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There are many different strategies to generate residual income over a huge array of businesses. It may be recurring income by the same clients 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 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 secretary who delivers lunch each Monday into the local school board has recurring income, but it comes from recurring work that restricts on your earning ability based on your own personal production capacity. .
This leverages the work of different 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 associates that 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 supreme leveraged income). .
Again, there are many different models 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'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 a lot higher than if someone was paying you a direct hourly fee. Fill in a room with 1,000 individuals paying $50 each and you can pay for your facility cost, promotional cost, and staffing fees and have a nice chunk of change left over. .
From the wise notions like an online path to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about pretty much every passive income flow there's.
During this period 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 day made an entire 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 net interwebs!
PS if you want to cut to the chase you can get access to 3 of my favorite 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 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 every morning available after sale after sale is madeon an ongoing basis and without any additional work.
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As you can observe passive income streams simply come from assets, and assets are either bought with money (eg rental property) or in the case of most of the ideas below, bought through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Particularly if you understand it can be even easier to make money in this way than with an ebook. In the end, you simply need to concentrate on pumping out some content to your own site and getting the traffic in, often via Google or societal 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 a few 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 that site as a business gets. .