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There are many different strategies to generate residual income across a wide array of businesses. It may be recurring income by the very same customers or the sales of a product to new clients. It may require no personal involvement whatsoever, such as an e-book sold on a web site, or it can need some personal interaction, such as the insurance agent calling the client to remind them about 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 every Monday into the local school board has recurring income, but it comes in recurring work that limits on your earning ability based on your own personal production capacity. .
This frees the work of different people to make income for you. A Few Examples of leveraged income include:
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An e-book author selling her e-book through associates who promote the product.A network marketer that builds a downline and receives commissions on the sales made 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 from other people's labour, rather than mainly 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 immediate participation, but you can earn more money by having more people involved. This generally involves a one-time event, such as:
Although these require your immediate participation, your earning potential is much greater than if someone was just paying you an immediate hourly rate. Fill a room with 1,000 people paying $50 each and you can cover your facility price, promotional price, and staffing fees and still have a nice chunk of change left over. .
In 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 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 streams there were.
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Unfortunately no one has even till this afternoon made an entire list. So I spent the last week getting loaded 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 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 crazy, why not try these out eg write 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 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 observe passive income streams simply come out of resources, and assets are either bought with money (eg rental property) or in the event of almost all of the ideas below, bought through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Especially in the event that you realize it can be even simpler to earn money this way than using an ebook. After all, you merely need to concentrate on pumping out some content to your own site and getting the traffic directory 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 a few years ago that this might end up being my #1 source of passive income, I'd have slapped you silly and called the men in white jackets to come take you pop over here away! And thats because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .