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There are many different ways to generate residual income across a wide variety of businesses. It may be recurring income from the same clients or the sales of a product to new customers. It may require no personal involvement in any respect, like an e-book sold on a web site, or it can 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 that might still need your involvement to earn the income. For instance, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch each Monday to 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 capacity. .
This frees the work of other folks to create income for you. A Few 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 that 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 job done by subcontractors.Franchising your business model into other entrepreneurs (the ultimate leveraged income). .
Again, there are many different versions 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's even better.
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This type of income requires your immediate participation, but you can make more money by having more people involved. This generally involves a one-time event, such as:
Though these need your immediate participation, your earning potential is much greater than when someone was just paying you a direct hourly rate. Fill in a room with 1,000 individuals paying $50 each and you can pay for your facility cost, promotional cost, and staffing fees and have a nice chunk of change left over. .
In the wise notions like an online path to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about nearly every passive income flow there's.
During this time the one thing I wanted more than anything else, was a big fat epic record of ALL the potential passive income flows there were.
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Unfortunately no one has even until this day made an entire 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 net interwebs!
PS if you want to cut to the chase you can get access to 3 of my favorite passive income thoughts 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 mad, eg write 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 each morning as sale after sale after sale is madeon an ongoing basis and without any additional effort.
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Because you can see passive income streams simply come out of resources, and this 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 in the event that you realize it can be even simpler to make money in this way than with an ebook. In the end, you simply need to concentrate on pumping out some content to your own site and getting the visitors in, often via Google or social media. Unsurprisingly, the majority of people can enjoy their first affiliate sale within 30 days of starting a blog. Continue reading >.
If you told me several 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 take you away! And thats because back then selling goods online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .