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There are many different strategies to generate residual income across a wide array of businesses. It might be recurring income by the same clients or the sales of a product to new clients. It could necessitate no personal involvement in any respect, like an e-book sold on a web site, or it may need 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 your income. By way of example, a coach 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 that restricts on your earning ability based on your own personal production ability. .
This leverages the work of different people 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 who promote the product.A network marketer who 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 are making money off of other people's labour, rather than primarily your own. Note that leveraged income may or may not be residual income. When you combine them, that's even better.
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This sort of income requires your direct participation, but you can make more money by having more people involved. This generally involves a one-time event, for example:
Though these require your direct participation, your earning potential is much higher than when someone was paying you a direct hourly fee. Fill in a room with 1,000 people paying $50 each and you can pay for your facility cost, promotional cost, and staffing prices and 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 about nearly every passive income flow there is.
During this period the one thing I wanted more than anything else, was a big fat epic list 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. So I spent the last week getting wealthy on strong Ethiopian espresso and compiling every different income stream 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 right here or 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 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 every morning available after sale after sale informative post is madeon an ongoing basis and without any additional effort.
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As you can observe passive income flows simply come out of resources, and resources are bought with money (eg rental property) or even in the event of almost all of the ideas below, bought through perspiration (eg ebook)!
The much loved version for bloggers and content creators everywhere and to get a fantastic reasonits pretty simple to write a 60-80 page ebook, not hard to sell say $500 worth a month through online networking, guest posting and your own SEO optimized site, and well you get to maintain a large whack of this pie after paying affiliates. Hells yeah! Continue reading .
Who doesnt enjoy some down and dirty affiliate commissions! Particularly if you understand it can be even simpler to make money this way than using 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 websites. Unsurprisingly, most people can enjoy their first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me several years back that this would end up being my #1 source of passive income, I would have slapped you silly and called up the men in white coats to take you away! And thats because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .