We are going into creating recurring and residual income in your business. It is very important that you understand this. And this is very simple. Recurring income, residual and passive income, and then we’re going to repeat the process. Let me just explain this to you, because I want you to understand what the difference is here.

 
Recurring income is income that is going to come into you on a monthly basis. It recurs, it keeps going until that person cancels whatever that product or service is. I’m going to break it down in just a moment here and show it to you, but I want you to understand the definition of recurring and residual income. Again, this is where you aren’t, necessarily having to do all the work. Maybe you did the work upfront, but now you are getting money coming in on a regular and consistent basis and this is outside of product sales.
 

This is a way to take your business to the next level and also a way to offer you’re customers the next level through some of the programs and products that I’m going to mention here, as I define this in step number eight. Residual income or passive income is where money is coming in and essentially, you didn’t do anything for it. It’s passive and not necessarily based upon a monthly service or a monthly income. It could be a one stop shop opportunity where perhaps you made a recommendation, you gave an affiliate link, they purchased something and it is over. But it is residual and passive income and you essentially did not have to make the product, you did not have to do anything but probably send out an email to your list. That’s residual and passive income.

 

Debra