There are many advantages to having a home business. In fact, I encourage everyone to have a home business if only to capture those advantages, whether the business generates a large income or not. However, of all of the options, a residual income home business may make the most sense and offer the best advantages.
Residual Income Home Business Types
There are many ways to generate residual or quasi-residual (i.e., continuing) income while working from home. For example, if you have the necessary skill sets, you can create something that generates royalties every time someone buys a copy. Authors and musicians are examples of people receiving residual income from royalties.
There are also sales positions that allow you to work from home and that can generate some level of continuing income. Some insurance salespeople, for example, receive income not only when they sell a new policy but also every time the policy holder renews. In practice, however, many insurance agents find that their income drops off quickly when they stop selling.
Some internet marketers are also able to generate a continuing income by developing a product, driving traffic to a sales page, and arrangement for automatic fulfillment when they get a sale. However, this requires selecting a product that will remain in demand over time and developing a traffic generation system that will run indefinitely on autopilot. Many internet marketers, and especially those new to the industry, find putting together all of the necessary systems to be extremely challenging.
Residual Income Home Business Types
There are many ways to generate residual or quasi-residual (i.e., continuing) income while working from home. For example, if you have the necessary skill sets, you can create something that generates royalties every time someone buys a copy. Authors and musicians are examples of people receiving residual income from royalties.
There are also sales positions that allow you to work from home and that can generate some level of continuing income. Some insurance salespeople, for example, receive income not only when they sell a new policy but also every time the policy holder renews. In practice, however, many insurance agents find that their income drops off quickly when they stop selling.
Some internet marketers are also able to generate a continuing income by developing a product, driving traffic to a sales page, and arrangement for automatic fulfillment when they get a sale. However, this requires selecting a product that will remain in demand over time and developing a traffic generation system that will run indefinitely on autopilot. Many internet marketers, and especially those new to the industry, find putting together all of the necessary systems to be extremely challenging.
Ideal Residual Income Home Business
One business model seems ideal for those wishing to start a home business that has the potential for generating a real residual income. That is the network marketing (also called multilevel marketing or MLM). Simply by joining a network marketing company, you are participating in a business model that is based on generating residual income and that allows you to leverage the efforts of your team without the day-to-day problems that face owners of more traditional businesses.
Other advantages to the network marketing model are that the initial investment is generally affordable and almost anyone can learn to be successful in the industry. This is in comparison to attempting to write or record music that clearly requires special skills.
Thus, anyone interested in a residual income home business would be well advised to look closely at the network marketing industry. The industry is so diverse, that you are likely to find a business that resonates with you and that you can comfortably run from your home.
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