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There are many different ways to generate residual income across a wide variety of businesses. It might be recurring income from the same customers or the sales of a product to new customers. It may require no personal involvement in any respect, like an e-book sold on a web site, or it may need some personal interaction, such as the insurance agent calling the customer to remind them regarding their renewal.
Note that this is different from recurring income that might still need your involvement to earn the income. For instance, a coach or consultant on a monthly retainer, or a secretary who delivers lunch each Monday into the local school board has recurring income, but it comes in recurring work which limits on your earning ability based on your own personal production capacity. .
This leverages the work of other folks to make income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through associates who promote the product.A network marketer who 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 supreme leveraged income). .
Again, there are many different versions in many different businesses. The key is that you're making money off of other people's labor, rather than primarily your own. Note that leveraged income might or might not also be residual income. When you combine them, that is even better.
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This type of income requires your immediate participation, but you can earn more money by having more people involved. This generally involves a one-time event, such as:
Although these require your immediate participation, your earning potential is a lot higher than when someone was paying you an immediate hourly rate. Fill a room with 1,000 individuals paying $50 each and you can cover your facility cost, promotional cost, and staffing fees and still have a nice chunk of change left over. .
From the smart 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 stream there is.
During this period the one thing I wanted more than anything else, was a big fat epic record of ALL the potential passive income streams there were.
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Unfortunately no one has even until this afternoon made an entire list. I spent the past week getting wealthy 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 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 crazy, eg compose a quality 20,000 word ebook (insanely not passive hahahah), but then you have to sit back and enjoy seeing PayPal sale messages pop up on your 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 flows simply come out of resources, and resources are either bought with money (eg rental property) or even in the case of almost all of the ideas below, bought through go to my blog perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly in the event that you understand it can be even easier to earn money in this way than with an ebook. After all, you simply need to concentrate on pumping some content for your own site and getting the traffic in, often via Google or societal media. Unsurprisingly, most people can enjoy their very first affiliate sale within 30 days of starting a site. Continue reading >.
If you told me a few years back that this would 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 because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a Visit Your URL business receives. .