Here is an article from my friend Cyndi Schulson. She is doing her coaching training at International Coach Academy which is the school that I went to and highly recommend for anyone who want to become a Coach.
Mothers Entrepreneurs really want to build their business but they also need to have time to be with their family. How great would it be to make money even when you are taking your kids to the park?
This summer, I took three months off to spend more time with my children, and I got a check every month for doing nothing. That is the power of residual income. If you want that kind of time freedom, then you must consider the type of income you’re earning. The key is to earn passive income AND multiple streams of income. Passive or residual income gives you an ongoing source of revenue while creating multiple streams of income allows you to leverage your efforts and turn on several income taps at the same time. When you generate passive income from multiple sources, you will be able enjoy what too few people have – both time and money.
Passive income is money received on a regular basis, with little effort required to maintain it. Multiple streams of income means that you have money coming in from various sources. There are lots of ways to create both online.
Network marketing can be a great source of residual or passive income. Top financial gurus like Robert Kiyosaki have identified network marketing as an excellent business opportunity. One reason is that there are few barriers to entry. For instance, there are generally low start-up costs, and you don’t have to worry about employees or overhead. In addition, there are great tax benefits when you have a home business. However, network marketing is not the answer for everyone. It takes hard work and consistent effort to be successful, so it’s important to have realistic expectations. Furthermore, there are a number of key things to look for when selecting a network marketing company, such as the products, compensation plan, company track record, training, retention rate, and systems of marketing and duplication.
The industry is well positioned for growth as more and more people are looking for additional income, especially in today’s economy. And the Internet is really helping the industry grow and evolve. More and more people are using the Internet to build their network marketing business, using the principles of attraction marketing. The goal of attraction marketing is to create value for people through content and information, and develop relationships before even presenting your opportunity.
The Internet has also created a whole new realm of possibilities for how to earn passive income, including web hosting, software products, internet marketing services, and custom web design services.
One of the more popular ways is through advertising commissions. If you have a website, you can put a banner or link on your site and collect a monthly fee for doing so. You can also offer advertising space in your ezine or ebook. You can also put Google Ads on your website. When someone clicks on the ad, you get a commission. Of course, these advertising methods depend on you getting people to your website in the first place.
Another method that has become increasingly popular and allows you to create both passive income and multiple streams of income is affiliate marketing. With affiliate marketing, you make money by promoting products and services for companies and by recruiting other affiliates. It’s a good idea to diversify and choose multiple services and products so you don’t put all your eggs in one basket and so that you create multiple income streams. When you’re choosing an affiliate program make sure that it meets your target market’s needs and provides value. Look at the amount of commission the affiliates pay and number of tiers on which they pay commissions so that you can also get paid when one of your affiliates makes a sale.
Affiliate marketing has low barriers to entry. You don’t have to invest anything (most affiliate programs are free), and the companies do most of the work for you. They provide the products, track the sales and give you a commission for each sale. Many programs even give you training and marketing materials to help you along.
Ebooks are another way you can create passive income online. You can write an ebook about any subject that is valuable for your target market. Ebooks are not expensive to produce and can generate ongoing income for years to come. You can even add an affiliate program by getting other people to sell your ebook for a commission.
Like anything else, creating income online requires consistent effort and patience. Education is essential and there are great resources to help you. But if you’re willing to commit to the time it takes to build your skills and your online presence, you can have great success. And once you have cash flow coming in on a residual basis and from multiple sources, you will be able to take time off and achieve greater balance between work and family.
Cindy Schulson helps small business owners and network marketers use social marketing techniques to build their businesses and leverage their time and resources. Building on the insights found in The Renegade, she teaches how to harness the power of the internet to create solid, lasting business relationships.
Article Source: http://EzineArticles.com/?expert=Cindy_Schulson