Does your small business make money for you while you are sleeping? I am not referring to you having a third shift of workers. What I am referring to is recurring income. If the answer to that is yes, then you are on a track to wealth. If your answer is no then maybe you should start thinking of some ways that your business can run on autopilot. You may be thinking, that is impossible I run a car shop, or I am a dentist. I have an idea for you that might surprise you!
Finding a way to earn a recurring income is quite easy. By recurring income I just mean that a person is paying a set amount each and every month. Here is an example. In my town I have a favorite automatic car wash. Their best wash costs me $15, but if I buy their monthly plan for $30 I get unlimited monthly washes. Over the last year that means I have given that car wash $360. I can assure you that if I wasn’t on the thirty dollar plan two things would be true; 1) I wouldn’t have spent $360 with them because I would have opted for their cheap $5 wash and 2) My car would be a lot dirtier than it is.
You see when you can give a person a deal, a reason to join a recurring payment plan then it can be a win-win for you and your customers. Tonight while I was having dinner I got a notification on my phone that someone had just joined my recurring payment plan for a product that I promote.
That means that while I was having dinner I was making money and each month I will now earn a commission from that sale. As long as the person keeps enjoying that product I will keep getting commissions. So think about ways you can turn some of the products in your business into a recurring payment plan. The benefits for you and your customers are great.
Now let’s say that you have thought long and hard and you cannot come up with any ideas for a product that you could turn into a recurring model. Well I have great news for you. There is a way for you to make money while you sleep too. If you have been following my writings for a while and heard me talk about blogs you know that you need to have a blog. If you have followed my advice then you have traffic coming to your blog.
Why not pitch affiliate products to the people that visit your blog? With an affiliate product you can earn sometimes 50% commissions. Find a few affiliate products that fit your niche and especially ones with a recurring payment and promote them to your list.