Creating residual income in the current economic climate is a challenge. It’s certainly hard work but its by no means impossible. Opportunity exists in many market sectors so you need to find one that isn’t totally saturated or dominated by the so called ‘big boys.’ Find a sector that you can really get your teeth into and if its a profitable sector with little existing competition then it could really make a difference in your quest to build your business or personal residual income.
When you’ve chosen your niche, do your research. Who has been there and done it already? Who is or are the main players. Take all the positives from the success of others and try to work the strategies and ideas into your own methodologies. I am by no means saying that you have to copy other people or other businesses practices but you can always learn from someone who is already achieving success in your field. It’s called competition – and its often fierce and ‘dog eat dog.’
If you are trying to concentrate on making an income online then you are certainly entering into a very competitive area. There are affiliates, gurus and internet marketers in their thousands all after the same people and often selling the same ideas and new innovative software. You need to stand out and be different in order to persuade online consumers to part with their hard earned money. Offer something that no-one else does. Whether that be bonus products, free delivery or just by offering an excellent sales and after sales service, make sure you have a memorable and essentially worthwhile reason for a potential customer to chose you over every other choice they have.
Learn from others. Absorb all the free information out there. You will often find that people will tease you with free stuff in order to try and manipulate you into a sale. The good thing about email marketing – often the result of accepting ‘free’ stuff – is that you can just press delete. A sales pitch via email is very much on your own terms. If you really want to, add addresses to your junk mail lists but don’t be afraid to sign up for free trials or demonstrations of products as they will all usually give you something for free or at least give you another piece of knowledge or information that you didn’t already know. It’s perfectly normal to be cynical but don’t shut the doors of opportunity completely.
So get out there and find something you like. Enjoy what you’re doing and try and do something that no-one else is doing or at least do something in a totally different way and add your own twist or surprise into the mix. Keep learning from others because its always better that you learn from other people making mistakes rather than making the mistakes yourself. It costs less that way – in terms of both time and money. Most of all try and ensure the path to residual income is happy and enjoy chasing rainbows not shadows.