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There are many different strategies to generate residual income over a wide variety of businesses. It may be recurring income by the same customers or the sales of a product to new customers. It could necessitate no personal involvement in any respect, 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 which may 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 into the local school board has recurring income, but it comes from recurring work that limits on your earning capacity based on your own personal production capacity. .
This leverages the work of different 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 affiliates that promote the product.A network marketer who 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 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 labor, rather than primarily your own. Note that leveraged income might or might not be residual income. When you combine them, that's even better.
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This sort of income requires your immediate participation, but you can earn 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 greater than if someone was paying you a direct hourly rate. Fill a room with 1,000 people paying $50 each and you can cover your facility cost, promotional cost, and staffing prices 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 notions like writing posts for adsense, Ive thought about nearly every passive income flow there is.
During this time the one thing I wanted more than anything else, was a big fat epic list of all of 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 last week getting loaded on strong Ethiopian espresso and compiling every different income stream from my mind, 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 favorite real life passive income businesses here.
Ie first you need to haul ass and do something mad, eg compose look these up 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 iPhone each 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 either 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 commissions! Particularly if you realize it can be even simpler to earn money this way than using 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 societal media. Unsurprisingly, the majority of 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 Visit Your URL being my #1 source of passive income, I would have slapped you silly and called the men in white jackets to take you away! And because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business gets. .