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There are many different ways to generate residual income over a wide array of businesses. It may 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 offered on a website, or it can require 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 mentor or consultant on a monthly retainer, or a caterer who delivers lunch every Monday to the local school board has recurring income, however it comes from recurring work which restricts on your earning capacity based on your own personal production ability. .
This frees the work of other folks to make income for you. Some 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 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 work done by subcontractors.Franchising your business model into other entrepreneurs (the supreme 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 labor, rather than primarily your own. Note that leveraged income might or might not 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:
Though these require your immediate participation, your earning potential is much higher than if someone was paying you a direct hourly rate. 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 smart notions like an online course to the dress-me-in-the-white-jacket ideas like writing posts for adsense, Ive thought about pretty much every passive income flow there is.
During this time the one thing I wanted more than anything else, was a large fat epic list 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. So I spent the past week getting loaded 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 ideas right here or you can check Discover More 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 own iPhone each morning available after sale after sale is madeon an ongoing basis and without any additional work.
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Because you can observe passive income streams simply come from resources, and assets are bought with money (eg rental property) or even in the home case of most of the ideas below, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially if you realize it can be even easier to make money in this way than using an ebook. In the end, you merely need to concentrate on pumping some content for your own site and getting the visitors in, often via Google or societal websites. Unsurprisingly, most people can enjoy their 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'd have slapped you silly and called the men in white coats 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 receives. .