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Is Long-term Residual Income a Myth978

Forum Owner Belew private msg quote post Address this user
Long-term residual income seems to me to be Santa Claus like or Easter Bunny like. You hear about them but you have never really met them.

Same with long-term residual income.

Is it possible to build something, offer something that people will buy in to and will pay you very long term? I think it's called mail box money.

What is/are the best way/s to build residual income?
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Top Contributor Steve private msg quote post Address this user
My whole business model is based on residual income, I've clients going back many, many years who purchased and pay monthly.

This gives me lots of flexibility as I don't have to be selling constantly ... I've even incorporated content marketing into it... and I love the physiology of presenting offers / prices as no on purchases the cheapest one ... but it works as a draw card.

I cut my workload right down for about 3 years, worked the odd day and spent most of my time playing golf and having lots of fun. I was single again at the time, and did I have lots of fun... spent a small fortune but would do it again any day.

After three years, I reinvented myself... got interested in business again and now I am pushing myself forward again ... however I try to incorporate residual income into everything I do ... although I do want to develop a product that I can simply sell ... as I am missing out on thousands by not having this ...

Not sure that helps or not...
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Forum Owner Belew private msg quote post Address this user
@Steve

I had on several cases built Web sites that really hummed. Money showed up in the bank on a monthly basis. Then the winds shifted.

I have yet to find a model that will work long term.

my friend knows a guy who wrote a song for the Carpenters in the 70s. He still gets money monthly from that song.

pie in the sky dream perhaps ... but if I don't dream it surely won't happen.
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Teacher Rev private msg quote post Address this user
@Belew

Your business model, or at least what I know of it, is interesting, filled with experience, perhaps even exciting at times, but it is based on you being in the moment, every moment, of the revenue production.

It's not like a job, of course, because you have greater freedom. It does require you to be both employee and manager, however, and some find that impossible and would stick at the job they can leave when done.

@Steve's approach, similar to mine, is to focus as much as possible on work that can be done once but will produce income independent of him being there in the moment.

Frankly, I'm surprised you aren't doing more of this. While I am impressed at your reach, your engagement, your contacts, and the work you do, I am surprised you don't have a string of books and ebooks and videos and courses that are regularly cranking out $$$.

Perhaps you need more than a VA. You may need to look for someone who can take what you are doing and build the product empire. Look me up when you decide to do that.
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Forum Owner Belew private msg quote post Address this user
@Rev

I have on a couple of occasions considered and ventured into the product creation arena.

What happened in retrospect was I teamed up with the wrong people and came away frustrated and disheartened. And gunshy.

I have clients and project managers. They are a bit time intensive to get started but once they do my project managers can more or less handle things.

But even these are not long-term residual.

The product creation, information marketing is probably where it is at.

I am actively exploring this and working with someone that I trust.
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Top Contributor Steve private msg quote post Address this user
Reminds me of an old saying about the Golf Rushes ... Only a few people made big money hitting that vein of gold ... whereas lots more people made fortunes selling gold prospecting equipment.
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Member wcsconcierge private msg quote post Address this user
I can 100% absolutely guarantee you that long-term residual income is a very real business model, as I am involved in Life Leadership, Legalshield and HerosCard (Loyalty Program).

Set it and forget it websites, on the other hand, aren't worth the 2 minutes they took to set it up.

There are very real, legit businesses that offer long-term residual income as part of their business model, but like all career options, you need to consciously focus on building the business a business.

Your attitude determines your altitude! You cannot automate focus, discipline, and work ethic. (Luckily, you can cultivate them! -- Just ask me how if you are not sure.)

If anyone is interested in finding out more about one of these companies, please send me a private message and I will get back to you as soon as possible.
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Forum Owner Belew private msg quote post Address this user
@wcsconcierge

Thanks for weighing in. I'd forgotten about loyalty programs.

But do the winds shift on those as well?
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Member wcsconcierge private msg quote post Address this user
No, not really. HerosCard is a very stable structure, merchants, buyers and charities are equally motivated to keep the win-win-win relationship going.

There is no upfront costs for the merchant to join, and only pays a transaction fee when we generate a customer for them.

Buyers win because they get a min. of 15% off their transaction, plus 25% rebate of the transaction fee the merchant pays for that transaction.

Charities win because they get 25% of the transaction fee just for being designated.

Merchants and charities can sweeten the pot further by tapping into the 20% marketing fee available. Even if a merchant/charity just gave away free apps/or card to their customers, they would be entitled to an additional 10% commission for the marketing fee for any customer who shops with any merchant on the platform.

When charities or a merchant sign ups another merchant, they get get an additional 10% commission. That means If a merchant signs up both the merchant and gives away a free card/app to the customer of a particular transaction, they pick up a total of 20% of the transaction fee paid by the merchant who received the deal.

So no, everyone is very motivated. Got Questions? Get Answers! Check out http://www.heroscardww.com

If anyone wants to sign up, private message me and I will send you a link. It's FREE!!

Thanks
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Forum Owner Belew private msg quote post Address this user
@wcsconcierge

Thanks for the insight into how this works.

And the tactful and correct way to reach out to others here in the forum. Well done.

Question: How do you get new participants? More specifically, how do you use the online platform and a content marketing strategy to attract more people?

Or do you?

We, I, am specifically interested in how you market this?
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Member wcsconcierge private msg quote post Address this user
Thank you. We are looking to introduce the platform to three distinct groups: merchants, customers, and charities. So the specific answer varies a little depending on what group we are talking about.

