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There are many different ways to generate residual income over 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 whatsoever, such as an e-book offered 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 coach or consultant on a monthly retainer, or a secretary who delivers lunch every 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 ability. .
This frees the work of different folks to make income for you. A Few Examples of leveraged income include:
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An e-book writer selling her e-book through associates who promote the product.A network marketer that builds 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 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 from other people's labor, rather than primarily your own. Note that leveraged income might or might not also 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 make 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 much higher than if 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 price, promotional price, 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 pretty much every passive income stream there is.
During this time the one thing I wanted more than anything else, was a big fat epic record of ALL the possible passive income streams there were.
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Unfortunately no one has even until this afternoon made a complete list. So I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income flow from my head, my notes and the world wide interwebs!
PS if you want to cut to the chase you can get access to 3 of my favorite passive income thoughts here or you can check out 30 of my beloved real life passive income businesses here.
Ie reference first you need to haul ass and do something crazy, 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 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 either bought with money (eg rental property) or even in the event of almost all of the ideas under, bought through sweat (eg ebook)!
The much loved version for bloggers and content creators everywhere and to get a good reasonits pretty simple to write a 60-80 page ebook, not difficult to sell say $500 value a month through online networking, guest posting and your own SEO optimized site, and well you get to keep a large whack of this pie after paying affiliates. Hells yeah! Continue reading >.
Who doesnt enjoy some down and dirty affiliate commissions! Especially in the event that you realize it can be even simpler to earn money this way than using an ebook. In the end, you simply need to concentrate on pumping out some content to your own site and getting the traffic in, often via Google or social websites. Unsurprisingly, the majority of people can enjoy their first affiliate sale within 30 days of starting a site. Continue look at more info reading .
If you told me a few 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 coats to take you away! And because back then selling goods online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .