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There are many different strategies to generate residual income over a wide array of businesses. It might be recurring income by the same clients or the sales of a product to new customers. It could require no personal involvement whatsoever, like an e-book offered on a website, or it can require some personal interaction, like the insurance agent calling the client to remind them about their renewal.
Note that this is different from recurring income which may still need your involvement to earn your income. For instance, a coach or consultant on a monthly retainer, or a caterer who delivers lunch every Monday into the local school board has recurring income, however it comes from recurring work which limits on your earning capacity based on your own personal production ability. .
This frees the work of other people to create 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 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 job done by subcontractors.Franchising your business model to other entrepreneurs (the supreme leveraged income). .
Again, there are many different models in many different businesses. The key is that you're making money off of other people's labor, rather than mainly your own. Note that leveraged income may or may 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, for example:
Although these need your immediate participation, your earning potential is much greater than if someone was paying you an immediate hourly fee. Fill 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. .
From the smart ideas like an online course to the dress-me-in-the-white-jacket ideas like writing articles 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 large fat epic list of all of the potential passive income streams there were.
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Unfortunately no one has even until 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 world wide 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 crazy, eg write a quality 20,000 word blossom (insanely not passive hahahah), but then you have to sit back and enjoy seeing PayPal sale messages pop up on your iPhone every morning available after sale after sale is madeon an ongoing basis and without any additional work.
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Because you can see passive income streams simply come from assets, and assets are bought with money (eg rental property) or even in the event of almost all of the ideas below, purchased through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Especially Get More Info in the event that you understand it can be even simpler to earn money this way than using an ebook. After all, you merely 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 back 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 because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .