In
the past when the term "residual income" was used it often meant the
income received by actors for reruns of television shows or movies. Now
many other people receive similar types of repeating payments for one
initial task or effort.
True residual income is money paid in the form of a commission for sales
that you make or that are made by your sales organization as over-ride
commissions. It becomes residual if it is paid to you every month after
the initial sale. The only way commissions will continue is if the customer develops
loyalty and value for the product or service. It must be something that continue to pay for month after month, and the quality and service must be highly valued by the customer.
Continuation of residual income is
dependent on the continuation of the company. It must be well financed
from the beginning, and it must have an outstanding track record of
customer service and satisfaction.
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