Network Marketing For Residual Income

Tuesday, October 13th, 2009 at 9:24 am

Network Marketing For Residual Income

Residual income is an income that continues to come in long after you have done the work.

A great example of residual income would be the kind of income an entertainer would continue to receive from the creation of a song that continues to sell and play on the radio, or the kind of income an author would receive from the ongoing sales of a best selling book. Some authors continue to get paid again and again for many years after they have put in the work to write their best seller

Residual income is also sometimes called “passive” income because after you have put in the work and effort to create it there is no longer any time and effort required to continue receiving the income.

Is it really possible to create residual income from building a network marketing business?

Yes, without a doubt it is, especially when you have built an organization that continues to move a product that has repeat customers for years and years.

Being in the network marketing industry for over twenty years and I have seen some companies that are not that great and I’ve been very blessed to work with some of the best companies in the industry.

A network marketing business is easier to build today than it ever has been. With the kind of tools we have available today anyone with a phone and an internet connection can certainly build a serious residual income with network marketing.

So what does it take to create an ongoing residual income in network marketing?

I always like to say attitude equals altitude. What exactly do I mean by that? What I mean is it is the attitude that you approach your business with that will determine if you will succeed or fail.

Network marketing is not a get rich quick opportunity. It never has been and it never was intended to be. It is however the best opportunity for the average person to create a very real ongoing passive income although it will take time, effort and energy.

One of the most important ingredients is finding the right team of people to work with. Many people never find the right coaches and mentors to work with, therefore they never really get the training and support they need to succeed in this industry. Find a team of people that you can work with that also have a track record of success in the industry and are willing to invest the time into helping you learn the ropes in this industry.

You also need to have a product line that is not a fad or something that is here today gone tomorrow. Like so many of the product lines that you see introduced in this industry. It is important to be able to market a product for which there is already an existing market for. In other words it is not something that nobody has ever heard of or the latest greatest improvement in the health and nutrition industry, or the latest thing in weight loss. There is nothing wrong with those products you just need to realize that those products represent a very small and specialized niche in the marketplace.

Personally I prefer services over products. Products have to be inventoried and shipped whereas services are usually provided by a company that also provides customer service and of course there is no inventory or shipping.

When you find services that are essential, meaning services that people continue to use month after month, and they are services that most people are not willing to live without such as electricity or telephone service maybe even health care. You may have just found the jackpot. That is if and only if, you are willing to put in the time, effort and energy to build your business.

Author: Rick Weitl

Rick Weitl is a top internet network marketer with over 20 years in the industry and over ten years building business on the internet. Being a top producer with several companies today continues to coach and mentor entrepreneurs with building a network marketing business online. He can be reached at Rick@YourFreedomSolutions.com