6 Ideas for Generating Income Streams

6 Ideas for Generating Income Streams

Today’s businesses are becoming more and more focused on the web and every entrepreneur should think about creating passive online income streams when they are thinking of setting up a new business. Who doesn’t want to make money round the clock? Nonetheless, this definitely doesn’t mean that you should abandon your traditional job or business. It simply gives you the opportunity of capitalizing on the way consumers are shopping. For instance, if you are a motivational speaker, you can write an e-book or an audio guide on any topic and sell it to the public for a small amount.

This kind of income is defined as residual income because it only requires you to put in some heavy efforts in the initial phase and then you can earn a substantial some without having to run yourself into the ground. How is that possible? The good news is that there are endless opportunities you can use for generating passive income streams online. Highlighted below are the top 6 ideas you can use for this purpose:

E-books and E-courses

If you are skilled at doing something or have lots of knowledge about a subject, you can use it for generating residual income for you. Write an e-book or offer an e-course as this gives you the ability of being regarded as an authority. If you provide quality information and training, you will be able to use this idea to earn plenty of residual income.

Membership Programs

Again, this is an opportunity that allows you to use your expertise for earning some money. You can offer advice, tips and tricks on a subject and charge a fee from people to gain access to it. This can be turned into a monthly membership program. This is an excellent way to get recurring income from the same customers a number of times.

Consultation Services

One of the quickest ways of earning residual income online is through consultation services. You can ask people to pay an hourly rate and take advantage of Skype and other mediums to assist people by using your expertise or skills.

Affiliate and Niche Websites

While it may not be an instant money-maker, you will be able to use affiliate marketing for generating substantial residual income over time. Basically, you have to include the link of a product or service on your website or blog and you are paid every time a purchase is made through you.

Software Development

What if you don’t have any knowledge of programming languages? Even then, you can use software development for earning residual income. How? You can simply outsource your software idea to freelance programmer and then sell it to boost your online earnings.

Packaging Content that Already Exists

In the past, you may have published some blog posts, made a podcast or created a video. Now, you can simply combine all these elements to form a package and sell it at a reasonable price to earn residual income through it.

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