While most of the world’s population spend their days working for someone else, there are some of us just crazy enough to want to own our own businesses. But starting a business, be it a traditional one or something that others might scratch their heads about (until they discover how much you earn), can be a challenge.
That’s where franchises come in. Franchises are business systems that have been developed and fine tuned by others, and all you have to do is buy a license, plug into their system, and prosper. At least that’s the idea.
And while some franchises require ongoing advertising and sales, even to get the same customers back in the door over and over, some franchises benefit from a model of recurring revenue.
The idea, of course, is to sell once and keep on earning for a long time to come.
But it doesn’t have to be a traditional retail franchise. You could also benefit from a story or creative franchise, like a film or book series.
Here are a few more examples:
1. Patents
One of the biggest sources of passive income comes from patents. Patents are the way in which you get paid for having an idea. By registering the idea as well as its practical applications, you can get paid every time someone uses your product. This means that you can continue to earn until the patent expires.
2. Write a Book
With the advent of e-readers, you no longer need to go through a publisher in order to get a passive income from books. In fact, you can create anything and put it on the market place. Have you never seen something in literature that you believe should be there? Do you have the next great idea for the American Novel? Don’t wait. Put your stuff out there and collect your hard earned passive income.
3. Make a Songs
Not every person has to have a record contract to make money through songs. In fact, all you need are instruments and some luck. Passive income comes from other people getting the right to either play or listen to your music. In addition, you can be paid on certain sites, like Spotify, every time a person listens to your song. So, start creating and putting yourself out there. The more you create, the more likely something you create will turn into a hit.
4. Create Apps
By far the most popular passive income source, Apps can generate wealth for years. Apps are software created for handheld devices that serve a number of functions. By creating an app and putting it on a marketplace for a price, you can generate passive wealth every time someone buys it. That means that your one idea and investment of time can generate wealth for years to come.
