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There are many different strategies to generate residual income across a wide variety of businesses. It may be recurring income by the very same customers or the earnings of a product to new clients. It may require no personal involvement whatsoever, like an e-book offered on a website, 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 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 restricts on your earning capacity based on your own personal production ability. .
This leverages the work of different people to make income for you. Some examples of leveraged income include:
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An e-book writer selling her e-book through associates that 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 supreme leveraged income). .
Again, there are many different versions in many different businesses. The key is that you're 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's even better.
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This type of income requires your immediate participation, but you can earn more money by having more people involved. This generally involves a one-time event, such as:
Although these need your immediate participation, your earning potential is much greater than when someone was just paying you an immediate hourly fee. Fill a room with 1,000 people paying $50 each and you can pay for your facility cost, promotional cost, and staffing prices 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 ideas like writing articles for adsense, Ive thought about nearly 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 of 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 past week getting loaded on strong Ethiopian espresso and compiling every different income flow from my mind, 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 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 every morning available after sale after sale is madeon an ongoing basis and without any additional effort.
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As you can see passive income streams simply come from resources, and resources are either bought with money (eg rental property) or even in the event of almost all of the ideas under, bought through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Especially in the event that you understand it can be even simpler to make money in this way than using an ebook. In the end, you simply need to concentrate on pumping out some content to your own site and getting the visitors in, often via Google or social 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 several years ago 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 take you away! And thats because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .