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There are many different ways to generate residual income over a wide array of businesses. It might be recurring income from the very 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 web site, or it can require some personal interaction, such as the insurance agent calling the client to remind them about their renewal.
Note that this is different from recurring income that might still require your involvement to earn the income. By way of example, a coach 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 in recurring work that restricts on your earning capacity based on your own personal production capacity. .
This leverages the work of different folks to make 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 work done by subcontractors.Franchising your business model to other entrepreneurs (the ultimate leveraged income). .
Again, there are many different models in many different businesses. The key is that you are making money off of 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'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, such as:
Though these require your direct participation, your earning potential is a lot higher than if someone was paying you a direct hourly fee. Fill a room with 1,000 people paying $50 each and you can pay for your facility cost, promotional price, and staffing prices and have a nice chunk of change left over. .
From the wise ideas like an online path to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about nearly every passive income stream there's.
During this time the one thing I wanted more than anything else, was a large fat epic list 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 last week getting wealthy on strong Ethiopian espresso and compiling every different income flow from my head, 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 ideas 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 compose 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 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 assets, and assets are either bought with money (eg rental property) or in the case of almost all of the ideas under, purchased through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Especially in the event that you understand it can be even simpler to earn money in 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 traffic in, often via Google or societal media. Unsurprisingly, most people can enjoy their very first affiliate sale within 30 days of starting a blog. Continue reading >.
If you told me a few years ago that this might end up being my #1 source of passive income, I'd have slapped you silly and called the men in white jackets to take you away! And because back then selling goods online was check my site insanely complex and time consuming. Pretty much as non-passive as a business gets. .