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Today we will look at recurring online income. This is something you may or may not have thought of, but as a marketer, or a salesperson, this is something like the holy grail of the sales world.
Back when I was selling offline to bricks and mortar operations throughout Europe, the Middle East, and in Northern Africa, one of the best customers we could find was the one that would order a specific amount of product on a regular basis.
This meant that the commissions were coming in for those sales every month with very little to NO effort on my part. That left me more time to open new market areas and get new customers. Knowing that the base income would be deposited monthly into my account with regularity gave me a real peace of mind.
Knowing that the base income would be deposited monthly into my account with regularity gave me a real peace of mind!
It is the same with online marketing. When you have a product or a service that will make you money 24/7 with very little to NO further investment of your time and efforts, you have come a long way towards success.
The most successful online marketers have figured this out and developed their own passive or almost passive money stream. This allows them peace of mind too, and for many it has allowed them to cut the ties almost completely with the traditional business world, with the stresses and time-sapping efforts to succeed.
So let’s look at what recurring income is, why you should work to get some streams of passive income started for your online business efforts, and then review some specific starting points for planning purposes.
Here we go…
WHAT IS ONLINE RECURRING INCOME
As I stated above, it is income that you can generate from providing many kinds of businesses or services to clients. There are literally thousands and thousands of opportunities out there.
Set up properly, you will get monthly or annual payments from subscribers to your service or product, and as long as you have it set up to where it is available 24/7 without any further work on your part, you are set.
Think about your own online business. It is likely that you are a member of one site or another, or a service, or a combination of the two already.
You pay monthly or annually for whatever it is, and there is not much interface or communication required ot desired with the provider/owner in many cases…
I will use myself as an example: I am a member of an affiliate educational site (A #1 site called Wealthy Affiliate – SEE REVIEW BY CLICKING HERE), a video editing tool, a keyword search tool, and I have a number of domains I own.
These are all annual payments I must make to the owners or developers of the tools and services, and I gladly pay because they help me in making money online.
These are examples of recurring income. Not for me, unfortunately, it is ME giving THEM recurring income! This leads me to the next section of the tutorial today…
WHY YOU SHOULD ESTABLISH A RECURRING INCOME STREAM
As I mentioned in the introduction, having recurring passive income will help stabilize your business and life. These are real benefits, not imagined or just words. I personally can vouch for this.
Once you have some recurring income, you will have more confidence in starting new projects, perhaps taking a bit more risk than otherwise, and increase your chances of breaking out to the next level (whatever that might be based on your own goals and aspirations).
You will also have more free time for your family, for doing the things you like to do in life, and will rest easier at night. The money can nowadays be accessed from anywhere, meaning that you can use it for travel to other parts of the world, buying that trinket for the kids, etc.
As you see the money rolling in regularly to your account, you will have a sense of accomplishment, pride, and peace. So THIS is why you need to suss this out and get started on putting your own passive income stream in place ASAP!
WHAT ARE THE BEST BUSINESS MODELS TO CONSIDER
I am going to take you through 7 different passive income models (plus an introduction) using videos that you will find below.
The videos will explain what each business model is, how it works, why it works, how you can start putting your business together using that model, and you will also learn about the potential results for each.
Using these as a starting point, you can do further research to get your own version of selected business models in place. Depending on your skill set, one or the other from the options will be a better fit for you.
I will assist if requested in advising the reader on what to select, why it make work for you, and how to go about planning for putting it together. Just send me an email (firstname.lastname@example.org) and we can discuss what service I may be able to provide…
The first thing I would suggest before you contact me is to go through a mind mapping exercise to see how much you can flesh out prior to contacting me or striking out on your own.
You can find a tutorial on the site that will show you what a mind map is and how to go through the process. It can be found here:
===> MIND MAPPING <===
So let’s get started:
Module #1. Introduction
This first video provides an overview of the remainder of the modules, provides an introduction to recurring income, explaining what recurring income is and why you should add it to your online marketing business.
