“Want to work less and earn more money?”

Million Dollar Idea: “Residual Income”

Residual income enables you to earn money without spending extra time and energy working on your business. It is the kind of money you earn while you sleep, go on vacation, and do whatever you want. Residual income affords you the financial freedom you desire. The top Internet businesses recognize and stress the importance of residual income. They focus their energy and goals on obtaining residual income.

How can you earn residual income? You can earn residual income in a variety of manners. One method is to set up a membership site. The membership site charges a monthly fee to its members. For example, you can charge $97 per month to customers in exchange for access to a special website. You must provide them with monthly content so that they feel the monthly membership is worth it.

You can up sell to these members constantly. How? Include links and offers to higher ticket items in the content that you provide them. Since these customers are already interested in you and your products they will be much more likely to buy more from you.

You can also set up an affiliate program. You can have hundreds of even thousands of affiliates that are a marketing and selling army for you. Be sure that you motivate your affiliates to sell for you. You can accomplish this by providing incentives such as high commissions and prizes for affiliates that bring in the most business.

You can also set up a financing program for your products. Some customers will experience sticker shock and will not buy your product unless you provide a payment plan. For example, you may have a home study course that costs $600. If you only accept a lump sum payment of $600 then you will turn people away. Instead, you can also offer a monthly payment plan such as $50 per month. You will reel in many more customers this way.

Many people think that the payment plan will hurt their profits. This is not the case. Why? You only had to create the home study course once, so it doesn’t matter if people bought it through one lump sum payment or through a monthly payment plan. Either way you are getting the same amount of money for the product. The only difference is the time in which you get the money.

Warmest regards,

Matt Bacak

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