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There are many different strategies to generate residual income across a huge array of businesses. It might be recurring income from the very same customers or the earnings of a product to new customers. It may require no personal involvement in any respect, such as an e-book sold on a website, or it can require some personal interaction, such as the insurance agent calling the client to remind them regarding 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 secretary who delivers lunch every Monday into the local school board has recurring income, however it comes from recurring work that limits on your earning capacity based on your own personal production capacity. .
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 author selling her e-book through associates 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 work 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 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 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, for example:
Though these need your immediate participation, your earning potential is a lot greater than when someone was paying you a direct hourly rate. Fill a room with 1,000 people 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 smart 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 large fat epic record of ALL 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 Full Report 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 preferred passive income thoughts right 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 crazy, eg compose a quality 20,000 word blossom (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 see passive income flows simply come from go to the website resources, and resources are either bought with money (eg rental property) or even in the event of most of the ideas under, purchased through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Especially if you realize it can be even easier to make money this way than with an ebook. After all, you merely need to concentrate on pumping some content for your own site and getting the traffic in, often via Google or social media. Unsurprisingly, most 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 up the men in white jackets to come take read the full info here you away! And because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .