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There are many different strategies to generate residual income over a huge array of businesses. It might be recurring income by the same customers or the earnings of a product to new customers. It may require no personal involvement whatsoever, such as an e-book offered on a web site, or it can need some personal interaction, like the insurance agent calling the client to remind them regarding their renewal.
Note that this is different from recurring income that might still need your involvement to earn the income. For example, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch each Monday to the local school board has recurring income, but it comes in recurring work which restricts on your earning ability based on your own personal production ability. .
This leverages the work of other people to make income for you. A Few 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 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 job done by subcontractors.Franchising your business model to other entrepreneurs (the supreme 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 labour, rather than primarily your own. Note that leveraged income may or may not be residual income. When you combine them, that is 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, for example:
Although these require 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 people paying $50 each and you can pay for your facility price, promotional cost, and staffing prices and have a nice chunk of change left over. .
From the wise notions 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 Read Full Report flow there is.
During this period the one thing I wanted more than anything else, was a large fat epic list of ALL the possible passive income flows there were.
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Unfortunately no one has even until this day made an entire list. I spent the last 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 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 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 own iPhone each morning as sale after sale look at this site after sale is madeon an ongoing basis and without any additional effort.
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Because you can see passive income streams simply come out of resources, and resources are either bought with money (eg rental property) or even in the case of most of the ideas below, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Particularly in the event that you realize it can be even easier to make money in this way than with an ebook. After all, you simply need to concentrate on pumping some content for your own site and getting the traffic in, often via Google or social websites. Unsurprisingly, most people can enjoy their very 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 goods online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .