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There are many different strategies to generate residual income across a wide variety of businesses. It might be recurring income from the same clients or the earnings of a product to new clients. It may require no personal involvement whatsoever, like an e-book sold on a web site, or it can need 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 which may still need your involvement to earn the income. For instance, a coach or consultant on a monthly retainer, or a caterer who delivers lunch every Monday into the local school board has recurring income, but it comes in recurring work that restricts on your earning capacity based on your own personal production ability. .
This leverages the work of other folks to create income for you. A Few 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 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 ultimate 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 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, for example:
Though these need your direct participation, your earning potential is a lot higher than if someone was just paying you a direct hourly rate. Fill in a room with 1,000 individuals paying $50 blog here each and you can cover your facility cost, promotional price, and staffing fees and have a nice chunk of change left over. .
In the wise notions like an online path to the dress-me-in-the-white-jacket ideas like writing posts for adsense, Ive thought about pretty much every passive income flow there is.
During this period the one thing I wanted more than anything else, was a large fat epic record of all of the possible passive income flows 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 head, 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 ideas here find this 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 ebook (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 visit the website without any additional work.
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As you can observe passive income flows simply come from assets, and resources are either bought with money (eg rental property) or in the event of most of the ideas below, bought through sweat (eg ebook)!
Who doesnt enjoy 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 using an ebook. After all, you merely need to concentrate on pumping some content to your own site and getting the traffic in, often via Google or societal websites. Unsurprisingly, the majority of people can enjoy their first affiliate sale within 30 days of starting a site. Continue reading >.
If you told me a few 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 coats 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 gets. .