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While most of the world’s population spends their days working for someone else, there are some of us crazy enough to want to own our own businesses. But starting a business, whether it’s traditional or something others might scratch their heads about (until they figure out how much you make), can be challenging.
That’s where franchises come in. Franchises are business systems that have been developed and tuned by others, and all you have to do is buy a license, connect to their system, and prosper. At least that’s the idea.
And while some franchises require ongoing advertising and sales, even for the same customers to come back in again and again, some franchises benefit from a recurring revenue model.
The idea, of course, is to sell once and keep earning for a long time.
But it doesn’t have to be a traditional retail franchise. You could also benefit from a creative story or franchise, such as a movie or book series.
Here are some more examples:
1. Patents
One of the biggest sources of passive income comes from patents. Patents are how you get paid to come up with an idea. By registering the idea and its practical applications, you can get paid every time someone uses your product. This means that you can keep earning until the patent expires.
2. Write a book
With the advent of e-readers, it is no longer necessary to go through a publisher to earn passive income from books. In fact, you can create anything and market it. Have you ever seen something in the literature that you think should be there? Do you have the next great idea for the American novel? Do not wait. Put your stuff in there and collect your hard-earned passive income.
3. make a song
Not all people have to have a record deal to make money from songs. In fact, all you need are instruments and some luck. Passive income comes from other people who get the right to play or listen to your music. Also, you can get paid on certain sites, like Spotify, every time a person listens to your song. So start creating and exposing yourself. The more you believe, the more likely something you believe will become a success.
4. Create applications
By far the most popular source of passive income, apps can build wealth for years. Applications are software created for portable devices that fulfill a number of functions. By creating an app and putting it on a market for a price, you can build passive wealth every time someone buys it. That means your one idea and investment of time can build wealth for years to come.