Business Startup Basics #5: Creating Residual Income
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Posted by  in Business Fundamentals

Many entrepreneurial businesses don’t have a residual income option. This can be hazardous to your health. If you were, for some reason, unable to work, you need to know income would continue to come in even without you being in your office.

There’s almost always a way to create residual income from what you’re doing. Find out how, and get it done. That way, if you end up in the hospital, or you decide you’d love to go away for a month, your business can still be bringing in money.

Ask yourself:

  • Can I write a book?
  • Can I create a video series?
  • Can I offer an MP3 or CD?
  • Can I create a certification program?
  • Can I create a monthly membership program?

It’s rare to find a business that can’t offer anything as a residual product. Find yours sooner rather than later! It will save you many headaches later on, and enable you to bring in some money much more quickly!

What residual income stream do you have in your business? Share your ideas below! Maybe it will spark some creativity for someone else!

Darlene

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