How to earn recurring income for your online business
One of the daily challenges of running a business is ensuring that you have sufficient cash flow coming into the business each day, week, month, year.
And we all know how hard that is in the current economic climate.
There are businesses that have a ‘recurring or passive income’ model. Passive income is an income received on a regular basis, with little effort required to maintain it.
For example, this could be rentals received from a property, royalties from publishing a book or income from a license for an intellectual property (such as computer software product). But, is this little effort? You still need to ensure that your customers, who pay on a regular basis remain satisfied with your product or service or they will go elsewhere and stop paying you.
Have you ever been caught in a contract that you want to get out from but you are unable to cancel due to financial penalties? I have. You know what it is like — you endure the rest of the contract and when that renewal date comes along, you move as quickly as you can to get out of the contract and resolve never to go back.
There is nothing worse than paying for something on a regular basis that you feel does not provide value for money or high levels of customer service and that you cannot escape from — or if you do, will cost you dearly.
One of the secrets to a successful online business is to generate an ongoing income. This is known as residual or recurring income. This means you earn income every month without having to do loads of work. Sounds great, but how?
This can be done by simply referring people to a membership website or a recurring billing programme (eg website hosting).
But, the customer still has to remain happy! As long as they are happy, they will stay and they will pay.
This is why the Six Figure Mentor system works so well.
There is absolutely no tie in or contract, so you can stay as long as you want. In addition to getting paid for every referral you introduce (this could be anything from $10 — $1000 per sale) you also get paid every month that your referral remains a member.
And members do stay! There is more training than any other course I have ever come across, plus website building tools, graphic creators, viral report generators and a whole lot more to help you get off to a fast start. It also includes services for like web hosting. It also includes personal support from the actual owners and other successful members.