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Want To Generate Passive Income? Here Are 15 Practical Ways To Do It
In an unsteady job market, passive income has become a financial goal for many individuals. This is especially true for busy business owners who want to earn more money without overextending themselves.
Setting up recurring revenue streams that generate cash with little to no management or oversight is an effective way to maximize your financial gains. However, finding and launching the right passive income stream for your business can be harder than it looks.
To help, 15 members of Forbes Business Council shared some smart and practical strategies for generating passive business income without a ton of time and effort.
Forbes Business Council members share ways businesses can generate passive income.
Photos courtesy of the individual members.
1. Share Your Internal Resources As Paid Content
Find ways to make internal tools and resources public so you can retrieve an additional passive income for work you are already doing. This, for example, could be setting up internal training you have on sites like Coursera or Udemy, or making your API publicly available to use with a subscription. – Ada Liu, ShareCreators
2. Invest In Perennial And Unfading Industries
I choose to define passive income as prudent investments and rational savings. I believe every entrepreneur is born with the “Wise Investor” tag, so be sure to invest in perennial and unfading industries or sectors like healthcare. It generates a recurring revenue stream, and all it takes is your portion of savings as an investment. – Saikiran Chandha, Typeset
3. Ensure Your Brand Is Marketable
The first step is to ensure both your offer and brand are very marketable. You have to have a great product or service and communicate the value of your offer to the right audience. Even in a digital world, I cannot underscore enough the value of networking, speaking and reaching out to prospects directly to share your message and offer. – Hanna Fitz, Cultured Life Global
4. Launch A Partnership Strategy
Launching a partnership strategy is a great way to generate passive referral income without taking too much time and effort away from your core business. Your sales and marketing leaders can lead, and once at scale, a partnerships manager can scale up further. Partnerships are a great way to extend your marketing efforts as well as create long-term business ambassadors with like-market businesses. – Jen Root, Manifest Commerce
5. Consult For Other Startups
Personally, I have been consulting for other startups and it generates good income. It is not as passive as many other types of businesses are, but with the proper structure, it can be quite passive. Whatever stage of entrepreneur you are, you must always have some skills that are needed by the other stage entrepreneurs like a seed-stage startup founder consulting a pre-seed stage startup. – Bhaskar Ahuja , Originscale Corp
6. Inherit Passive Income
There is no such thing as truly passive income unless it has been inherited. If one is receiving income today on a regular basis for a service or a product that one designed, developed and executed, then one is only bearing fruits of the time and effort that was invested in doing so maybe years ago. – Nikhil Ra, X8
7. Look To Affiliate Marketing, Cryptocurrency And More
Off the top of my head, a few ways entrepreneurs can generate passive income include through real estate, investments, cryptocurrency, affiliate marketing, digital advertising, partnerships or sponsorships, opening high yield savings accounts for their business and more. – Veronica H. Speck, VHS Ventures
8. Invest In Commercial Real Estate
Passive investments in commercial real estate are an excellent way to achieve risk-adjusted, tax-efficient and inflation-hedging returns while avoiding the headaches or the expertise required for day-to-day management—especially using a solo 401(k) to invest retirement funds. Cash flowing real estate in strong U.S. markets stands the test of time for investors. – Mark Adair-Rios, ProsperityCRE
9. Make Syndicated Investments
Syndicated investments can provide entrepreneurs with passive income with relative ease. In today’s market, entrepreneurs or professionals have a large selection of different investments available to them, each with varying rates of return or risk. Syndicated investments also allow you the option of building a tax strategy that can benefit your full-time business. – Anthony Morena, Mortar Group
10. Start A Professional Blog
One of the best ways I have found that gives a stable passive income is to run a professional blog. If you are passionate about writing, then this can change your life. I have been doing this and found that it has enough potential to grow and expand, too. Usually, passive income from blogs can be between $5000 to $12000 a month with programmatic advertising. – Jonathan Gary, i-Kare Treatment Center
11. Repurpose Your Programs And Services
One of the best ways to generate passive income in your business is to take one of your programs or your service offerings and turn a small portion of that into a digital download, masterclass or workshop that can be purchased at a fraction of the cost. Sell at a price point that gives people skin in the game to work with you on a larger level moving forward. – Jessica Marx, Jessica Marx Coaching Corporation
