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There are many different ways to generate residual income over a wide array of businesses. It may be recurring income from the very same clients or the earnings of a product to new clients. It may require no personal involvement whatsoever, such as an e-book offered on a web site, or it can need some personal interaction, such as the insurance agent calling the customer to remind them regarding 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 caterer who delivers lunch each Monday to the local school board has recurring income, however it comes in recurring work which limits on your earning ability based on your own personal production capacity. .
This leverages the work of different people to create 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 that assembles a downline and receives commissions on the sales made 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 versions 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 might or might not 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 make a fantastic read 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 a lot greater than if someone was just paying you an immediate hourly fee. Fill in a room with 1,000 individuals paying $50 each and you can pay for your facility price, promotional price, and staffing fees and still have a nice chunk of change left over. .
From the wise ideas like an online path to the dress-me-in-the-white-jacket ideas like writing articles for adsense, Ive thought about pretty much every passive income flow there is.
During this time the one thing I wanted more than anything else, was a large fat epic list of all of the possible passive income flows there were.
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Unfortunately no one has even until this afternoon made an entire list. So I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income stream from my head, 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 thoughts right 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 write 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 effort.
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As you can observe passive income flows simply come from 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 commissions! Especially if you understand it can be even simpler to earn money this way than with an ebook. In the end, you merely need to concentrate on pumping some content for your own site and getting the traffic 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 a few years back 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 come take you away! And because back then selling goods online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .