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There are many different strategies to generate residual income over a wide variety of businesses. It might be recurring income from the same customers or the sales of a product to new clients. It could necessitate no personal involvement whatsoever, such as an e-book offered on a web site, or it may require some personal interaction, such as the insurance agent calling the client to remind them about their renewal.
Note that this is different from recurring income that might still need your involvement to earn the income. For example, a mentor 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 in recurring work which limits 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 writer selling her e-book through affiliates that promote the product.A network marketer that 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 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 labor, rather than mainly 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 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:
Though these need your immediate participation, your earning potential is much greater than when someone was just paying you a direct hourly fee. Fill a room with 1,000 people paying $50 each and you can pay for your facility price, promotional cost, and staffing prices 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 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 see it here anything else, was a large fat epic record of ALL the possible passive income flows there were.
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Unfortunately no one has even until this afternoon made an entire list. So I spent the last week getting loaded on strong Ethiopian espresso and compiling every different income stream 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 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 mad, eg compose a quality 20,000 word blossom (insanely not passive hahahah), but then you have to sit back and enjoy seeing PayPal sale messages pop up on your iPhone each morning available after sale after sale is madeon an ongoing basis and without any additional effort.
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Because you can see passive income flows simply come out of assets, and assets are either bought with money (eg rental property) or even in the case of almost all of the ideas below, purchased through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly if you realize it can be even simpler Clicking Here to make money in this way than with an ebook. After all, you merely need to concentrate on pumping out some content for your own site and getting the visitors in, often via Google or societal media. Unsurprisingly, the majority of 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 Your Domain Name 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 come take you away! And because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business gets. .