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Residual and
Passive Income Opportunities
In a Home Based Business
For many years now, I've been seeking out residual and passive income opportunities using a home based business. I know that many others are searching for the same answers.
Let's start by looking at the similarities and any differences between the two ideas.What is residual income? I think of it as the money that you carry on receiving from a project when you've stopped working on it. Think of your labour like a fire. When a fire has finished burning it leaves a residue of ash. You can usually put that ash back on to the land to help crops grow. In the same way, if you use your daily work time in the right way, you can produce a long term money harvest. What is passive income? I first came across this phrase in the writings of Robert T Kiyosaki. He may have invented the term - I don't know. Anyway, it seems to me that Kiyosaki uses the term in the same way as I've described it above: you put in hard effort up front - and then you reap a long term financial reward. It is passive because you receive money that you no longer work for. However, I think where some people get confused is in thinking that you can get the long term financial benefit without much effort up front. Most times, for most people, 'get rich quick' schemes won't work.
Most people who make a lot of money have had to work at it - even if much of their effort is directed at creating sources of residual cash flow which take a while to produce results.If you are trying to create this long term cash flow there are some big advantages in starting a part time home based business - ideally alongside your day job. The day job pays for your living expenses whereas a successful home business can build financial security.
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LEARN FROM THE EXPERTS You can read some great advice on real home based businesses in our series of expert interviews
SELLING on eBAY
Skip McGrath, author of many books including The Complete eBay Marketing System talks about how a novice can get started selling on eBay. HOME STAGING
Debra Gould, the 'Staging Diva' provides great tips for a business focused on improving the internal decor of homes making them easier to sell. FREELANCE BOOKKEEPING
Sylvia Jaumann, author of Starting & Running Your Own Bookkeeping Business, advises on starting a bookkeeping business from home. RESUME WRITING
Teena Rose, author of The Ultimate Resource to Building a $100,000 Resume-Writing Business, explains why resume writing is in demand in tough economic times. FREELANCE TUTORING
Dr Alicia Holland-Johnson, author of Becoming a Better Tutor, explains what subject areas are in demand and how to find customers. HOME BASED COURIER
Sam Knowlton, who runs the CourierPros web site with Bob Lavendusky, advises how a freelance courier can compete against national courier companies. SELLING USED BOOKS
Joe Waynick, author of Internet Bookselling Made Easy! How to Earn a Living Selling Used Books Online, advises how to get started by selling books you already own.
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