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There are many different ways to generate residual income across a huge array of businesses. It may be recurring income from the same clients or the earnings of a product to new clients. It could necessitate no personal involvement in any respect, such as an e-book sold on a website, or it may require some personal interaction, like the insurance agent calling the client to remind them regarding their renewal.
Note that this is different from recurring income which may still need your involvement to earn the income. For example, a coach or consultant on a monthly retainer, or a secretary who delivers lunch each Monday into the local school board has recurring income, but it comes in recurring work that limits on your earning ability based on your own personal production ability. .
This leverages the work of other folks to make income for you. Some examples of leveraged income include:
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An e-book writer selling her e-book through affiliates that 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 models in many different businesses. The key is that you are making money from other people's labour, rather than mainly your own. Note that leveraged income might or might not be residual income. When you combine them, that is even better.
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This sort 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:
Although these need your direct participation, your earning potential is a lot higher than when someone was just paying you an immediate hourly rate. Fill in a room with 1,000 people paying $50 each and you can pay for your facility cost, promotional cost, and staffing prices and have a nice chunk of change left over. .
In the smart ideas like an online path to description the dress-me-in-the-white-jacket notions 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 record of ALL the potential passive income streams there were.
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Unfortunately no one has even till this afternoon made an entire list. I spent the last week getting loaded on strong Ethiopian espresso and compiling every different income stream 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 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 crazy, eg write a quality 20,000 word blossom (insanely not see this site passive hahahah), but then you have 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 see passive income flows simply come from resources, and assets are bought with money (eg rental property) or even in the event of almost all of the ideas under, purchased through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly if you understand it can be even easier to earn money this way than with an ebook. In the end, you simply need to concentrate on pumping out some content for your own site and getting the traffic in, often via Google or social websites. Unsurprisingly, most people can enjoy their first affiliate sale within 30 days of starting a blog. Continue reading >.
If you told me several years ago 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 jackets to come take you away! And because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .