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There are many different ways to generate residual income over a huge array of businesses. It may be recurring income from the very same clients or the earnings of a product to new customers. It could necessitate no personal involvement whatsoever, such as an e-book offered on a web site, or it can need 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 your income. For instance, a mentor 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 in recurring work which restricts on your earning capacity based on your own personal production capacity. .
This leverages the work of different people to create income for you. Some examples of leveraged income include:
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An e-book author 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 models in many different businesses. The key is that you are making money from other people's labour, rather than primarily 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 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 direct participation, your earning potential is much greater than when someone was paying you a direct hourly rate. Fill 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. .
In the wise notions 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 is.
During this time the one thing I wanted more than anything else, was find a large fat epic list of ALL the potential passive income streams there were.
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Unfortunately no one has even until this day made a complete list. So I spent the past week getting loaded on strong Ethiopian espresso and compiling every different income stream 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 ideas right 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 crazy, eg compose 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 each morning available after sale after sale is madeon an ongoing basis and without any additional effort.
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Because you can observe passive income streams simply come from resources, and resources are either bought with money (eg rental property) or even in the case of almost all of the ideas below, bought 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 earn money this way than with an ebook. In the end, you merely need to concentrate on pumping out 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 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 would have slapped you silly and called up the men in white jackets to take you away! And because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .