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There are many different strategies to generate residual income across a wide array of businesses. It might be recurring income from the same clients or the sales of a product to new clients. It could require no personal involvement whatsoever, like an e-book offered on a website, or it may require 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 your income. By way of example, a coach 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 which limits on your earning capacity based on your own personal production ability. .
This leverages the work of other folks to make income for you. A Few 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 work done by subcontractors.Franchising your business model into other entrepreneurs (the supreme leveraged income). .
Again, there are many different versions 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 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:
Though these require your direct participation, your earning potential is a lot higher than if someone was paying you an immediate hourly fee. Fill a room with 1,000 people paying $50 each and you can cover your facility price, promotional cost, and staffing prices and still have a nice chunk of change left over. .
In the wise ideas like an online course to the dress-me-in-the-white-jacket ideas like writing articles for adsense, Ive thought about nearly every passive check this income flow there's.
During this period the one thing I wanted more than anything else, was a big fat epic list of ALL the possible passive income streams there were.
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Unfortunately no one has even till this day made an entire list. I spent the last week getting wealthy on strong Ethiopian espresso and compiling every different income flow from my head, 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 beloved real-life passive income businesses here.
Ie first you need to haul ass and do something mad, eg compose 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 each morning as sale after sale after sale is madeon an ongoing basis and without any additional work.
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As you can observe passive income flows simply come from assets, and assets are bought with money (eg rental property) or in the case of most of the ideas under, bought through perspiration (eg ebook)!
The much loved model for bloggers and content creators everywhere and for a fantastic reasonits pretty simple to write a 60-80 page ebook, not difficult to sell say $500 value a month through online networking, guest posting and your own SEO optimized site, and well you get to maintain a large whack of this pie after paying affiliates. Hells yeah! Continue reading >.
Who doesnt like some down and dirty affiliate commissions! Particularly if you understand it can be even simpler to earn money this way than using an ebook. After all, you merely need to concentrate on pumping some content to your own site and getting the traffic in, often via Google or social 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 would end up being my #1 source of passive income, I'd have slapped you silly and called the men in white coats to come take you away! And because back then selling goods online was insanely complex and time consuming. Pretty much as non-passive as a business gets. .