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There are many different strategies to generate residual income across a wide array of businesses. It may be recurring income from the very same clients or the sales of a product to new clients. It may necessitate no personal involvement in any respect, such as an e-book offered on a web site, or it may require 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 require your involvement to earn the income. By way of instance, a coach or consultant on a monthly retainer, or a secretary who delivers lunch every Monday to the local school board has recurring income, but it comes in recurring work which limits on your earning ability based on your own personal production ability. .
This leverages the work of different 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 that assembles 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 to other entrepreneurs (the ultimate leveraged income). .
Again, there are many different models in many different businesses. The key is that you are making money from other people's labor, rather than primarily your own. Note that leveraged income may or may 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 earn more money by having more people involved. This generally involves a one-time event, for example:
Although these need your direct participation, your earning potential is much greater than when 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 still have a nice chunk of change left over. .
In the smart ideas 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 stream there is.
During this period the one thing I wanted more than anything else, was a large fat epic record of ALL the potential passive income flows there were.
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Unfortunately no one has even until this day made a complete list. I spent the past week getting wealthy 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 right here or you can check out 30 of my company website beloved 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 get to sit back and enjoy seeing PayPal sale messages pop up on your iPhone each morning available after sale after sale is madeon an ongoing basis and without any additional work.
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As you can see passive income flows simply come from assets, and resources are bought with money (eg rental property) or in the case of almost all of the ideas under, purchased through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Particularly in company website the event that you understand it can be even easier to earn money in this way than using an ebook. After all, 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 very first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me a few years back that this would end up being my #1 source of passive income, I'd have slapped you silly and called up the men in white coats to come take you away! And because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .