Do you prefer to be self-employed? You don’t particularly enjoy the idea of doing a 9-5 office job? There are many residual income ideas that you could explore. You would have to put in some hard work in establishing this source of business or livelihood. But you can enjoy the benefits for a relatively longer duration. Residual income is the income that keeps coming even when you stop working. There are some businesses that can generate residual income. But they do it only when they have been promoted enough and have been taken off the ground.
However, many of them need a lot of money and effort to be built. For example, you can build some rental buildings and then rent the apartments and offices. This is known as one of the best residual income ideas. While it only needs some maintenance, it makes a reasonable amount of money every month which is known as the residual income. But you already have to have a lot of money do this.
What Are the Best Residual Income Ideas?
Here is the list of the best residual income ideas and opportunities:
- Rental income
- Earning royalties
- Sell course online on membership basis
- E-commerce store with dropship facility
- Build a mobile app
- Data technology
The above residual income ideas and opportunities, in general, comprise of creating some long-term income sources. They help you create opportunities to get involved in multiple channels at the same time. Moreover, these residual incomes also provide you with more flexibility. However, keep in mind that although they are among the best residual income ideas, there some other ideas that are even better. I will let you know at the end of the article. Learn about each idea in details:
1. Rental Income
This is perhaps one of the best classic residual income ideas. In this, once you create some real estate and lease it out, you can continue to get residual incomes from it for as long as you keep it on rent. Of course, you have to spend a lot of money in creating the real estate asset and maintaining it. But beyond that, your day to day involvement in the core business is quite minimal. You just have to get a professional broker. He has to get you a regular flow of tenants. He also has to do a bit if running around in getting the lease deeds done and follow up on the rent amount.
Rest, there isn’t too much of engagement that is required on a day to day basis. The problem is, for those who don’t have enough money to create the rental real estates, this idea is out of the list already. You have to put a lot of money at the beginning. It takes a long time to recover it through the rents. Therefore, you have to be financially strong to become able to go for this great residual income idea. But be patient. You make and save enough money through the other opportunities. Then you will finally become able to go for this residual income idea to grow your wealth even more.
2. Earning Royalties
Written a book or created a music album are also some great residual income ideas. You can continue to earn royalties long after the book has been published. Of course, you need to put in significant effort in getting the entire process going and generating matter for the book. But once that is done, you don’t have to toil any further for it. The rest of the game is pretty simple. The sales keep happening, and the royalties keep coming to your account.
Given the ease of operation, you can even look at publishing eBooks instead of hard copies. You have to make the whole effort even simpler and with a far less gestation period than a regular book. This will be a quiet time taking process and involves multiple media. Also in an eBook, you get the option to optimize the SEO aspect and rake higher with the same effort.
Even after paying your affiliates, you will be able to make a significant amount of profit. You will generate a sustainable long-term residual income source. Please note that the amount of the residual income that this idea leaves for you is strongly dependent on the quality of the book, e-book, album, training video course and…
It has to attract people and goes viral over the Internet, otherwise it will be wasting of time and money.
3. Sell Course Online on Membership Basis
Other interesting and often used residual income ideas include the sale of courses online through a membership based program. In this case, you would generally need to create a multi-media driven website selling comprehensive course materials. Of course, you would have to work hard to ensure that the course that you choose to provide significant demand. It has to cater to the interest of a large number of people and can make pronounced impact on the lives of all those who undertake the course. The way you will generate revenue is by creating a subscription or membership model whereby interested users can access the information for a specific price.
In this way, you then create residual income and channelize the same time for pursuing other important initiatives. You can also work on further upgrading the membership plans and attract more clients or members through even based discounts that can help them get better value for the money that they put into your course. Additionally, the convenience with which you can undertake an online course often makes many opt for these courses in comparison to a physical classroom format which can be far more time consuming.
4. E-commerce Store with Dropship Facility
This is another common idea to generate residual income by many enterprising individuals. Additionally, when people realize that they can pursue this type of an initiative along with their day jobs, it further adds to the appeal of the course and encourages them to go ahead. Your drop ship ecommerce store can be for anything from handicraft to clothes to curios. All that you have to do is invest time in understanding the market and generate capital for the basic investment in setting up the e-commerce store.
When you organize dropship facilities, it means that you do not have to invest time in getting a warehouse separately or invest in the upkeep or acquisition of the materials you sell. All you are doing is getting the interested buyers and sellers under one roof and making a cool percentage as a facilitator of the service. This also means your overhead costs are quite limited and by that extension, your residual income would be significantly larger. This can then be counted as a sustainable and dependable source of long-term residual income ideas that a resourceful and interested individual can easily explore.
5. Build a Mobile App
It is a mobile world with zillions of ideas and opportunities especially for those who are interested in generating some residual income. Almost our entire daily routine is very deeply entwined with our mobiles. These days, you have a plethora of apps helping us go about our day to day work like ordering vegetables, buying medicines, listening to music, ordering cinema tickets and what not. The possibilities are innumerable. All you have to do is identify a niche that nobody has explored thus far.
Then you have to go ahead and develop an app that can make a difference to the lives of many. Your gain from the entire operation is that you will be able to generate residual income by making this app available on Google Play Store or similar platforms. The more the number of people uses your app, the bigger would be your average gain from the entire operation as such. Of course, you have to make some initial investment in identifying the niche area, mobilizing awareness and marketing the product that you are selling.
After that, based on the actual utility factor, you can easily make a sizeable profit from this effort and enjoy the fruits for a long time. There are so many Residual income ideas are floating around us. The trick is to identify the appropriate platform to capitalize on and make it big. You have to understand that your focus should not just be on creating a source of income. You have to focus on generating the residual income without your active involvement beyond a point. This will then help you channelize your energy on multiple fronts in one go.
6. Data Technology
All the above ideas are great to create some decent residual income. Even some of them like e-commerce, online membership, mobile apps and… are part of the Data Technology system. But none of them are 100% based on the data technology. Data technology has opened some new doors on entrepreneurs to make money through the Internet and from home, even to become even millionaires. Data Technology is above the top and best residual income ideas that I listed above.
To create some many of the above businesses, you need a lot of time and money, sometimes even millions. But you can become a millionaire data technology entrepreneur almost for free, compared to many of the other ideas and opportunities. It needs some time and energy to take the business off the ground. But it is a lot easier than the other ways, and its income potential, specially the residual income potential, is a lot higher. Learn more: Join the LuckScout Club to Make Money Online from Home