One way I am reaching out is to research businesses and charities involved in related platforms. For instance, I did some research on GoodShop this weekend, and found 40 charities who already understand the value that long-term residual income can mean to their bottom line. Now, it is a matter of reaching out and letting them know that there is a platform that will give them 25% across the board (not merchant dependent).

Amazon's smile program gives a scant 0.5% back to charities. Obvious there is a huge value add for those charities.

If you would like more info, please private message me and we can setup a phone call.

Thanks!
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Top Contributor Steve private msg quote post Address this user
Do you class multi level marketing as residual income... it's certainly not a long term residual income generator, at least not the home based ones everyone pushes.

Best example of residual income that comes to mind is what mortgage brokers get ... they call it trailing commissions which basically mean that as long as the loan is active they generate commissions or residual income.

Best I have achieved is about 8 years of monthly recurring income from one sale...
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Teacher SunilBhaskaran private msg quote post Address this user
Interesting thread. Thank you all of you.

I have some multi level marketing high level clients who made decent residuals - have been for about 10 years or more. But pretty difficult to get there if you do not have some business sense and focus.

The best ways I have seen:
a. real estate especially multi family commercial units.
b. high niche online membership sites

Kindest regards,
Sunil
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Teacher Rev private msg quote post Address this user
I had friends (deceased now) who's kids, and now grand-kids, have substantial trusts and residual incomes from MLM work done by my friends two and three decades ago.
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Member wcsconcierge private msg quote post Address this user
I find the leaders and achievers in any industry are always have focus and a strong work ethic. This is not a get rich scheme. I work hard every day to create real and profitable relationships with businesses and charities. These are entities with strong organizational mission statements, and it takes real and focused work by real people on a regular basis to achieve what they set out to do.

My family has invested in a variety of commercial real estate, and I enjoy the benefits of receiving a decent monthly income from portion of the income these properties generate. So I can't disagree that that can be a great way to generate monthly income. But even those properties need to be managed - which takes time, energy and most importantly expertise.

I don't have any personal experience with membership sites, but it makes sense that you can establish a good baseline income. But nothing on the internet is 'set it and forget it.' Even the online membership site has to pour resources to stay current and relevant, and they need to generate new customers, retain the existing ones, and figure how they are going to stay ahead of the curve in a growing competitive market.

I think the first thing anyone who wants a serious residual income is to take the opportunity seriously. You can't scam the system, and your results are directly tied to your efforts. It's an OPPORTUNITY and not a GUARANTEE.

Typically, in a MLM for instance, when you are recruited watching a video with the top 1% of the top one-percenter's incredible mansions, incredible cars, airplanes, vacations and private chefs. They don't show that 80% of reps don't throw a profit the first three years they were in the business. They don't care that an additional 18% make more than $250/mo (gross). 2% are in transition from group a to group b. (Percentages are fictitious, but you get the point.)

Same widget, same comp plan ... Different person. A person with a bigger why, a deeper commitment, better mental toughness. I could go on, buyt you see my point.
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Forum Owner Belew private msg quote post Address this user
@wcsconcierge

This is a great testimony to the benefit of hard work.

it's also an honest assessment of the hype that often surrounds 'success' stories.

have you figured out how to incorporate inbound content marketing into your efforts to recruit more leads, more potential participants?

It seems to me that a well oiled and focused Web site with good content could do the trick. The site won't sign people up but it could bring the right people to you.

Have you tried?
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Member wcsconcierge private msg quote post Address this user
No, haven't really incorporated content marketing yet but its in the works. Want to have "good news" stories about how introducing HerosCard into their business model has helped charities, merchants and even customers realize their goals. Thinking of developing a site called "HerosTales" to share their stories.
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Forum Owner Belew private msg quote post Address this user
HerosTales sounds like a great title.

Not only success stories but what about stories of what might have been.... they could be interesting as well. No?
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Member wcsconcierge private msg quote post Address this user
Well, that would be interesting twist if we could pull it off ... open to it, but the devil is in the details.

My friend at a networking luncheon mentioned that she is planning on have a promotional event for home-based businesses in September. Does anyone have any suggestion on how we avoid it being a "pitch fest" and keep its value?
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Forum Owner Belew private msg quote post Address this user
Promotional event and pitch fest ... aren't they the same thing? 8-)

Perhaps require speakers to have actual, verifiable case studies.

No selling ... showing.

No second-hand case studies...first-hand case studies only.
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Member wcsconcierge private msg quote post Address this user
Well, I see an at least potential distinction between promotional event and pitch fest ... I am not sure how to shape the distinction but I know that it would not be about recruiting or team development.

People aren't dumb (or at least I like to assume!!). Every business, has a compensation model. Whether you are brick n mortor, internet or home based - it's not a business if no one gets paid.

I am talking about the value of products being sold standing on their own. For instance, Melaleuca has good cleaning products, and those products can stand on their own in terms of value. LegalShield has Legal and Identity Theft protection; again value. Life Leadership personal development and leadership; value. Send out cards - again more value.

Insurance agents are commission based with a residual component. If I go to State Farm, I assume I am going to buy insurance, not an invitation / pressured pitch to join the State Farm team.

In a pitch fest, the invitation to "join the team" is more important than emphasizing the unique ability for their solution (widget) to solve a particular issue for the potential buyer better / quicker / cheaper than the competition.

The good news -- just answering your question has helped clarify the distinction in my mind. Thanks!!!
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