While the vast majority of people on Earth are content to spend their days working for someone else, a few of us are mad enough to desire to be our own bosses. However, it is not easy to launch a business, whether it be a conventional one or one that causes others to scratch their heads (until they learn how much money you make, of course).
This is where franchises come into play. Franchises are pre-existing company models that have already been perfected; all you have to do is obtain a licence to use the model. Or at least that’s the theory.
Some franchises thrive on a recurring revenue model, while others need constant marketing and sales efforts (sometimes even to bring back the same consumers).
Naturally, the goal is to make a sale now that will generate income for years to come.
Although this need not be a franchised store. A tale or artistic franchise, like a movie or book series, could be useful as well.
Some additional instances are as follows:
Inventing and Patenting
Patents are a major source of passive income. You can get paid for your ideas through patents. You can get rewarded every time someone uses your product if you register both the idea and its practical applications. Earning potential is preserved till the patent runs out.
2. Compose a Novel
Since the introduction of e-readers, making passive income from books has become much easier and does not require working with a publisher. Basically, you can bring anything to life and sell it. Is there nothing you think should be included in a piece of literature that you have never read? Could you possibly have the next great idea for an American novel? Do it now. You can generate passive revenue by putting your work out there.
Third, compose a song.
The need for a record deal is not necessary for everyone who wants to make a living off of music. Actually, all you need are certain tools and a little bit of good fortune. You can earn passive revenue by licencing your music to others who will then play or listen to it. Furthermore, on some websites, such as Spotify, you can earn money each time one of your songs is played. Put yourself out there and begin making things. You can increase the likelihood that one of your works will become popular by producing more of it.
Four, Make Apps
Apps can create riches for years, making them the most popular passive income source. Apps, or applications, are a type of software designed specifically for mobile devices. Making an app and selling it in a store allows you to earn money automatically whenever someone buys your product. To put it another way, if you put in the initial effort and come up with a successful idea, you can reap the financial benefits for years to come.
Originally published at http://EzineArticles.com/8711529.