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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 same clients or the sales of a product to new clients. It could require no personal involvement whatsoever, such as an e-book offered on a website, or it may need some personal interaction, like the insurance agent calling the client to remind them about their renewal.
Note that this is different from recurring income that might still need your involvement to earn your income. For instance, a mentor 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 from recurring work which limits on your earning ability based on your own personal production capacity. .
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 author selling her e-book through affiliates who promote the product.A network marketer who 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 job done by subcontractors.Franchising your business model into other entrepreneurs (the supreme leveraged income). .
Again, there are many different versions 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's even better.
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This sort 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:
Though these need your direct participation, your earning potential is much higher than if someone was just paying you an immediate hourly rate. Fill in a room with 1,000 people paying $50 each and you can pay for your facility cost, promotional cost, and staffing prices and still 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 is.
During this period the one thing I wanted more than anything else, was a large fat epic record of all of the potential passive income flows there were.
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Unfortunately no one has even till this day made a complete list. I spent the past 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 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 Continued iPhone each 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 flows simply come out of resources, and assets are either bought with money (eg rental property) or even in the event of most of the ideas below, purchased through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially in the event that you understand it can be even easier to make money this way than with an ebook. In the end, you merely need to concentrate on pumping some content to your own site and getting the visitors in, often via Google or societal 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 several years back 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 away! And thats because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .