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There are many different strategies to generate residual income over a huge variety of businesses. It may be recurring income from the very same customers or the sales of a product to new clients. It could necessitate no personal involvement in any respect, like an e-book offered on a website, or it can require some personal interaction, like the insurance agent calling the client to remind them about their renewal.
Note that this is different from recurring income that might still require your involvement to earn the income. By way of example, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch every Monday into the local school board has recurring income, however it comes from recurring work that limits on your earning capacity based on your own personal production capacity. .
This frees 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 associates who promote the product.A network marketer who 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 job done by subcontractors.Franchising your business model into other entrepreneurs (the ultimate 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 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 direct participation, your earning potential is a lot greater than if someone was paying you an immediate hourly fee. Fill a room with 1,000 people paying $50 each and you can pay for your facility cost, promotional cost, and staffing fees and still 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 posts for adsense, Ive thought about nearly every passive income stream there's.
During this period the one thing I wanted more than anything else, was a big fat epic list of ALL the possible my company passive income streams there were.
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Unfortunately no one has even till this day made a complete 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 favorite passive income ideas here or you can check out 30 of my favorite real-life passive income businesses here.
Ie first official statement you need to haul ass and do something crazy, eg compose a quality 20,000 word ebook (insanely not passive hahahah), but then you get to sit back and enjoy seeing PayPal sale messages pop up on your own 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 see passive income streams simply come from resources, and assets are bought with money (eg rental property) or even in the case of most of the ideas below, purchased through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Particularly if you realize it can be even simpler to earn money in this way than using an ebook. After all, you merely need to concentrate on pumping some content to 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 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 the men in white jackets to come take you away! And because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .