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Starting a business for the purpose of passive or residual income
The motive behind starting a business is often to make money that will be enough to cater to one’s needs. Earning a large enough income will give you the opportunity to accomplish and live the type of life you desire.
But most people don’t have the ability to live life on their own terms because they are either a slave to their debts or cannot break away from living on a paycheck.
But this problem can be solved by the many benefits of residual or passive income.
One of the best ways to gain financial freedom is by setting up a business with residual income opportunities. There are many businesses both online and offline that one can set up to generate residual income.
Residual income by definition is the income one generated long after the work has been completed. It is the type of income that one continues to generate for as long as the business lives.
Residual income is also known as passive income has no limitations based on time.
Starting a business with residual income opportunities will enable you to live life on your terms. You will continue to earn money whether you are there working or not. The amount of money you can make does not stop whether you get out of bed or not.
In addition, it is possible to have different streams of residual income. Unlike having two jobs that will consume your time, multiple streams of residual income will increase your earnings while also giving you enough free time.
Residual income gives you a more lucrative alternative to finding a side hustle that will stress you and consume your precious time.
To kick start your dream of financial freedom, here some of the residual business opportunities that you can venture into.
Invest in real estate
Rest estate is one of the most lucrative means of generating passive income. Apart from being lucrative, it give you rest of mind and requires little or no work.
This involves promoting other people’s product online of which you get a commission once it leads to sale. Affiliate marketing can be done by marketing people’s products on your website.
It can also be done by promoting them on social media platforms.
Affiliate marketing is a great way of making money online. You can make up to six figures every month from the comfort of your home. And remember, you do this at your time and pace.
Write an EBook
Selling a book online can be another great way of generating residual income. After the initial work of writing and creating the book, the only thing left is to make your money on every sale.
You don’t need much capital to produce an EBook, no printing and shipping costs.
Other residual income business opportunities that you engage in include:
• Create lead generation website
• Start a dropshipping business
• Create a mobile app
• Invest in vending machines
• Rent out your spare room
And the list is endless.
What is residual income, and why should you have it?
What is residual income and why do you want it?
What does residual income mean?
What is the formula for residual income?
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