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There are many different ways to generate residual income across a wide array of businesses. It may be recurring income from the very same customers or the earnings of a product to new customers. It could require no personal involvement whatsoever, like an e-book sold on a web site, or it can 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 need your involvement to earn the income. By way of example, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch every Monday to the local school board has recurring income, however it comes in recurring work which restricts on your earning capacity based on your own personal production ability. .
This leverages the work of other people to make income for you. A Few Examples of leveraged income include:
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An e-book writer selling her e-book through associates 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 to other entrepreneurs (the supreme 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 be residual income. When you combine them, that is 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, for example:
Though these require your immediate participation, your earning potential is a lot higher than when someone was just paying you an immediate hourly rate. Fill in a room with 1,000 individuals paying $50 each and you can cover your facility price, promotional cost, and staffing prices and still have a nice chunk of change left over. .
In the smart 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 stream there's.
During this time the one thing I wanted more than anything else, was a large fat epic list of all of the possible passive income flows there were.
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Unfortunately no one has even until this day made a complete list. So I spent the past his explanation week getting wealthy 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 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 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 work.
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Because you can see passive income flows simply come from resources, and assets are bought with money (eg rental property) or in the event of most of the ideas below, purchased through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Particularly if you realize it can be even easier to earn money this way than using an ebook. After all, you simply need to concentrate on pumping some content for your own site and getting the visitors in, often via Google or societal websites. Unsurprisingly, the majority of people can enjoy their very first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me a few years back that this would end up being my #1 source of passive income, I would have slapped you silly and called up the men in white jackets to come take you away! And because back then selling goods online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .