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There are many different strategies to generate residual income across a wide array of businesses. It might be recurring income from the same customers or the earnings of a product to new customers. It could necessitate no personal involvement in any respect, like an e-book offered on a website, or it may require some personal interaction, such as the insurance agent calling the customer to remind them about their renewal.
Note that this is different from recurring income which may still require your involvement to earn the income. For instance, a coach or consultant on a monthly retainer, or a caterer who delivers lunch every Monday to the local school board has recurring income, but it comes from recurring work which limits on your earning capacity based on your own personal production capacity. .
This leverages the work of different folks to make income for you. A Few Examples of leveraged income include:
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An e-book writer selling her e-book through associates who promote the product.A network marketer that 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 work done by subcontractors.Franchising your business model into other entrepreneurs (the ultimate leveraged income). .
Again, there are many different versions in many different businesses. The key is that you are making money from other people's labour, rather than primarily your own. Note that leveraged income might or might not also be residual income. When you combine them, that is 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, for example:
Though these need your direct participation, your earning potential is much higher than if someone was just paying you a direct hourly rate. Fill in a room with 1,000 people paying $50 each and you can pay for your facility price, promotional cost, and staffing fees and have a nice chunk of change left over. .
From the smart notions like an online path to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about nearly every passive income flow there's.
During this period the one thing I wanted more than anything else, was a large fat epic record of all of the possible passive income flows there were.
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Unfortunately no one has even till site web this day made an entire list. I spent the last week getting loaded on strong Ethiopian espresso and compiling every different income flow from my head, 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 ideas here or you can check out 30 of my beloved 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 iPhone each morning as sale after sale after sale is madeon an ongoing basis and without any additional work.
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As you can observe passive income flows simply come from resources, and resources are bought with money (eg rental property) or even in the case of almost all of the ideas below, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Especially if you understand it can be even easier to make money in this way than with an ebook. In the end, you merely need to concentrate on pumping out some content to our website your own site and getting the visitors in, often via Google or social websites. Unsurprisingly, the majority of people can enjoy their very first affiliate sale within 30 days of starting a site. 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 coats to take you away! And thats because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .