Everyone wants to have a residual income. A residual income is money that you continue to receive after completing your work. In other words, an ongoing income that keeps coming in, even after you’ve finished one task and moved on to the next. Residual income is what we all want as self-employed professionals: To generate revenue that continues so you can live well without having to go back to your day job. But how can AV installers build a residual stream of income? Working as an AV installer or any other type of freelancer requires some adjustments in your financial life. You are now responsible for managing taxes, accounting for expenses, saving for retirement and maintaining health insurance. Your business needs its own bank account and insurance policies separate from your personal ones. You may also need to take advantage of different tax deductions and cost-saving techniques such
Decide Which Tasks Yield Residual Income
Before you enter into any type of AV contracting, it is vital to understand how work comes in. The majority of AV work is project-based, which means you will receive a one-off job with a one-off payment. There might be bonus incentives for quick completion or earning a certain amount, but you will most likely receive your pay-out at the end of the job. For a residual income, the most lucrative tasks are likely to be ongoing maintenance agreements, such as being on call for repairs and installation. If you have a specialty or a service that is in demand, you will likely be able to negotiate a recurring work agreement that could be more lucrative than project work.
Develop a Strong Network
In any business, you need a strong network of contacts to succeed. The key to growing your client list and increasing your exposure requires more than just a list of business cards. You need to nurture the relationships you make, and keep them in the loop with your latest happenings. Keep an updated Facebook page, YouTube channel, Twitter feed or other social media sites that allow you to post. This is a great way to both promote your services and keep your contacts in the loop. Beyond social media, attend local networking events, join trade associations and sign up for newsletters. Stay in touch with past clients and colleagues, as these are important networking contacts who can refer work to you.
Create an Ongoing Lead Program
In addition to cultivating a strong network, another means of creating a recurring income or generating leads is to create a lead generation program. This can take the form of an e-book, webinar or other informational product. You can then use your network to market it and have people sign up for your lead program. The purpose of the lead program is to give people the information they need to get the work done and be confident about it. You can charge for the information products upfront or offer them for free, but give your contact information at the end so they can get in touch if they want to hire you. Lead generation programs can lead to a lot of work, but again, it is important to offer quality and maintain a high standard. The more valuable your information is to others, the more likely it is that they will share it and use it.
Create Products and Services
Another way to create a residual income is to get creative and create your own products and services. You may not think of your services as products, but if they solve a problem, they may be something that people are willing to buy again and again. Keep an eye on what your clients are doing and see if there is a way you can make their lives easier. You may find that a client has asked you to mount a certain type of TV, but you can’t do it due to liability issues. The solution may be simple, but if you can find a way to solve that problem for others and sell it as a product, you can generate a recurring income from it.
Sign up for HapPhi Venue Ads
HapPhi is a venue advertising network that is exclusively for installers. Installers can set up screens that become advertising jukeboxes. This is a great time to use a venue ad network like HapPhi. HapPhi allows you to create a profile and select the type of venues you are interested in advertising your services at. Customers can create ads that appear on the venue screens. The money comes back to your wallet, residually. Y
Building a residual income as an AV installer is not easy, but it is possible. To do so, you need to decide which types of tasks yield residual income, develop a strong network, create an ongoing lead program, create products and services and sign up for HapPhi venue ads.