Module #2. A Look At Traditional Membership Sites
This video provides a good overview of membership sites and how they can help you establish recurring passive income for your online business. If you are interested in learning more above and beyond this video, I have a tutorial that may help. You can access that using the below link:
===> MEMBERSHIP SITES <===
Now here is the video…
Module #3. Creating A Fixed Term
This represents a different approach and could involve different forms of fixed term income. This might be a product, a service, a series of products, etc. Think digital here, because this is one of the best to have the work done on the front end and have no work or little work once it is set up…
Module #4. Use a SaaS ( Software as a Service ) Model
I like this one too, it is a very good business to get into. Depending on the type of SaaS you put together, you likely will have to have a support staff, and also someone to make sure the host server remains online at all time. You can hire managers and supervisors for all of this, however, so although it will affect your profit margins, it can also run almost on its own.
Module #5. Establish Private Forums
This is almost like a membership site, but likely will have more interaction between the sponsor and members. I am a member of one, and it is nice and useful to be able to communicate directly and on a regular basis with millionaires and multimillionaires who have made their money online. It can give you a leg up. If you are in that position as an authority, have a special skill that others would glady pay to learn about, etc. this option may be for you.
Module #6. Plan and Sell Coaching Programs
Once you have some experience under your belt, this is another good way to get the recurring income machine started. If you have a team that takes care of 90% of your work, it does not have to be a huge sucking taker of your time.
My recommendation is to make sure that you are a subject matter expert and can really offer something of value to the coached. Otherwise, you will likely run into problems. Proof of expert status is helpful.
Module #7. Consider Hosting MU
This is an area that may work for you….Run through the video and if you have the qualifications and feel ready, consider how you would put this together…
Module #8. Develop a Monthly Service
Lastly, we have the monthly service you can offer. In the online marketing niche and further drilling down for offline business support, you could consider an online marketing service or a video service. If you have a staff of people, you can have a lot of free time, and that recurring income can roll in for you.
OK, you have had some options laid out for you, and I am sure you can come up with some of your own as well!
This short tutorial (videos aside!) was intended to open your eyes to the potential that is available for establishing your own source of steady recurring passive (or almost passive) income.
The content covered the following business models that will give you recurring income once they are live and working properly: (1) Traditional Membership Site; (2) Fixed Term; (3) Saas ( Software as a service ); (4) Private Forums; (5) Coaching; (6) Hosting MU; and lastly, (7) Offering A Monthly Service.
There may be other streams of revenue that you could find out there with some searching, but these will get you pointed in the right direction as you do your own work to see what you may prefer.
Another option is to create and use a unique version of one of the business models. Let me give you just TWO examples…
(1) Modify The Business Model
As an example, a membership site can be set up to support an increase in your conversions for your lead magnets, wherein you offer a low-cost and NO upsell product for a subscriber (if it has high value, you can charge a $1 fee). , and from within the membership site, you can add in other paid options and services or products that the subscriber can take advantage of for a monthly fee, or for an affiliate commission p\erhaps…
From within the membership site, you can add in other paid options and services or products that the subscriber can take advantage of for a monthly fee, or for an affiliate commission p\erhaps…
(2) Create The Recurring Income Business Alongside Your Current Business
Note that another option you may want to explore is that using some of these business models on the side to some of your other online marketing efforts, i.e. affiliate marketing, selling products through drop-shipping, or perhaps offering services to offline local businesses.
Remember that the advantage of having some kind of a recurring income business is that you will have a bit more peace of mind as you build up the other sales niches you may be working on because you will have money coming in automatically almost regularly.
These business models will work on their own individually or in tandem perhaps. The beauty of the internet is that you have almost complete freedom to design, implement and operate your company and the business ventures and direction as you see fit!
So now the next thing to do is to get busy!
Enjoy, have fine and best of luck!
I am always interested in getting feedback from the website subscribers and visitors, Regarding this tutorial, the same applies, in that we all learn when we share and discuss what others are thinking or have experienced.
Please take a few minutes and add in your thoughts on online business models for recurring income. I thank you in advance, and you will see that I always will reply to comments, answering any questions or points provides.