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There are many different strategies to generate residual income over a wide array of businesses. It may be recurring income by the same customers or the earnings of a product to new customers. It may necessitate no personal involvement whatsoever, like an e-book sold on a website, or it may 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 each Monday into the local school board has recurring income, however it comes in recurring work that limits on your earning ability based on your own personal production capacity. .
This frees the work of different people to make income for you. A Few 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 who 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 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 may or may not also 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 earn more money by having more people involved. This generally involves a one-time event, such as:
Although these need your direct participation, your earning potential is much greater than when someone was just paying you an immediate hourly rate. Fill a room with 1,000 individuals paying $50 each and you can cover your facility price, promotional price, and staffing fees and have a nice chunk of change left over. .
From the smart ideas like an online course to the dress-me-in-the-white-jacket notions 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 big 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. I spent the last week getting wealthy 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 thoughts here or you could check here you can check out 30 of my beloved real life passive income businesses here.
Ie first you need to haul ass and do something mad, 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 own 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 observe passive income flows simply come from assets, and resources are either bought with money (eg rental property) or in the event of almost all of the ideas below, purchased through perspiration company website (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Particularly if you realize it can be even simpler to make money this way than with an ebook. In the end, you merely need to concentrate on pumping some content to your own site and getting the visitors in, often via Google or social media. Unsurprisingly, most people can enjoy their first affiliate sale within 30 days of starting a blog. Continue reading >.
If you told me a few years back that this might end up being my #1 source of passive income, I'd have slapped you silly and called the men in white jackets to come take you away! And thats because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .