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There are many different ways to generate residual income over a huge variety of businesses. It might be recurring income from the very same clients or the sales of a product to new clients. It could require no personal involvement in any respect, such as an e-book offered on a website, or it may require some personal interaction, such as the insurance agent calling the client to remind them regarding their renewal.
Note that this is different from recurring income that might still require your involvement to earn your income. For instance, a mentor or consultant on a monthly retainer, or a caterer 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 different folks to create income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through affiliates that promote the product.A network marketer that builds 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 into other entrepreneurs (the supreme leveraged income). .
Again, there are many different models 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 might or might 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 make more money by having more people involved. This generally involves a one-time event, such as:
Though these require your direct participation, your earning potential is much greater than if someone was paying you a direct hourly rate. Fill in a room with 1,000 individuals paying $50 each and you can cover your facility price, promotional cost, and staffing fees and still have a nice chunk of change left over. .
In the wise ideas like an online path to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about pretty much every passive income flow there's.
During this time the one thing I wanted more than anything else, was a large fat epic list of all of the potential passive income streams there were.
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Unfortunately no one has even till this day made a complete list. So I spent the past 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 preferred 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 mad, 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 own 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 streams simply come from assets, and resources are either bought with money (eg rental property) or in the event of most 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 this way than with an ebook. After all, you simply need to concentrate on pumping out some content to your own site and getting the visitors in, often via Google or social media. 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 would have slapped you silly and called the men in white jackets to take you away! And thats because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as find here a business receives. .