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There are many different ways to generate residual income across a huge variety of businesses. It may be recurring income from the same customers or the earnings of a product to new clients. It could require no personal involvement whatsoever, such as an e-book offered on a website, or it may 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 which may still need your involvement to earn your income. By way of instance, a coach or consultant on a monthly retainer, or a caterer who delivers lunch every Monday to the local school board has recurring income, but it comes from recurring work that restricts on your earning capacity based on your own personal production capacity. .
This leverages the work of other people to make income for you. Some 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 who assembles 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 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 mainly your own. Note that leveraged income may or may not also be residual income. When you combine them, that is even better.
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This sort of income requires your direct 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 immediate participation, your earning potential is much higher than when someone was paying you a direct hourly rate. Get More Information Fill in a room with 1,000 individuals paying $50 each and you can cover your facility cost, promotional cost, and staffing prices and have a nice chunk of change left over. .
In the smart notions like an online course to the dress-me-in-the-white-jacket ideas like writing posts 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 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 afternoon made a complete list. I spent the last week getting wealthy on strong Ethiopian espresso and compiling every different income flow from helpful hints 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 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 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 resources, and resources are bought with money (eg rental property) or in the case of most of the ideas below, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Particularly if you realize it can be even simpler to make money this way than using an ebook. After all, you simply need to concentrate on pumping out some content to your own site and getting the visitors in, often via Google or societal websites. Unsurprisingly, most people can enjoy their first affiliate sale within 30 days of starting a site. Continue reading .
If you told me several years back that this might end up being my #1 source of passive income, I'd have slapped you silly and called up 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 gets. .