6 Simple Techniques For Residual Income In Switzerland - Passive Residual Income
There are many different strategies to generate residual income over a huge array of businesses. It may be recurring income from the same clients or the sales of a product to new clients. It may require no personal involvement whatsoever, like an e-book sold on a website, or it may require some personal interaction, such as 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 your income. By way of example, a coach 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 from recurring work that restricts on your earning capacity based on your own personal production capacity. .
This leverages the work of other folks to make income for you. Some examples of leveraged income include:
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An e-book writer selling her e-book through affiliates who 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 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're making money from other people's labour, rather than mainly 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 type of income requires your direct participation, but you can earn more money by having more people involved. This generally involves a one-time event, such as:
Although these need your direct participation, your earning potential is much higher than if 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 cost, and staffing prices and still have a nice chunk of change left over. .
In the wise ideas like an online path to the dress-me-in-the-white-jacket ideas like writing articles for adsense, Ive thought about nearly every passive income stream there's.
During this time the one thing I wanted more than anything else, was a large fat epic record of all of the potential passive income streams there were.
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Unfortunately no one has even until this afternoon made an entire list. I spent the last week getting loaded on strong Ethiopian espresso and compiling every different income stream 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 preferred passive income thoughts 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 crazy, eg write 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 own iPhone every 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 streams simply come out of assets, and assets are bought with money (eg rental property) or in the case of almost all of the ideas under, bought through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially if you realize it can be even easier to earn money this way than using an ebook. In the end, you merely need to concentrate on pumping out some content for your own site and getting the visitors in, often via Google or social media. Unsurprisingly, the majority of people can enjoy their first affiliate sale within 30 days of starting a site. Continue reading .
If you told me a few 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 jackets to come take you away! And thats because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .