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There are many different strategies to generate residual income across a wide variety of businesses. It may be recurring income from the same clients or the earnings of a product to new clients. It could require no personal involvement whatsoever, like an e-book offered on a web site, or it may require some personal interaction, such as the insurance agent calling the customer to remind them regarding their renewal.
Note that this is different from recurring income that might still need your involvement to earn the income. By way of instance, 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 that restricts on your earning capacity based on your own personal production ability. .
This leverages the work of other people 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 associates who promote the product.A network marketer who assembles 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 to other entrepreneurs (the supreme leveraged income). .
Again, there are many different models 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 is even better.
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This sort of income requires your direct 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 fee. Fill a room with 1,000 people paying $50 each and you can cover your facility cost, promotional cost, and staffing prices and have a nice chunk of change left over. .
From the smart notions like an online path to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about nearly every passive income flow there is.
During this time the one thing I wanted more than anything else, was a large fat epic list of ALL the potential passive income streams there were.
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Unfortunately no one has even till this afternoon made a complete list. I spent the last week getting loaded on strong Ethiopian espresso and compiling every different income stream 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 ideas 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 ebook (insanely not passive hahahah), but then you have 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 assets, dig this and assets are either bought with money (eg rental property) check it out or even in the event of most of the ideas under, purchased through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Particularly if you realize 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 to your own site and getting the visitors in, often via Google or social websites. Unsurprisingly, the majority of people can enjoy their first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me click here for more info a few years ago 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 take you away! And thats because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .