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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 very same clients or the earnings of a product to new clients. It could necessitate no personal involvement whatsoever, like an e-book offered on a web site, or it may need some personal interaction, like the insurance agent calling the client to remind them regarding their renewal.
Note that this is different from recurring income which may still require your involvement to earn your income. For example, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch every Monday to the local school board has recurring income, but it comes from recurring work which restricts on your earning capacity 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 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 ultimate leveraged income). .
Again, there are many different models in many different businesses. The key is that you're making money from other people's labor, rather than mainly your own. Note that leveraged income might or might not 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 require view publisher site your immediate participation, your earning potential is much greater than when someone was just paying you an immediate hourly fee. Fill in a room with 1,000 individuals 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. .
In the smart notions like an online path 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 anything else, was a big fat epic record of all of 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 past week getting wealthy on strong Ethiopian espresso and compiling every different income stream 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 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 crazy, eg write 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 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 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 under, purchased through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly if you understand it can be even simpler to make money in this way than with an ebook. After all, you merely need to concentrate on pumping out some content to your own site and getting the traffic in, often via Google or social websites. Unsurprisingly, most people can enjoy their very first affiliate sale within 30 days of starting a site. Continue reading .
If you told me several years ago that 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 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. .