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There are many different strategies to generate residual income across a wide array of businesses. It may be recurring income by the very same customers or the sales of a product to new clients. It could necessitate no personal involvement whatsoever, like an e-book sold on a web site, or it can require some personal interaction, like the insurance agent calling the client to remind them regarding their renewal.
Note that this is different from recurring income which may still require your involvement to earn the income. For example, 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 ability based on your own personal production ability. .
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 writer selling her e-book through affiliates that promote the product.A network marketer that 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 into 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's 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 a lot higher than when someone was paying you an immediate hourly rate. Fill in a room with 1,000 people paying $50 each and you can cover your facility price, promotional price, and staffing fees 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 articles for adsense, Ive thought about pretty much every passive income flow there's.
During this period the one thing I wanted more than anything else, was a big fat epic record of all of the possible passive Residual Income Ideas in Switzerland income streams there were.
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Unfortunately no one has even till this afternoon made an entire list. I spent the last week getting wealthy on strong Ethiopian espresso and compiling every different income stream from 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 favorite 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 compose 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 own 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 flows simply come from assets, and resources are bought with money (eg rental property) or even in the case of almost all of the ideas below, purchased through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Especially in the event that you understand it can be even easier 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 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 thats because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .