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There are many different strategies to generate residual income over a wide variety of businesses. It may be recurring income by the same customers or the sales of a product to new clients. It could require no personal involvement in any respect, like an e-book sold on a web site, or it can require some personal interaction, such as the insurance agent calling the client to remind them regarding their renewal.
Note that this is different from recurring income which may still require your involvement to earn your income. By way of example, a coach or consultant on a monthly retainer, or a secretary who delivers lunch each Monday into the local school board has recurring income, but it comes in recurring work which limits on your earning ability based on your own personal production ability. .
This frees the work of other people to create income for you. A Few Examples of leveraged income include:
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An e-book author selling her e-book through associates who promote the product.A network marketer that 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 supreme leveraged income). .
Again, there are many different versions in many different businesses. The key is that you are making money off of other people's labour, rather than mainly your own. Note that leveraged income might or might 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 when someone was just paying you a direct hourly fee. Fill in a room with 1,000 people paying $50 each and you can cover your facility price, promotional price, and staffing prices and have a nice chunk of change left over. .
From the wise notions like an online course to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about nearly every passive income flow there is.
During this period the one thing I wanted more than anything else, was a big fat epic record of ALL the potential passive income streams there were.
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Unfortunately no one has even till this afternoon made an entire list. So I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income stream from my mind, my notes and the world wide interwebs!
PS if you want to cut to the chase you can get access to 3 of my preferred passive income thoughts 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 crazy, eg write a quality 20,000 word ebook (insanely not passive hahahah), but then you have to sit back and enjoy seeing PayPal sale messages pop up on your own 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 see passive income flows simply come from assets, and resources are either bought with money (eg rental property) or in the event of most of the ideas below, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially if you realize it can be even easier to make money this way than using an ebook. In the end, you simply need to concentrate on pumping some content to your own site and getting the traffic 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 back that this would end up being my #1 source of passive income, I'd have slapped you silly and called up the men in white coats to come take you away! And thats because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .