Sportsbook Software Entrepreneur Tips: Types of Income
As a new sportsbook software entrepreneur, it is important for you to be aware of the different types of
Sportsbook Software Entrepreneur Tips: 3 Types of Income
Although there are many, many different ways in which you can make money (including running your own sports betting operation), there are 3 types of income:
- Working Income
- Residual Income
- Passive Income
These 3 types of income highlight the 3 different ways in which you can earn cash:
- Work once, get paid once.
- Work once, get paid a number of times
- Do not work, and still get paid.
This is the income that you obtain from your work as a sportsbook software entrepreneur.
On the other hand, if you are still dependent on a 9 to 5 position at a given company, the negative aspect of your working income is that your earnings are capped.
If you want to make extra cash, you either need to work extra hours, negotiate a salary raise, or get a second job. And, since there are so many hours in a day, there is just so much cash that you can make.
If this is your case, you can always opt for starting a side career as a sportsbook software entrepreneur while still working as an employee for a large company.
This is where you get paid a number of times for your working efforts. Put it in different way, this is the cash that you get for work that you did just once.
The great thing about residual income -apart from being paid multiple times- is that it can be scaled, and grown exponentially (until it turns into passive income with time), and this is different than working income, which is linear.
A couple of examples are investing, networking marketing, or even writing a book (where you write the book once, and continue to receive fixed royalties for it).
Passive and residual incomes are very similar, and it is not uncommon for people to mistaken one for the other. However, the difference is that residual income can be called passive income, but the reverse is not true.
This is where you set up a system to receive such income no matter if you are working or not.
Examples of passive income also include investing and networking marketing, plus e-commerce, and a number of different avenues that really don’t require your active involvement.
With that said, to opt for a career as a bookie software entrepreneur is a great idea if you want to obtain excellent profits in the form of passive income.
And the reason is because once you are set up, you really won’t need to follow the day to day operations of your sports betting business (unless that is what you really want to do), and you will still make great money.
In other words, this is a business that in many aspects runs itself.
To obtain the kind of profits that you want to get as a sportsbook software entrepreneur through passive income may take some time, but once you have built a good portfolio of players , your passive income will continue to grow steadily.