You’ve heard about recurring income and you know what it is, but you have no idea how to generate it yourself? If so, we will try to bring you closer some of the existing ways to generate recurring income. If you’re interested to learn the ways and tips then read the guide below and take notes!
Generate recurring income: Guide, ways and tips
At the very beginning we’ll have to disappoint you – these ways are not going to grow you money over night. You will need to be dedicated and patient. So, it’s a first tip: don’t start it if you’re not ready for a long run. The income we’re talking about will come when you do all the previous steps correct.
You’re asking now “which previous steps”? Well, that’s up to you because every business plan is different. We can give you some general guidelines for good and successful business but that’s it. The rest is on you! And don’t worry, it’s not that tough. How? The answer is tip number 2: pick a business you’re passionate about. If you love cooking, programming, blogging or whatever – pick it! Because you will always work easier on something you love.
And before we introduce you some of the ways to generate recurring income, tip number 3: planning, planning and even more planning. You need to consider every single detail about your future business, possible expenses, deadlines… The more you plan it out, the more predictable your future recurring income will be.
And tip number 4: if you don’t know where to find money (for investing it in your business) you could earn cash online. Through paid surveys on MetroOpinon, playing games for cash on CashDazzle or test sites on UserTesting. And there you have it, easy earned cash. Now, let’s move on…
3 ways to generate recurring income:
- Blogging – Of course, blogging is number one. It’s because it’s easy, we can all do it and you can blog about anything you want. Focus on tips we’ve mentioned earlier, actually start by applying them. Also, with this way you will need to develop social media promotion because you will want to collect the audience for your blog. And then, when your blog becomes popular, you will monetize it, you could do affiliate marketing or add ads on your blog.
- Offer a service or a product – Again, consider our tips from the beginning. You will need to sell service/product you love and know a lot about. Also, you need to make sure it’s something people will need because it’s really important part of it. If you develop something appealing and needed, you won’t have any worries because your customers will buy it over and over.
- Create an app – Again, apply the tips and then you will know what to do, how and when. Also consult your friends, family and colleagues because they can help you with the decision if the app will be interesting or you need to change something. And once you sell it, and she spread among people, you will generate recurring income for yourself!
Plan it out and generate recurring income!
Were you taking those notes? If not, you can read it whenever you need it. So, long story short, if you want to generate recurring income, choose your business wisely, take it slow and plan it all out! Good luck!