All About Passive Income – Part 6

December 26th, 2007 | stacey | Financial Freedom, Financial Independence, Passive Income, Passive Income Online, Passive Income Opportunity

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Our latest 7-part series is all about passive income and the ways you can earn it for greater financial independence. Trading hours for dollars is an endless situation that never seems to help you get ahead. By generating passive income through your own business endeavors, you can pay off your debts, save money and maybe even quit your day job in time.

Today we will discuss the importance of referrals. When you refer someone, it is the highest form of praise to a business and it is also a free form of advertisement. After all, you only tell other people about businesses that have given you outstanding products or services so when someone spreads the word about what you have to offer, it is clearly a sign you are doing something right.

As you get to know more people through your business, start to create a network of people that offer products and services that relate to your particular line of business. When you refer a new client to someone in your network, charge a referral fee. For example, you may not have time to do a particular copywriting job but you know someone who is an SEO expert that could handle the task. By referring this person to do the job, you collect a referral fee and build good will with both the copywriter and the business you referred them to. This will generate additional referrals for you in the future, giving everyone in your network an opportunity to make money and expand their businesses at the same time.

Another way to create a network is to start your own membership website if you are an expert in your field. Offer resources, support and knowledge and charge an monthly fee for access to the site. You can also build a profitable referral network through your membership website to earn additional profits.

Tomorrow we will post the final entry to our series about earning passive income and achieving financial independence.