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There are many different strategies to generate residual income over a wide variety of businesses. It may be recurring income from the same customers or the earnings of a product to new customers. It may necessitate no personal involvement whatsoever, like an e-book offered on a web site, or it may require 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 your income. For instance, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch each Monday into the local school board has recurring income, but it comes from recurring work which restricts on your earning capacity based on your own personal production capacity. .
This frees the work of different folks to make income for you. Some examples of leveraged income include:
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An e-book writer selling her e-book through affiliates that 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 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 are 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 type of income requires your direct participation, but you can make more money by having more people involved. This generally involves a one-time event, such as:
Though these require your immediate participation, your earning potential is much greater than if someone was paying you an immediate hourly fee. Fill a room with 1,000 individuals paying $50 each and you can cover your facility price, promotional cost, and staffing fees and have a nice chunk of change left over. .
In the wise notions like an online path to the dress-me-in-the-white-jacket ideas like writing posts for adsense, Ive thought about nearly every passive income stream there's.
During this period the one thing I wanted more than anything else, was a big fat epic record of all of the possible passive income flows there were.
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Unfortunately no one has even until this afternoon made an entire list. So I spent the last week getting wealthy on strong Ethiopian espresso and compiling every different income flow 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 pop over to these guys 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 write 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 effort.
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As you can see passive income streams simply come from assets, and assets are either bought with money (eg rental property) or even in the event of almost all of the ideas under, bought through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially in the event that you realize it can be even simpler to make 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 social media. 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 several years back that this might end up being my #1 source of passive income, I would have slapped you silly and called the men in white coats 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 gets. .