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There are many different ways to generate residual income over a wide array of businesses. It might be recurring income from the very same customers or the sales of a product to new clients. It may necessitate no personal involvement in any respect, such as an e-book sold on a web site, or it can require some personal interaction, like the insurance agent calling the customer to remind them about their renewal.
Note that this is different from recurring income which may still require your involvement to earn the income. For instance, 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 from recurring work which limits on your earning ability based on your own personal production capacity. .
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 author selling her e-book through associates that promote the product.A network marketer who builds a downline and receives commissions on the sales generated by people in his downline.A general contractor who makes a profit margin on the job done by subcontractors.Franchising your business model into other entrepreneurs (the supreme leveraged income). .
Again, there are many different versions in many different businesses. The key is that you are making money off of other people's labor, rather than mainly 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 make more money by having more people involved. This generally involves a one-time event, for example:
Although these need your immediate participation, your earning potential is a lot greater than if someone was just paying you an immediate hourly rate. Fill in a room with 1,000 individuals paying $50 each and you can cover your facility cost, promotional price, and staffing fees and still have a nice chunk of change left over. .
From the wise ideas like an online course to the dress-me-in-the-white-jacket ideas like writing posts for adsense, Ive thought over here about pretty much every passive income flow there's.
During this period the one thing I wanted more than anything else, was a large fat epic record of ALL the possible passive income streams there were.
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Unfortunately no one has even till this day made an entire list. I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income flow from my mind, 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 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 compose 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 work.
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Because you can see passive income flows simply come out of assets, and assets are bought with money (eg rental property) or in the case of almost all of the ideas below, purchased through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Particularly if you realize it can be even simpler to earn money in this way than using an ebook. After all, you simply need to concentrate on pumping some content to your own site and getting the visitors in, often via Google or social websites. Unsurprisingly, most people can enjoy their first affiliate sale within 30 days of starting a site. Continue reading >.
If you told me several years back that this would end up being my #1 source of passive income, I'd have slapped you silly and called the men in white coats to 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. .