12. Automate Some Of Your Tasks
An interesting way to think of passive income would be increasing efficiency. Chipping away at unsolved inefficiencies would essentially yield the same results as passive income. Automation is a great example. If you can automate tasks that previously took time and cost money, you have then generated passive income by investing in your own business’ efficiency rather than someone else’s. – Gareth Parkin, GoPromotional
13. Invest In The Stock Market
We have a record-high stock market, low-interest rates and only so many good real estate deals available. I speak daily with people across the country who are looking to invest a portion of their portfolio in small business ownership. They see the benefits of cash flow, asset building and tax write-offs. I let them know that nothing is easy, but semi-absentee income is achievable. – Jon Ostenson, FranBridge Consulting and Capital
14. Invest In Real Estate Syndications
Investing in real estate syndications is definitely one way to generate passive income while taking advantage of the tax benefits. This form of investing is truly hands-off once you have vetted the sponsor team and the business plan. By investing in this tangible asset with relatively low risks and above-average returns, you can sit back and enjoy the cash flow, profits and tax benefits. – Julius Oni, XSITE Capital Investment
15. Sell Your Business Tools As Services
When things are especially slow, sell not only your services, but your tools as well. For example, we don’t just sell our design work, we also sell 3D printing services. 3D printing capabilities are necessary for a design firm to have in-house, so using it to make a small profit when possible is a way to maximize income from an expensive tool that would otherwise not be in use. – Jackson Hedden, Jackson Hedden .LLC
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Cut Costs, Not Features with This Microsoft Bundle Deal
Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.
Software subscription fees can quickly add up, and for small-business owners, entrepreneurs, or freelancers, these costs can eat into profits. Businesses spend approximately 29% of their IT budgets on software, according to a 2023 survey by Gartner.
For business professionals who are looking to streamline workflow without paying steep subscription fees, the Ultimate 2019 Microsoft Bundle might be the perfect solution. For just $71.94 (regularly $927), this comprehensive four-part bundle offers Microsoft Office Professional Plus 2019, Windows 11 Pro, Project 2019, and Visio 2019.
While it’s not the newest version of Microsoft’s software, it can deliver tremendous value for anyone seeking tools to manage their business, boost productivity, and work efficiently. The bundle offers a lifetime license, meaning you’ll get all the functionality you need without the recurring costs associated with subscription services like Microsoft 365.
However, it does come with Windows 11 Pro, which includes the recent AI updates. Windows 11 Pro delivers a modern, intuitive interface with enhanced security features such as biometric login and Smart App Control, making it ideal for professionals who prioritize privacy and usability. It’s also equipped with tools that support multitasking, such as Snap Layouts and Virtual Desktops.
For companies looking to reduce overhead without compromising essential functionality, making a one-time purchase of slightly older software is a smart financial move. This includes Office’s most popular productivity tools, Word, Excel, PowerPoint, and Outlook.
Project 2019 is a must-have for anyone who is managing large or small projects. It helps track tasks, timelines, and resources, making it easier to stay on top of deadlines and ensure your team moves in the right direction. Project 2019 gives you the tools to streamline processes and manage tasks efficiently.
Visio 2019 is ideal for creating professional diagrams, flowcharts, and organizational charts. It’s particularly valuable for visualizing complex data or workflows, which is essential for business owners looking to improve operational efficiency.
If you need a productivity boost without eating into savings, take a closer look at this bundle.
Get the Ultimate 2019 Microsoft Bundle with Office, Project, Visio, and Windows 11 Pro for $71.94 (regularly $927).
StackSocial prices subject to change.
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3 Trends That Will Change the Future of Entrepreneurship
Opinions expressed by Entrepreneur contributors are their own.
The most recent data from the new Global Entrepreneurship Monitor report reveals a powerful trend for the future of entrepreneurship.
Young adults, aged 18-24, had both the highest entrepreneurial activity and entrepreneurial intentions in the United States, according to the Global Entrepreneurship Monitor 2023-2024 United States Report. With similar results in 2022, this is not just a minor shift — it’s a fundamental change that could have lasting impacts on the economy and society.
