What is Passive Recurring Income?
In this book, we’re going to look at some of the different ways you can earn money from your site using Shopify.
You’ll do this by creating a membership site but also by selling subscriptions to other things – things like email courses and discount memberships.
And all these methods are going to allow you to set up what’s known as ‘passive recurring income’.
What does this mean though?
Well, you know what income means.
It means money! So this is a revenue stream that will ensure you have a steady flow of cash coming into your account. How about the other two words?
Passive means that the income carries on coming in even when you’re not doing any work.
You could be asleep or sitting on that aforementioned sunny beach and you’ll still have cash flowing in all the while. Imagine being able to go on holiday with your friends and knowing that you’re still earning money every minute you’re out there… It’s great!
No longer are you trading your time for cash.
No longer do you need to be in a constant rush – this buys you the kind of freedom that you can only imagine.
Now what about recurring?
Well this is the part that makes a membership site very different from any other kind of blog.
This is the bit that gives you as steady income that isn’t reliant on everything going smoothly.
This is where you get the guarantee.
Recurring income simply means that you’re going to have a payment system set up, so that your customers/clients/fans are paying you on a weekly, monthly or quarterly basis and you can therefore predict exactly how much money you’re going to make.