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There are many different ways to generate residual income over a huge variety of businesses. It might be recurring income by the same clients or the earnings of a product to new customers. It could require no personal involvement in any respect, such as 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 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 mentor or consultant on a monthly retainer, or a secretary who delivers lunch each Monday into the local school board has recurring income, however it comes in recurring work that restricts on your earning ability based on your own personal production ability. .
This frees the work of other people to make income for you. Some examples of leveraged income include:
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An e-book writer selling her e-book through associates 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 versions 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 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 direct participation, but you can make more money by having more people involved. This generally involves a one-time event, for example:
Although these require your immediate participation, your earning potential is a lot greater than if someone was paying you an immediate hourly fee. Fill a room with 1,000 people paying $50 each and you can pay for your facility cost, promotional price, and staffing fees and have a nice chunk of change left over. .
In the wise ideas like an online path to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about nearly every passive income stream there is.
During this time the one thing I wanted more than anything else, was a big fat epic record of all of the potential passive income flows there were.
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Unfortunately no one has even see this page till this day made a complete list. I spent the last week getting loaded on strong Ethiopian espresso and compiling every different income flow from my mind, my notes and the net interwebs!
PS if you want to cut to the chase you can get access to 3 of my preferred 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 own iPhone each morning as sale after sale after sale is madeon an ongoing basis and without any additional work.
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As you can see 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 sweat (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Especially in the event that you realize it can be even simpler 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 websites. Unsurprisingly, the majority of people can enjoy their first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me a few years ago that this might end up being my #1 source of passive income, I would have slapped you silly and called up 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. .