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There are many different strategies to generate residual income across a huge variety of businesses. It might be recurring income by the same clients or the sales of a product to new customers. It may necessitate no personal involvement whatsoever, such as an e-book offered on a website, or it can require some personal interaction, like the insurance agent calling the customer to remind them regarding their renewal.
Note that this is different from recurring income that might still require your involvement to earn your income. For example, 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 in recurring work that restricts on your earning capacity based on your own personal production ability. .
This frees the work of different people to create income for you. A Few Examples of leveraged income include:
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An e-book writer selling her e-book through affiliates who promote the product.A network marketer who builds 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 into 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 labour, rather than mainly 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 type 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:
Though these need your immediate participation, your earning potential is a lot higher than if someone was paying you an immediate hourly fee. Fill in a room with 1,000 people paying $50 each and you can cover your facility price, promotional cost, and staffing fees and 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 big fat epic list of ALL 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 last week getting wealthy on strong Ethiopian espresso and compiling every different income i thought about this stream from my mind, my notes and the net interwebs!
PS Visit Your URL 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 beloved 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 every morning as sale after sale after sale is madeon an ongoing basis and without any additional effort.
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As you can see passive income streams simply come out of assets, and assets are bought with money (eg rental property) or even in the case of most of the ideas under, purchased through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Particularly if you realize it can be even easier to make money this way than using an ebook. After all, you merely need to concentrate on pumping out some content to your own site and getting the visitors 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 site. 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 the men in white jackets to 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. .