As Internet network marketing business owners we all want to make money online and create passive income. It's the dream. It's why we get into this business, spend long hours online trying desperately to generate leads, provide tremendous value, and do our best to serve our team and online community. But, most people are not making the amount of money they thought they would be so they turn to other forms of passive income.
There are several methods you can use to add some more front end income to your bank account, allowing you to build your primary business much faster. As you review the methods below, think about which one(s) would best suit you and your personality. For example, if you hate writing you might want to stay away from blogging. Here's the list in no particular order:
1. Blogging
Blogging is a great way to not only generate leads for your Internet network marketing business, but it allows you to organize your thoughts and ideas online. If you haven't guessed by now, Expert Networker is a blog. All I have to do is login to WordPress, create a new post and walla. I've created a valuable piece of content others can use to help them in the internet network marketing businesses.
The best part about blogging is it's FREE. These days creating a blog is very simple, in fact the most popular free platforms seem to be WordPress.com and Blogger.com. So you can check those out if you don't want to host your own WordPress blog.
Here are some pros and cons about blogging for your Internet network marketing business:
Pros:
It's easy to get started and update your content Allows you to build strong relationships with your list very quickly Establishes you as an expert and authority in your field (or niche) You can use your blog to promote products and services to earn upfront income Oh yeah. and it's free
Cons:
It takes some time to get your blog running and profitable (months to years) Because there are so many blogs online you will have to distinguish yourself for others Must be updated constantly otherwise you will lose traffic and readership
How can you make money blogging:
Advertising. (Google Adsense, Banners, and Private Advertising, etc.) I don't like this method for a blog just because they are more personal and I feel Adsense is annoying on blogs. (my opinion) Affiliate Links (Linking to a products and getting paid for getting a sale. MLSP for example) Asking for Donations. If you provide enough useful information you can trying asking for donations, although I've never used this method.
Helpful Links:
How to Blog: Blogging for Beginners at Problogger.net My 60 Min Per Day MLM Blogging Strategy at RachaelMacGregor.com (a good beginners startegy) How to Get Started with a Blog (and why all writers should) at WritingforyourWealth.com
2. Create your own product
Creating your own product like a report, Ebook, or membership site is a great way to create a passive income in your Internet network marketing business. One of the easiest products to create is your own Ebook. Ebooks have become popular because of all the devices like The Kindle and the iPad that allow you to read PDFs.
Pros:
You can keep 100% of the profits from your Internet network marketing product It's all distributed online so there is no fulfillment costs It can earn you money 24/7 from doing the work one time You can create an affiliate program and have other people sell your product
Cons:
It might take you a while to create your first product If you don't have your own list it might be difficult to sell your first product Must be updated over time to stay relevant
How to make money with information products:
This ones pretty simple, they visit your site and buy your product Through an affiliate program, people sell your product and you pay them a commission Through an ebook distributing website such as Amazon or Ebooks.com.
Helpful Links:
11 Tried and Tested Strategies To Market Your Ebook at BloggingBits.com How to Create and Publish Your Own Ebook with a $0 Budget at SkellieWag.org
3. Membership Sites
Membership sites give you the opportunity to provide valuable content over a longer period of time. People pay a one time or monthly fee to become a member of your Internet network marketing membership site and gain access to the information inside. Membership sites are probably the best way to create a passive income for your Internet network marketing business because you can do the work one time and get paid over several months.
Pros:
Allows you to create a sense of community very quickly People will stay around longer because you're updating your content regularly Just by creating the membership site you are seen as an authority or expert Members will refer their friends to your membership site and create a compound effect on the growth of your site
Cons:
If done incorrectly it can take a lot longer to create than your first product Same as with your product, if you don't have a list already it can be very difficult to grow your membership You need to update your content regularly in order to keep your membership
How to make money with your membership site:
Your members are charged a onetime fee or monthly fee for accessing the information
Examples of membership sites:
MyLeadSystemPRO is a membership based funded proposal (discussed below) The Elevation Group is a membership site teaching people how to invest like the rich
4. Internet Network Marketing Coaching
This is more intimate and allows you to personally coach a small group of individuals. This could be inviting people to join your primary company and working with them on a regular basis or it could be being a Internet network marketing consultant for them. Becoming a coach allows you to charge a large upfront fee (several thousand dollars) or a reoccurring monthly fee.
Pros:
Positions you as an expert Because of the price, you will only work with committed people You can work 1 on 1 with people and develop strong relationships
Cons:
Typically done 1 on 1 It's harder to find students because of the price There is more work involved to help solve each persons "unique" problems
How to make money with coaching:
Your students are charged a onetime fee or monthly fee for your time.
Examples of membership sites:
Because there are so many I don't have a specific example, just think of a consultant and you've got the idea
5. Funded Proposals
Funded proposals are THE best way to create a passive income in your Internet network marketing business. A funded proposal is when you market a generic product on the front end to fund the advertisement of your network marketing business. This provides you with leads of people who like network marketing. You no longer need to call your friends and family and talk to strangers. You can also earn money by referring people into the program.
Pros:
Great way to learn how to build an Internet network marketing business if you're a beginner Provides training for you and your team Gives you plenty of network marketing leads to talk to instead of talking to your "warm market"
Cons:
There can be a learning curve You will have to learn how to generate leads online It does take some time to setup the system
How to make money with a funded proposal:
You earn money on upfront products and services you sell and by referring people into the program.
Examples of membership sites:
MyLeadSystemPRO is one of the best funded proposals. They provide amazing training for their members.
These are not the only ways to create passive income for your Internet network marketing business, these are just some of the best ways I recommend.
As you can see, you have a lot of options to choose from. I recommend starting with one (the funded proposal because it's the easiest) and as you learn and grow your Internet network marketing business, you can add more methods.
None of these are "get rich quick" methods, but if you are in no rush to make money, I would recommend starting with the funded proposal. It will teach you to build a list and develop trust with them. Then once you've got a list you can sell an ebook or start a membership program to help you generate passive income for your Internet network marketing business.
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