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There are many different ways to generate residual income over a huge variety of businesses. It may be recurring income by the same clients or the sales of a product to new clients. It could require no personal involvement in any respect, like an e-book sold on a website, or it may need some personal interaction, such as the insurance agent calling the client to remind them regarding their renewal.
Note that this is different from recurring income that might still require your involvement to earn the income. For instance, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch every Monday to the local school board has recurring income, however it comes in recurring work that limits on your earning capacity based on your own personal production ability. .
This leverages the work of other people 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 affiliates 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 to other entrepreneurs (the supreme leveraged income). .
Again, there are many different models in many different businesses. The key is that you're making money from other people's labour, rather than primarily your own. Note that leveraged income might or might not also be residual income. When you combine them, that's even better.
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This sort of income requires your direct 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 higher than if someone was paying you an immediate hourly rate. Fill in a room with 1,000 people paying $50 each and you can pay for your facility price, promotional price, and staffing fees and still have a nice chunk of change left over. .
In the smart ideas like an online path to the dress-me-in-the-white-jacket ideas like writing articles for adsense, Ive thought about pretty much every passive income flow there is.
During this time the one thing I wanted more than anything else, was a big fat epic list of all of the possible passive income flows there were.
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Unfortunately no one has even till this afternoon made an entire list. So I spent the last week getting loaded 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 preferred passive income thoughts 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 mad, eg compose a quality 20,000 word blossom (insanely not passive hahahah), but then you get 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 work.
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As you can see passive income streams simply come from assets, and resources are bought with money (eg rental property) or in the case of almost all of the ideas under, purchased through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Especially if you realize it can be even easier to make money this way than with an ebook. After all, you simply need to concentrate on pumping out some content for your own site and getting the visitors in, often via Google or social media. Unsurprisingly, most people can enjoy their first affiliate sale within 30 days of starting a site. Continue reading .
If you told me a few years back 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 come take you away! And because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .