Best Side Hustles in 2023 – Residual, High Ticket, or Both?

Are you looking for the best side hustles in 2023?

Hey, thanks for reading!

Today I want to share my personal opinion with you in terms of whether you should seek out a residual based program, a high-ticket business, or even both.

If you’re fairly new to online marketing/home-based business, then you’ll definitely want to read this all the way to the end.

Let’s get started!

Why You Should Consider a Residual Income Business

Just in case you’re unfamiliar with residual income. I will give you a few quick residual income samples:

1. Rental Property
2. Dividend Stocks
3. Membership Sites

Those are just a few examples.

The key to understand here is that residual income only works as long as people continue paying. This is why rental property is one of the best forms of residual you could have, because the average tenant is probably going to stay in a property for years in most cases.

Unfortunately, not everyone has the credit – or can even afford – to invest in rental property.

So what are some other ways to generate passive income in 2023 for the little guys?

Start a Network Marketing Business or a Membership Site

Right now I want to begin in terms of simplicity.

The most simple way to start earning residual in 2023 and beyond is with a Network Marketing business.

However, there are also residual-based affiliate marketing programs too.

In case you didn’t know, affiliate marketing is simply where a product or service provider allows YOU to promote their product and you earn a percentage of the overall sale. In essence, you are the “middleman.”

What differentiates Network Marketing from Affiliate Marketing is the number of levels in which you’re able to receive income.

With a network marketing business for example, you could earn a percentage of income on your entire organization – sometimes infinite levels deep.

So as you refer your first person, hopefully they will refer someone, and so on…

Eventually your organization could look like this:

With a traditional network marketing program you could earn a small percentage on all of these people’s productivity. (It starts off small and begins to grow exponentially over time.)

If you’d like to earn a percentage from the efforts of your entire organization you need a network marketing business with a good product.

This is what I recommend for anyone who wants to get healthy AND wealthy.

I’d rather have 1% of the effort of 100 men than 100% of my own effort.

-J. Paul Getty

Affiliate Marketing is Different

With affiliate marketing, you can still earn a residual income.

But you are only able to earn two levels deep. (Many affiliate programs only pay you for the sales YOU generate – not your entire group.)

What I mean is this:

• 1 level affiliate = you get paid on your referrals ONLY
• 2nd level affiliate = you get paid on your referrals and whoever they refer – but no more than that.

This is why network marketing is better in the long-term if you want to earn recurring commissions from the efforts of others – which you should.

There are some great affiliate programs out there, however…

The best side hustles in 2023 will pay you a monthly fee for the life of your customers.

One program that I recommend if you want to get paid over and over is The Home Business Academy

They’ve been around for years now, and I have earned thousands from referring just a small handful of people.

Many people stick with the program and don’t quit. This has allowed my earnings to accumulate over the past several years.

Creating Your Own Membership Site

I saved this strategy for later in the article because this is more of an advanced technique to earn passive income in 2023.

Remember, I am using residual and passive income both interchangeably.

Both terms simply refer to you being paid over and over every month for work that you only had to do one time.

In the event you have some special skill – or any type of knowledge – that other people would like to learn, you could create a membership site.

Running your own membership site could be highly profitable depending on how many ACTIVE members you can acquire over time.

Let’s say you have a membership site where you teach people how to play the piano.

Imagine now that you charge $50 a month for members to remain active to your training inside of the membership site.

100 active members would easily put you at roughly $5000 per month inside of your site.

However, there are billions of people using the internet.

If you take the time to learn how to advertise your membership site, I think it’s safe to say there are at least 10,000 people in the world who’d love to learn what you’re teaching.

This means if you had 10k active members on your site you’d be pulling in 50k per month or 600k per year passively. Whether you got out of bed in the morning or not!

There are lots of places online where you can purchase tools to start your own membership site.

If money is an issue this is the software that I recommend because it is less than $300 per year and it’s easy to use. Some costs hundreds of dollars PER MONTH!

Tip – You don’t have to charge a monthly fee. You could always charge an annual fee, so you can get paid in larger chunks. This way, you can charge more for monthly fee but give them an irresistible offer to pay you annually, by allowing them to save a lot more.

What is High-Ticket Sales?

Finally, let’s talk a second about high-ticket sales. Particularly high-ticket affiliate marketing.

Basically, anything that allows you to earn large commissions is a high ticket business.

If you sell real estate, you are in a high ticket business.

I actually have a real estate license, so if you live in the Ohio area and are interested in purchasing land or a home, let’s chat 😊

Let Me Put High Ticket Sales Into Perspective

Below is a screenshot from the back office from one of my high-ticket affiliate marketing programs that I promote.

The commission amount is not incredibly high. But this was done with only (7) referrals:

Which Type of Program Would Be Best For You

Deciding which type of program would be best suited for you depends on your situation.

Do you have experience?

Do you have a stable income currently?

Are you willing to see this through for the long-haul?

It’s important to determine where you stand before you make this decision.

One thing I ABSOLUTELY would NOT recommend to anyone without experience – is to try and promote more than one program at the same time.

If you don’t have experience you need to focus on just ONE thing until you start to get results.

Once you learn how to create results, you can take your newfound skills and apply them to other things. No matter what you promote, the advertising and marketing for the most part will remain the same.

The Pros and Cons of High Ticket vs Residual Based Businesses

Some of the pros to joining a high ticket business are:

• Lump sums
• Can afford to spend more on advertising
• You can survive longer in between sales
• Most people who show interest are far more serious

A few cons to joining a high ticket business are:

• Not as many people can afford to join
• You only get paid one time
• If you don’t keep making sales you will run out of money

Cons to joining a residual based business are:

• Initial commissions are usually pretty small (not even to live on)
• It takes a large team and lots of time to grow (usually 3-5 years)
• Many people get discouraged and quit before they get results (your business will have high attrition)

Benefits to joining a residual based business:

• Low startup cost
• You get paid over and over for as long as customers remain active
• If you enroll a “rockstar” your team can explode overnight
• Top earners in Network Marketing earn well over 6-figures per month (not typical… so don’t be typical!)
• Community and Support

In Closing…

My personal opinion is that once you’ve gained some experience – earned some money – and gotten comfortable with marketing, you should have a residual based business and a high ticket business.

Earning $1000 or more for what normally takes less than an hour of work is an amazing feeling. I love high-ticket businesses and will probably never stop promoting them.

But on the contrary, if you are determined and willing to work a residual business (which usually has a much lower startup cost) long-term and refuse to give up. Your MONTHLY residual check could easily turn into a high-ticket check of it’s own.

And let’s not forget – if you have some type of special skill or knowledge that you want to share with the world you could also create a membership website.

The choice is yours.

The moral to the story is that there is a world of possibility out there.

You simply have to decide what you feel is best for YOU and then go and put in the work.

You could be the next success story who took advantage of some of the best side hustles in 2023!

Until next time,

Take Care!

Rhandell