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There are many different ways to generate residual income across a wide variety of businesses. It may be recurring income from the same customers or the sales of a product to new customers. It may require no personal involvement whatsoever, like an e-book offered on a web site, or it may require some personal interaction, like the insurance agent calling the client to remind them about their renewal.
Note that this is different from recurring income which may still need your involvement to earn your income. By way of instance, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch each Monday into the local school board has recurring income, but it comes from recurring work that limits on your earning capacity based on your own personal production ability. .
This leverages the work of other folks to create income for you. A Few Examples of leveraged income include:
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An e-book writer selling her e-book through affiliates that promote the product.A network marketer who assembles a downline and receives commissions on the sales generated by people in his downline.A general contractor who makes a profit margin on the job done by subcontractors.Franchising your business model to other entrepreneurs (the ultimate leveraged income). .
Again, there are many different versions in many different businesses. The key is that you're making money off of other people's labor, rather than mainly your own. Note that leveraged income may or may not also be residual income. When you combine them, that's even better.
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This sort of income requires your immediate participation, but you can make more money by having more people involved. This generally involves a one-time event, such as:
Though these require your immediate participation, your earning potential is a lot higher than if someone was paying you a direct hourly fee. Fill in a room with 1,000 individuals paying $50 each and you can pay for your facility cost, promotional cost, and staffing fees and have a nice chunk of change left over. .
From the smart ideas like an online path to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about nearly every passive income stream there's.
During this period the one thing I wanted more than anything else, was a big fat epic record of ALL the potential passive income flows there were.
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Unfortunately no one has even till this day made a complete list. I spent the last week getting loaded on strong Ethiopian espresso and compiling every different income flow from my head, my notes and the net interwebs!
PS if you want to cut to the chase you can get access to 3 of my favorite passive income thoughts right here or you can check out 30 of my favorite real-life passive income businesses here.
Ie first you need to haul ass and do something mad, eg compose a quality 20,000 word blossom (insanely not passive hahahah), but then you get to sit back and enjoy seeing PayPal sale messages pop up on your iPhone each morning as sale after sale after sale is madeon an ongoing basis and without any additional work.
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As you can observe passive income streams simply come from assets, and assets are bought with money (eg rental property) or in the event of almost all of the ideas below, purchased through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Especially if you understand it can be even simpler to earn money this way than with an ebook. click here for info After all, you merely need to concentrate on pumping some content to your own site and getting the visitors in, often via Google or societal media. Unsurprisingly, most people can enjoy their first affiliate sale within 30 days of starting a site. Continue reading .
If you told me several years ago that this would end up being my #1 source of passive income, I'd have slapped you silly and called the men in white jackets to take you away! And thats because back then selling goods online was insanely complex and time consuming. Pretty much as non-passive as find out here now a business receives. .