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There are many different ways to generate residual income across a wide array of businesses. It may be recurring income by the very same clients or the sales of a product to new clients. It could necessitate no personal involvement whatsoever, like an e-book offered on a website, or it may need 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 require your involvement to earn the income. By way of instance, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch every Monday to the local school board has recurring income, but it comes in recurring work which limits on your earning capacity based on your own personal production capacity. .
This leverages the work of different people to make income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through associates that promote the product.A network marketer who builds a downline and receives commissions on the sales generated by people in his downline.A general contractor who makes a profit margin on the work 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 off of other people's labor, rather than primarily 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 earn more money by having more people involved. This generally involves a one-time event, such as:
Although these need your direct 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 pay for your facility price, promotional price, and staffing prices and have a nice chunk of change left over. .
In the wise notions 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 flow there is.
During this period the one thing I wanted more than anything else, was click here for info a large 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. I spent the past 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 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 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 every morning available after sale after sale is madeon an ongoing basis and without any additional effort.
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As you can observe passive income flows simply come from resources, and resources are bought with money (eg rental property) or even in the event of almost all of the ideas below, bought through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Particularly 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 out some content for 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 blog. Continue reading >.
If you told me several years back that this might end up being my #1 source of passive income, I would have slapped you silly and called up the men in white coats to come 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. .