Passive Residual Income. That’s the dream, right?
Owning something that generates income even while you sleep…
Many of you reading this have heard the phrase: “Do the work once and get paid over and over again.” Any way you phrase it, the key component to Passive Residual Income is separating the element of time from the income that you generate, so you’re no longer exchanging time for money. It’s one of the primary reasons for owning a business.
When people talk about creating “multiple streams of income,” they are almost always referring to multiple streams of Passive Residual Income… Because really, who has time for anything else?
So if you are perfectly content trading your time for money, please stop reading this post. There are plenty of jobs out there that will allow you to do just that. However, if you long for a path of total time freedom where you are no longer trading dollars for hours then please read on.
I want to be perfectly clear on this topic… When I talk to most people about Passive Residual Income, despite the fact that everyone dreams of what they would do if they had millions of dollars, most people believe that kind of opportunity is out of reach.
The reality is that most people desire to, and are capable of replacing their current income with the same amount or more in Passive Residual Income.
For example: If you make $5,000/mo working your current job, you’d probably be very interested in making the same $5,000/mo in Passive Residual Income, versus spending the rest of your life putting in the hours to make your millions.
If you could replace your current earnings with Passive Residual Income, you’d essentially be “retired” since the income generated would continue to roll in independant of you getting out of bed… Just think of the time you would free up to pursue other endeavors or make that income grow!
What most people fail to realize is that the path to achieve this goal is simpler than you think and available to everyone.
When I was a graduate student earning my MBA, I realized that there were many paths that a person could take to generate Passive Residual Income, and that all business models (if executed correctly) are founded on the principle of creating Passive Residual Income for their owners and investors. However not all business models and systems are created equal.
I want to share my opinion on what I believe is the best path to creating Passive Residual Income for anyone (independent of your age, sex, level of education, ethnic background, etc…) and why I think this model is the business of the 21st century.
If you think about it, anyone with an entrepreneurial spirit who chooses to go into business for themselves is presented with several different paths to do so… And some of these paths are harder and riskier than others.
This first option that usually comes to mind is to start a business from scratch. Choosing this path requires developing an entire business model and all of the business systems and roles, then pouring in all of one’s time and energy into the endeavor (hopefully with the help of employees) to make the business a success.
In many cases, this path is heavily time and capital intensive, with very little success in creating Passive Residual Income. In most cases, the years and years of time and money invested still don’t allow the business to scale large enough for the owners to step away and reap the rewards they worked so hard to create. For 99% of businesses that start from scratch, the owners wind up “self employed,” having created themselves a job instead of a business.
In all reality, your new business could end up “owning you,” AND all of your time for the foreseeable future. (So much for separating time from money!)
I can’t tell you the number of people I’ve met who spend 80hrs/week working to start a business so that they can avoid working a JOB for 40hrs/week… And to tell you the truth, I’m not sure which is worse.
The second option (a subset of the first) is franchising. At least with this path the business model and all of the systems are already created and proven out for you. You just have to step up and pay for it, which is where the real issue lies in franchising – The Cost.
In most cases, the more proven the model and larger the systems, the more it costs you to get started. In some cases it’s millions of dollars in upfront capital to buy into a franchise (or several franchises) in order to create the Passive Residual Income one seeks.
Remember that the goal isn’t to be the top “worker bee” in your franchise (you’d hire a manager or general manager for that). The goal is Passive Residual Income. So in terms of franchising, I think you’re better off investing all those millions of dollars, assuming you had the capital to begin with.
Luckily, starting a business from scratch and franchising are not your only two options! You can also plug into the “Performance Economy” by supporting an existing business model in achieving success and sharing in the revenues created by your impact…
When I was in my early 20’s, I was exposed to affiliate marketing for the first time. A group of friends and I worked as affiliate marketers while we were in college. We became pretty good at it and created a lucrative revenue stream. I’ll save you the ego and the check waving, but for all intents and purposes we had discovered a path to unlimited income, and the only prerequisite for participating was learning the skills necessary and implementing them.
As an entrepreneur fascinated by business models, the concept of affiliate marketing was hugely intriguing to me. I wanted to know the pros and cons of this new form of income generation being driven by technology.
The basic idea is that as an affiliate, you promote a company’s products or services and earn commission when your marketing efforts result in a sale.
In its purest form, affiliate marketing is a revenue sharing opportunity between a company and its promoters for helping new customers find what they were looking for. It represents a “Win-Win-Win” for everyone involved…
- The business finds new customers
- The customers find the products and services they want
- The affiliate earns a share of the revenue for making the connection
Needless to say, affiliate marketing is a powerful concept that does not have the drawbacks of traditional business models… It represents a simple “Plug-And-Play” option for earning immediate Passive Residual Income with little upfront risk.
That first day we earned an affiliate commission check, I promised myself that I would find a way to share the concept of affiliate marketing with the world. Still today, very few people are even aware that this business model exists!
Now affiliate marketing is not without its drawbacks… Finding the right program(s) is key! In those early years when I was an affiliate, the skills required were more complex and technical than they are today. The affiliate marketing profession was being supported by the growth of the internet, search engines, and internet advertising. If you weren’t technical to start, you were already at a disadvantage.
In addition, many affiliate programs did not support residual compensation or allow for leverage, so it was up to you to drive ALL the traffic in order to earn a decent commission.
Today, technology has helped make affiliate marketing available to almost anyone with a computer or mobile device. We’re living in the digital age, which has quickly created multiple “Plug-And-Play” ecosystems for affiliates to get started. Plus, with the addition of residual commissions and leverage to some affiliate programs, we’re now at a point where anyone can participate in affiliate marketing, even with smaller marketing efforts, and little to no experience.
When I started Elify, our mission was (and still is) to support the success of small business owners with our technology. But I kept asking myself, “How will Elify support the person looking to get into business? The person looking for Passive Residual Income?” Not everyone is suited to start a business from scratch, but I believe everyone deserves the opportunity for time freedom through Passive Residual Income.
This led us to create our very own Affiliate Program. A way for us to create a “Win-Win-Win” for our users… A way to help us spread the word about Elify’s amazing technology to the people who need it most… And a way for our affiliates to share in our revenues by helping us find our customers.
I took everything that I learned from my experience as an affiliate marketer to create the ideal program that I would have wanted to see.
Elify’s Affiliate Program rewards our affiliates for the life of the customers that they refer (not just once, but forever). Our program offers affiliates leverage, so that they earn commissions not only on their direct efforts, but for customers that result from their referral network as well.
We want to support the success of our affiliates as much as possible, which is why we pay 100% commission on a customer referral’s first month subscription during our affiliates’ first 60 days with us… A way of celebrating their immediate success and getting off to a Quick Start!
It’s also the reason why we’re offering a Founding Affiliate Quick Start Extension! So our users who qualify can earn 100% commission on every customer referral’s first month’s subscription FOR AN ENTIRE YEAR if they sign up before July 31, 2017.
I wanted to create an affiliate program that was just as good as the technology we created to support the success of small business… and I think we’ve done just that.
Now our Affiliate Program may not be right for you (almost every tech company offers some type of affiliate program so do your research). Affiliate marketing as a whole might not be the best path for you. But if you’ve read this far, and are truly serious about creating a Passive Residual Income, I can honestly say it’s the best path I’ve found for doing so, and I believe our Affiliate Program is the best available.
If you’re interested in learning more about Elify’s Affiliate Program (or maybe you love our technology and what to help us share it with the world), I encourage you to check out all the details at http://elify.com/affiliate and get started today…
Thanks for reading!