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There are many different ways to generate residual income across a huge variety of businesses. It might be recurring income from the same clients or the sales of a product to new clients. It may require no personal involvement whatsoever, such as an e-book offered on a website, 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 that might still need your involvement to earn the income. By way of example, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch each Monday into 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 folks to create income for you. A Few Examples of leveraged income include:
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An e-book writer selling her e-book through associates that 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 job 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're making money from other people's labour, rather than primarily your own. Note that leveraged income may or may not be residual income. When you combine them, that is even better.
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This type 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:
Although these need your direct participation, your earning potential is a lot higher than if someone was paying you a direct hourly fee. Fill in a room with 1,000 people paying $50 each and you can pay for your facility price, promotional cost, and staffing fees and have a nice chunk of change left over. .
In the smart notions like an online path to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about pretty much every passive income flow there is.
During this period the one thing I wanted more than anything else, was a large fat epic record of ALL the possible passive income flows there were.
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Unfortunately no one has even till this afternoon made a complete list. So I spent the past 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 30 of my beloved real life passive income businesses here.
Ie first 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 as sale after sale after sale is madeon an published here ongoing basis and without any additional work.
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Because you can observe passive income flows simply come out of assets, and resources are bought with money (eg rental property) or even in the case of most of the ideas below, bought through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Especially if you realize it can be even simpler to make money this way than with an ebook. In the end, you simply need to concentrate on pumping out some content for your own site and getting the visitors in, often via Google or social websites. Unsurprisingly, most people can enjoy their very first affiliate sale within 30 days of starting a site. Continue reading .
If you told me Get More Info several 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 jackets to take you away! And thats because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business gets. .