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There are many different strategies to generate residual income over a wide array of businesses. It may be recurring income by the very same clients or the sales of a product to new customers. It could necessitate no personal involvement whatsoever, like an e-book offered on a website, or it can need 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 require your involvement to earn your income. For instance, a coach or consultant on a monthly retainer, or a secretary who delivers lunch each Monday to the local school board has recurring income, however it comes from recurring work that restricts on your earning ability based on your own personal production ability. .
This leverages the work of other people 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 who promote the product.A network marketer who builds 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 into other entrepreneurs (the ultimate 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 labour, rather than mainly your own. Note that leveraged income may or may 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 earn 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 a lot 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 cost, promotional cost, and staffing fees and have a nice chunk of change left over. .
From the wise ideas like an online course to the dress-me-in-the-white-jacket ideas like writing articles for adsense, Ive thought about pretty much 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 the potential passive income flows there were.
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Unfortunately no one has even till this afternoon made an entire list. I her latest blog spent the past week getting wealthy 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 favorite 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 mad, eg compose 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 own iPhone each morning as sale 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, and resources are either bought with money (eg rental property) or even in the case 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 simpler to make 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 social media. Unsurprisingly, the majority of people can enjoy their first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me several 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 complicated and time consuming. Pretty much as non-passive as a business gets. .