
Some of the benefits of course include — new money flowing into your company. Consistent income flowing into your business. Services and products that you like that benefit you and your family or business while increasing your income.
The power of working with different strategies for your business can be incredible. As you see people liking what you are offering, you build more and more and soon the income generated can provide the resources that you need to pay off loans, credit cards, mortgages and save for retirement. When many do not have retirement plans, incorporating a strategy that will build consistent income is just plain smart!
Donna Price is a strategist, working with entrepreneurs to increase profits using the 7 Profitability Accelerators. Create your system for success.