Residual Income Is Pure Gold – A Freelancer’s Bonus

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For those of you who don’t know what the term ‘residual income’ means, it’s a term used when you talk about monetary income that you attain without having to do any additional work in order to get it. For example, if you made a Wordpress theme for ThemeForest and sell copies of it there, the only work you needed to do is to make that Wordpress theme initially. After that, any income you receive is residual, as no additional effort is required to get it.

This is what freelancers should be aiming for in addition to their freelance work. It makes good use of your free time.

We mentioned in earlier posts the revenue “dip” phenomenon and how you could go about making sure that its negative effects are reduced. There was mention of diversifying income; this is where your residual income strategy should come into play. There are absolutely a ton of ways in which you can attain a residual income; and as a freelancer it could really help.

Here are just a few ways in which you can attain residual income:

• Make and sell copies of Wordpress themes on ThemeForest.
• Make flash elements and sell them at FlashDen.
• Run a blog or general website on your interested, gain a good amount of daily traffic, and then monetize through private advertising, Adsense, or affiliate programs.
• Make a script, sell copies of the script on your own website.
• Write up an eBook that has quality, VALUABLE information in it, and sell copies of that.
• Provide some kind of subscription service, such as the Themes Club at WPDesigner.
• Make a templates website where you sell templates that you make on your own website.

The great thing is whether your a freelance designer, coder, or writer you can still produce a good residual income. Even if you freelance in a very niche field, you could probably think of a way of gaining a residual income whilst still using your skills in that particular field.

In my personal opinion, residual income is a very valuable asset that should not be looked upon lightly. If you can earn even the smallest amounts of residual income it means an awful lot as it accumulates pretty quickly and you don’t even need to think about it. Also, if you manage to create a business or sorts that you sell a copy of script on or sell designs on, you’re producing something with lasting value, which if needed, you can sell at a later date for a boost in cash-flow.

This is just an initial rant on residual income. I will expand more on residual income in later posts as I want to go through a case study on residual income to show you just how valuable residual income is.

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