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There are many different ways to generate residual income across a huge array of businesses. It might be recurring income from the same customers or the earnings of a product to new customers. It may require no personal involvement in any respect, like an e-book sold 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 that might still require your involvement to earn your income. By way of example, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch each Monday to the local school board has recurring income, but it comes in recurring work that restricts on your earning ability based on your own personal production ability. .
This frees 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 associates that 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 into other entrepreneurs (the supreme leveraged income). .
Again, there are many different models in many different businesses. The key is that you are making money from other people's labour, rather than primarily 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 type 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:
Though these need your direct participation, your earning potential is a lot higher than if someone was paying you a direct hourly rate. Fill in a room with 1,000 people paying $50 each and you can pay for your facility cost, promotional cost, and staffing prices and still have a nice chunk of change left over. .
From the smart ideas like an online course to the dress-me-in-the-white-jacket ideas 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 large fat epic record of ALL the potential passive income flows there were.
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Unfortunately no one has even until this afternoon 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 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 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 work.
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Because you can see passive income streams simply come out of resources, and resources are either Click This Link bought with money (eg rental property) or in the event of most of the ideas below, bought through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Especially if you understand it can be even simpler to earn money in this way than with an ebook. After all, you merely need to concentrate on pumping some content for your own site and getting the traffic 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 site. Continue reading >.
If you told me several years ago that this would end up being my #1 source of passive income, I'd have slapped you silly and called Look At This the men in white coats 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 receives. .