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Products

You need to have a genuine product or service to sell, it’s the only way to bring money in. But that shouldn’t really be a problem - any product or service which can be sold using traditional methods can be marketed and sold using referral marketing techniques, and the internet is an ideal medium for this.

If you are the artistic, creative type then maybe you have something which you have made yourself that you might like to market. If not, then simply pick somebody else’s product to sell - that’s what many traditional businesses have been doing for centuries after all.

However you find your product, the first thing you need to know is whether or not there is a market for it. A reasonable test is simply to ask yourself “Would I buy this myself?”. If the answer is no then ask yourself “Who else would buy this?” - in fact you should always ask this question even if you would buy it yourself.

If, like many people interested in working for themselves, you want to eventually replace your job - or even if you just want to have a continuous second income - you need to think in terms of residual income. What this means is that you get paid over and over again for the same sale. That means that you need to select your product/service very carefully.

For example, let’s suppose that you are a very gifted artist and you sell your work on the internet. Maybe you command very good prices - but is this residual income? No - because once your customer has paid you for your artwork they don’t have to give you any more money month after month. They don’t need to pay every time they want to look at it do they?

Now consider the case if we were selling electricity, for example. If we persuaded a customer to sign up with us once we might expect them to use their electricity every day, month after month. Therefore, assuming we’ve got a good pay plan that pays out on a percentage of their monthly bill, we expect to earn money month after month based on their usage - residual income.

Think about some other products that might earn you residual income. There’s plenty of them. Here’s a short list - it’s not complete but it should be enough to get you thinking:

Residual Income Opportunities

Telephone calls and line rental
Mobile phone supply, line rental and calls.
Electricity supply
Gas supply
Web hosting supply.
Autoresponder supply (monthly rental)
Any software which is supplied based on a rental basis.
Property rental.
Virtually any product or service which is leased or rented rather than sold.

Residual income is great - but it’s not the only consideration. Remember that one of our other criteria was low start up cost. Property rental would certainly provide residual income but it’s quite likely that the entry cost for such a venture would be prohibitively high for many people. Nevertheless, you can find plenty low cost products and services which would provide residual income.

When selecting the product or service you should also consider the amount of ongoing effort required to supply it in the first instance and then to keep providing it month after month.

Here are some more things to think about when selecting your perfect product:

Key Attributes of The Perfect Product or Service

It is disposable or reusable - providing residual income.
There is a high demand for the product or service.
It is easy to deliver - ideally you don’t even have to touch it.
Once it is delivered you don’t have any maintenance to perform.
There is a very low return rate. Any returns are not at your cost.


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