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There are many different strategies to generate residual income over a wide array of businesses. It might be recurring income from the very same clients or the sales of a product to new clients. It may require no personal involvement in any respect, such as an e-book sold on a website, or it can need some personal interaction, like the insurance agent calling the client to remind them regarding their renewal.
Note that this is different from recurring income that might still need your involvement to earn your income. By way of instance, a coach or consultant on a monthly retainer, or a caterer who delivers lunch every Monday to the local school board has recurring income, but it comes from recurring work that restricts 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 author selling her e-book through affiliates who promote the product.A network marketer that assembles 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 to other entrepreneurs (the ultimate 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 primarily your own. Note that leveraged income might or might 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 immediate participation, your earning potential is much higher than when someone was just paying you an immediate hourly rate. Fill in a room with 1,000 people paying $50 each and you can pay for your facility price, promotional price, and staffing fees and still have a nice chunk of change left over. .
From the wise 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 is.
During this period the one thing I wanted more than anything else, was a big fat epic list of all of the possible passive income streams there were.
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Unfortunately no one has even until this day made an entire list. So I spent the last week getting wealthy 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 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 mad, eg compose a quality 20,000 word blossom (insanely not passive hahahah), but then you have to sit back and this enjoy seeing PayPal sale messages pop up on your iPhone every morning available after sale after sale is madeon an ongoing basis and without any additional work.
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Because you can see passive income flows simply come out of resources, and resources are bought with money (eg rental property) or even in the case of almost all of the ideas below, purchased through sweat (eg ebook)!
The much loved version for bloggers and content creators everywhere and for a good reasonits pretty simple to write a 60-80 page ebook, not hard to sell say $500 worth a month through online networking, guest posting and your own SEO optimized site, and well you get to maintain a large whack of the pie after paying affiliates. Hells yeah! Continue reading >.
Who doesnt enjoy some down and dirty affiliate fees! Especially in the event that you realize it can be even simpler to make money in this way than with an ebook. After all, you merely need to concentrate on pumping some content for your own site and getting the visitors in, often via Google or social websites. Unsurprisingly, the majority of 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 might end up being my #1 source of passive income, I'd have slapped you silly and called 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 pop over here as non-passive as a business receives. .