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There are many different strategies to generate residual income over a wide array of businesses. It might be recurring income from the very same customers or the earnings of a product to new customers. It may require no personal involvement whatsoever, like an e-book sold on a website, or it may require some personal interaction, like the insurance agent calling the client to remind them regarding their renewal.
Note that this is different from recurring income that might still require your involvement to earn your income. For example, 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 ability based on your own personal production capacity. .
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 that builds 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 into other entrepreneurs (the ultimate leveraged income). .
Again, there are many different versions in many different businesses. The key is that you're making money from other people's labour, rather than primarily your own. Note that leveraged income might or might not be residual income. When you combine them, that's even better.
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This sort of income requires your direct participation, but you can make more money by having more people involved. This generally involves right here a one-time event, such as:
Although these need your immediate participation, your earning potential is a lot higher than when someone was paying you an immediate hourly rate. Fill a room with 1,000 individuals paying $50 each and you can pay for your facility price, promotional cost, and staffing fees and still have a nice chunk of change left over. .
In the wise ideas like an online course to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about pretty much every passive income stream there is.
During this period the one thing I wanted more than anything else, was a big fat epic list 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 mind, my notes and the net 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 beloved 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 see passive income flows simply come from assets, and resources are either bought with money (eg rental property) or in the event of almost all of the ideas below, purchased through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Especially if you understand it can be even simpler to make money this way than using an ebook. After all, you merely need to concentrate on pumping some content for your own site and getting the visitors in, often via Google or social websites. Unsurprisingly, most people can enjoy their very first affiliate sale within 30 days of starting a site. Continue reading >.
If you told me address a few 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 because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business gets. .