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How to set up your online business to build a residual income?

Residual income or passive income, I used to have that when my YouTube channel and my blogs were earning. The minimum I receive is $100 per year for each of them - blogs and YouTube channel. But when Adsense had become strict with their new policy that is restrictive my YouTube channel stopped earning and my blogs were also not earning that made me lose my motivation to write. Now it's been years that my blogs are inactive although I sometimes upload a new video on my YouTube channel.
 
Building an online business requires several processes which must be followed. The first process is to have the business niche and a business model. You don't just start a business without having a proper plan for it. The second one is to create a website or a blog for the business. You can decide to create the website by yourself or co tract it out to the experts.
 
  1. Find a niche. ...
  2. Evaluate market viability. ...
  3. Conduct market research. ...
  4. Conduct competitive analysis. ...
  5. Learn online business laws. ...
  6. Analyze your target market. ...
  7. Source your product. ...
  8. Choose the right ecommerce platform.
 
Unlike an hourly wage, which is based solely on the number of hours worked, residual income streams provide ongoing payments through an initial investment of time, money, or both. Once the initial investment, product, or service is made, the income earned is generally passive and continuous in nature.
 
I agree I think these days working online or putting your business online should be able to generate income without you having to work every time, I like some of the examples you listed up there as well. Online gigs should be able to generate passive income.
 
You can Rent Out a Room, Apartment, or House for a Weekend. Crowdfund Real Estate. Consider Investing. Set Up a Website Selling a Product. Write a Book. Work with Affiliates. Build an Online Course. Sell Your Designs Online.
 
Very educative i must confess and informative.
You have already said it all how a person can set up a residual income. This is the kind of work i need online that will continue to generate me money for a long period of time.
Residual income is the best income one can get by creating an account through blog or vlog.
 
According to my own point of view, if you want to creat an online business to build a residual income. You will have to get a developer to help you develop app, soft ware and if possible you can also creat your own website, this can also help.
 
Yes online income should be passive income Working online from home is very easy if you have a very good idea that will be giving you residual income and you will do it at you convenience. The advantage of online business that will be giving you residual income is that the income may be forever and once the system is set up you can just be doing other things and you will be earning from your online passive income. eg Amazon kdp.
Yeah I concur with you, after adequate planning and setting an online business or moving a physical business to an online business, after you must have gotten that expertise you should teach other staffs or find another way to get customers, that is residual income you make without been there.
 
It's best to start out investing in mutual funds or exchange-trade funds rather than individual stocks and bonds until you get your feet wet. These types of funds enable you to invest in a broad portfolio of stocks and bonds in one transaction rather than trading them all yourself.
 
Residual income means you do something today so that it will continue to pay you for a long time. Residual income does not involve working every day to generate income, residual income means you earn money for a long time from your one-time work.

By posting on Bizdustry, you are earning good money. However, this is not a residual income. You have to post every day, frequently during the day, to earn from the site.

Your gig is hired by a client on Fiverr and you make money by offering your service. This is also not a residual income either.

What exactly is residual income then?

You create a youtube channel, publish good videos. The videos published today will continue to make money for you for 5, 10 years, or even longer. (provided your video is good and you get traffic)

You publish your blog, your blog will continue to make money for you for a long time (provided you are receiving search traffic).

Blogging and vlogging are just a few examples. You can try publishing books on Amazon, you will earn royalty for lifetime. You can also publish articles on the article sites that shares revenue with the publishers, for example, hubpages and medium. You can try crypto investment, etc.

If you want to do online business, consider doing a business that builds you residual income. Some of thee options you can try are, publishing apps on play/app store, building and selling software, etc.
Thank you so much for the effort putting together to compose this write up. However, I have always thought that starting an online business is very hard and tedious until I read through this and see that I'm wrong.
 
You just have to create the site and puy the necessary things about your business there
If your business is about selling clothing, you have to upload the latest clothes in your site or page
 
The best ways of generating a residual income is making an investment. Let's say you open a YouTube Chanel and create videos , that is a one time investment. If you should buy a good stock or invest into a pro missing business, then you can be making profits without having to work
 
I have to say setting up an online business requires personal decisions and discipline so these are the main characters needed so when the business eventually starts all other needed traits would come with time
 
I am not a programmar or developer. If I was I would have developed a software or mobile app. I think the best way to build residual income from your online business is through software or app.
 
Wow, I have really learnt a lot from this platform, for a person like me who is always in fire more knowledge think I have really grab a lot from this post.
 
Residual income means you do something today so that it will continue to pay you for a long time. Residual income does not involve working every day to generate income, residual income means you earn money for a long time from your one-time work.

By posting on Bizdustry, you are earning good money. However, this is not a residual income. You have to post every day, frequently during the day, to earn from the site.

Your gig is hired by a client on Fiverr and you make money by offering your service. This is also not a residual income either.

What exactly is residual income then?

You create a youtube channel, publish good videos. The videos published today will continue to make money for you for 5, 10 years, or even longer. (provided your video is good and you get traffic)

You publish your blog, your blog will continue to make money for you for a long time (provided you are receiving search traffic).

Blogging and vlogging are just a few examples. You can try publishing books on Amazon, you will earn royalty for lifetime. You can also publish articles on the article sites that shares revenue with the publishers, for example, hubpages and medium. You can try crypto investment, etc.

If you want to do online business, consider doing a business that builds you residual income. Some of thee options you can try are, publishing apps on play/app store, building and selling software, etc.
Well said. Am one of the Fiverr level 2 sellers. And i can say it is the best deal you can ever get online. Upwork is good too. But i prefer Fiverr since you are guaranteed to get gigs throughout the year.
 
This is a very good way of making money, instead of coming online everyday to perform different tasks and still earn small amount of money. Residual income also gives you the opportunity to focus on other things.
 
It's true that when you have to be working on a daily basis to earn money, it is not a residual income making money that way. Setting up an online business that is like multilevel marketing, will be perfect
 
I understand the point of view of the poster. Building business or investment that continues to give us money even when we are sleeping should the the main target of every intending investors
 

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