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There are many different strategies to generate residual income across a huge array of businesses. It may be recurring income by the same customers or the sales of a product to new customers. It could necessitate no personal involvement whatsoever, like an e-book sold on a web site, or it can need some personal interaction, like the insurance agent calling the customer 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 example, a mentor 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 in recurring work which restricts on your earning capacity based on your own personal production capacity. .
This frees the work of other people to make income for you. Some examples of leveraged income include:
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An e-book writer selling her e-book through affiliates who 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 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 are making money off of other people's labor, rather than mainly your own. Note that leveraged income may or may not be residual income. When you combine them, that's even better.
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This sort of income requires your immediate participation, but you can make 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 much higher than when someone was just paying you an immediate hourly company website rate. Fill a room with 1,000 people paying $50 each and you can cover your facility cost, promotional price, and staffing fees and have a nice chunk of change left over. .
From the smart 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 period the one thing I wanted more than anything else, was a big fat epic list of all of the potential passive income flows there were.
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Unfortunately no one has even till this day made an entire list. 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 ideas here or you can check out find 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 blossom (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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Because you can see passive income flows simply come out of assets, and assets are bought with money (eg rental property) or in the event of almost all of the ideas under, purchased through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Particularly if you understand it can be even simpler to earn money this way than using an ebook. In the end, you simply need to concentrate on pumping some content for your own site and getting the traffic in, often via Google or societal media. Unsurprisingly, most people can enjoy their first affiliate sale within 30 days of starting a blog. Continue reading >.
If you told me a few years ago that this would end up being my #1 source of passive income, look at here I would have slapped you silly and called the men in white jackets to take you away! And thats because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .