Earning income online from home can have many options. Many people believe that ‘residual income’ is one of the smartest ways to go. This belief is based on the fact that when you make the sale once, it can represent a monthly income as well. Affiliate programs are a prime example. You are paid a commission when someone joins a program using your affiliate ID. (in your downline). Then each month when your downline pays their monthly fees, you get a percentage of that fee as a commission from the affiliate program. This is what they mean by ‘residual income’.
Another type of income you can add to the mix is OTO or ‘one time only’ income. This is where you would be selling a product one-time only. You earn your commission on that initial sale only. You can offer special deals for additional products at the point of sale. For example if you sold an electronic devices like a smart phone you could also offer a leather case for the phone. This is a convenience for the customer in that it is a ‘one stop shop’ and also increases your income for the sale.
‘Multiple streams of income’ describes a business that has more than one source of income. This could have a format where you might have one thing from each of the product types described above. Or you may wish to have a collection of affiliate programs, creating an opportunity for ‘multiple streams of income’ that way.
This concept is very smart in the event that one program or product is not doing so well. It’s okay because another one might be doing well and will cover the shortage in income from the slow program. Some programs base things on volume – the commissions may be small, but if you have volume, it won’t matter. For instance, while $5 is not much of a commission, if you can make 10 sales you have $50. If you are doing things right it is just as easy to make the sale 10 times as once.
It can take a while before you have time to do sufficient advertising that will generate substantial income. This may be discouraging in the beginning. You may be spending money on various services and are not realizing any return on your investment YET. You could structure your business in a way that you have some free programs and you can also discover ways to advertise them for free or extremely low cost. The object is to make a little money to cover expenses while you are building your home business online.
Programs like Clickbank and Amazon are two that are free to join and include most of what you need to start a business selling tangible items. There are a lot more details to consider than with an affiliate program. However something needs to give if you are going to make this work. You have to start somewhere. Don’t be afraid to make sacrifices in order to get started or maintain your business.