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There are many different strategies to generate residual income across a huge variety of businesses. It may be recurring income from the very same customers or the sales of a product to new customers. It may necessitate no personal involvement whatsoever, such as an e-book sold on a website, or it may need some personal interaction, such as the insurance agent calling the customer to remind them about their renewal.
Note that this is different from recurring income that might still require your involvement to earn your income. By way of instance, a coach or consultant on a monthly retainer, or a caterer who delivers lunch each Monday into the local school board has recurring income, however it comes in recurring work which limits on your earning capacity 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 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 ultimate 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 labour, rather than primarily 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 sort 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 require your direct participation, your earning potential is a lot greater than if someone was just paying you a direct hourly rate. Fill a room with 1,000 people paying $50 each and you can cover your visit our website facility cost, promotional price, 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 notions like writing posts 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 list of ALL the potential passive income streams there were.
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Unfortunately no one has even till this afternoon made a complete list. I spent the last week getting wealthy on strong Ethiopian espresso and compiling every different income stream 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 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 write a quality 20,000 word blossom (insanely not passive hahahah), but then you get 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 observe passive income flows simply come from resources, and assets are bought with money (eg rental property) or in the case of almost all of the ideas below, purchased through sweat (eg ebook)!
The much loved model for bloggers and content creators everywhere and for a good reasonits pretty easy to compose a 60-80 page ebook, not hard to market 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 commissions! Particularly if you understand it can be even simpler to earn money in this way than using an ebook. After all, you merely need to concentrate on pumping out some content to your own site and getting the visitors in, often via Google or social 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'd have slapped you silly and called the men in white coats to come take you away! And thats because back then selling goods online Website was insanely complex and time consuming. Pretty much as non-passive as a business receives. .