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There are many different ways to generate residual income across a huge array of businesses. It may be recurring income from the very same clients or the earnings of a product to new clients. It could require no personal involvement whatsoever, 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 which may still need your involvement to earn the income. For example, 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 from recurring work which limits on your earning capacity 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 author selling her e-book through affiliates that promote the product.A network marketer who assembles a downline and receives commissions on the sales made by people in his downline.A general contractor who makes a profit margin on the work done by subcontractors.Franchising your business model to other entrepreneurs (the supreme leveraged income). .
Again, there are many different versions in many different businesses. The key is that you're making money from other people's labor, rather than primarily your own. Note that leveraged income may or may not be residual income. When you combine them, that's 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, for example:
Although these need your immediate participation, your earning potential is a lot greater than when someone was just paying you an immediate hourly rate. Fill a room with 1,000 individuals paying $50 each and you can pay for your facility price, promotional price, and staffing fees and have a nice chunk of change left over. .
From the smart ideas like an online path to the dress-me-in-the-white-jacket ideas like writing posts for adsense, Ive thought about pretty much every passive income flow there's.
During this period 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 till this afternoon made a Check This Out complete list. So I spent the past 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 preferred passive income thoughts 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 mad, 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 every morning as sale after sale after sale is madeon an ongoing basis and without any additional effort.
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Because you can observe passive income flows simply come from resources, and assets are either bought with money why not look here (eg rental property) or even in the event of most of the ideas below, purchased through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Particularly in the event that you understand it can be even simpler to make money in this way than using an ebook. In the end, you merely need to concentrate on pumping out click for more some content for your own site and getting the traffic in, often via Google or societal media. Unsurprisingly, the majority of people can enjoy their very first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me several 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 because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business gets. .