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There are many different strategies to generate residual income across a huge variety of businesses. It may be recurring income from the very same clients or the sales of a product to new customers. It could necessitate no personal involvement whatsoever, such as an e-book offered on a web site, or it may need some personal interaction, such as the insurance agent calling the customer to remind them about their renewal.
Note that this is different from recurring income which may still require your involvement to earn the 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, however it comes from recurring work which restricts on your earning capacity based on your own personal production ability. .
This leverages the work of different people to create income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through affiliates who promote the product.A network marketer who assembles a downline and receives commissions on the sales made 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 models in many different businesses. The key is that you're making money from other people's labor, rather than primarily your own. Note that leveraged income might or might not be residual income. When you combine them, that is even better.
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This sort of income requires your direct participation, but you can earn more money by having more people involved. This generally involves a one-time event, for example:
Although these require your immediate participation, your earning potential is a lot higher than when someone was just paying you a direct hourly rate. Fill in a room with 1,000 people paying $50 each and you can cover your facility cost, promotional cost, and staffing prices and have a nice chunk of change left over. .
From the smart notions like an online course to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about nearly every passive income flow there is.
During this time the one thing I wanted more than anything else, was a big fat epic record of all of the possible passive income streams there were.
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Unfortunately no one has even until this day made an entire list. I spent the past week getting wealthy 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 ebook (insanely not passive hahahah), but then you have to sit back and enjoy seeing PayPal sale messages pop up on your own iPhone every morning available after sale after sale is madeon an ongoing basis and without any additional effort.
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As you can see passive income flows simply come from assets, and resources are bought with money (eg rental property) or in the event of most of the ideas below, bought through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially if you understand it can be even simpler to earn money in this way than using an ebook. After all, you merely need to concentrate on pumping some content to your own site and getting the traffic in, often via Google or societal media. Unsurprisingly, the majority of people can enjoy their first affiliate sale within 30 days of starting a site. Continue reading .
If you told me a few years ago that this would end up being my #1 source of passive income, I would have slapped you silly and called the men in white coats to come address take you away! And because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .