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There are many different strategies to generate residual income across a wide array of businesses. It may be recurring income from the same customers or the sales of a product to new clients. It may require no personal involvement in any respect, like an e-book offered on a web site, or it may require some personal interaction, such as 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. By way of instance, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch every Monday into the local school board has recurring income, however it comes from recurring work which limits on your earning ability based on your own personal production ability. .
This frees the work of other 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 that 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 ultimate leveraged income). .
Again, there are many different versions in many different businesses. The key is that you are making money off of other people's labor, rather than mainly your own. Note that leveraged income may or may not also 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 make more money by having more people involved. This generally involves a one-time event, for example:
Though these need your direct participation, your earning potential is a lot greater than if someone was paying you a direct hourly rate. Fill in a room with 1,000 individuals paying $50 each and you can pay for your facility price, promotional price, and staffing prices and still have a nice chunk of change left over. .
From the wise notions like an online course to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about pretty much every passive income flow there's.
During this time the one thing I wanted more than anything else, was a big fat epic list of all of the possible passive income flows there were.
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Unfortunately no one has even until this afternoon made a complete list. So I spent the last week getting loaded on strong Ethiopian espresso and compiling every different income stream from my mind, my notes and the world wide interwebs!
PS if you want to cut to the chase you can get access to 3 of my preferred 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 crazy, 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 iPhone every 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 out of resources, and resources 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 fees! Especially if you understand it can be even easier to earn money this way than with an ebook. In the end, you simply need to concentrate on pumping out some content for your own site and check my reference 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 blog. Continue reading .
If you told me several years ago that this might end up being my #1 source of passive income, I would 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 receives. .