I serve as the chair of the board for the Global Entrepreneurship Research Association, the entity that oversees GEM, which was founded in 1999 as a joint venture of Babson College and the London Business School. As the GEM U.S. team co-leader and a professor of entrepreneurship at Babson, I see firsthand the impact of the research created by the Global Entrepreneurship Monitor.
Here are three entrepreneurship trends from the new GEM report that are changing the landscape for the future.
Related: 21 Success Tips for Young and Aspiring Entrepreneurs
1. Young entrepreneurs on the rise
For years, entrepreneurship has been dominated by older, more experienced individuals, but this year’s report shows that the youngest adults are now at the forefront. According to GEM, 24% of 18- to 24-year-olds are engaged in some form of entrepreneurial activity, a higher rate than any other age group. What’s driving these young entrepreneurs is equally remarkable: They aren’t just starting businesses to make money; many are deeply committed to making a positive impact on society and the environment.
These young entrepreneurs make sustainability a key priority. They are more likely than entrepreneurs from older generations to build businesses with sustainability as a core focus — whether that means reducing their environmental footprint or focusing on social causes. This shift toward impact-driven entrepreneurship isn’t just anecdotal. GEM data shows a significant number of young entrepreneurs taking real, measurable steps to create businesses that align with their values. With sustainability as their north star, young entrepreneurs appear to be simultaneously pursuing societal impact as well as profits.
However, it’s not all smooth sailing. While young people are leading the way in starting businesses, they are also discontinuing them at higher rates than their older counterparts. The discontinuation rate for 18- to 24-year-olds is 15%, the highest among all age groups. This is not surprising, given the challenges of inexperience and more limited access to capital. Starting a business is tough, and sustaining one is even more challenging. But despite these hurdles, the enthusiasm and energy that young people bring to entrepreneurship are undeniable, and with the right support, this generation has the potential to drive substantial change.
2. Tech gender gap narrows
One of the most promising findings in the GEM report is the narrowing gender gap in the technology sector. Historically, tech startups have been dominated by men, but 2023 saw a record-low difference in the number of men and women starting tech companies. The gap has narrowed to just 1%, with 8% of women compared with 9% of men launching businesses in the Information and Communication Technology (ICT) sector.
This is a significant step forward and reflects broader efforts to support more women technology startups. Still, it’s important to recognize that while progress is being made, continued focus on providing equal opportunities is essential to ensuring this trend continues.
3. Optimistic outlook for Black and Hispanic entrepreneurs
Another highlight from the report is the optimistic outlook among Black and Hispanic entrepreneurs. These groups showed stronger confidence in their entrepreneurial abilities and lower fear of failure compared to their white counterparts. Black respondents, in particular, demonstrated high levels of resilience and self-assurance, which is vital in overcoming barriers faced in starting and sustaining businesses. This optimism is encouraging, but there’s still much work to be done in assuring ecosystems offer equal opportunities for all aspiring entrepreneurs, regardless of their background.
Related: I Wish I Received This Advice as a Young Entrepreneur
A promising future
Reflecting on the key findings of this year’s GEM report, it’s clear that the entrepreneurial landscape is changing in meaningful ways. The rise of young, sustainability-driven entrepreneurs signals a future where business is not only about profit but also about making a difference. These young entrepreneurs are launching businesses at a time when the world is looking for solutions to some of its most pressing challenges — climate change, poverty and economic recovery.
Yet, to fully realize the potential of this next generation, there must be more focus on addressing the challenges they encounter. Young entrepreneurs need access to the right resources — whether it’s funding, education or mentorship — to turn their innovative ideas into sustainable businesses. The narrowing gender gap in tech is encouraging, but we must continue to foster environments that support women and other underrepresented groups in entrepreneurship.
The GEM report paints a picture of an entrepreneurial future driven by purpose, diversity and innovation. But it also reminds us of the work that lies ahead in making entrepreneurship more accessible and sustainable. If we can provide young entrepreneurs with the tools and support they need, we will not only see more businesses being created — we’ll see businesses that are making a lasting, positive impact on the world.
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These Are the Top Side Hustles to Work Less, Make More Money
In the best-case scenario, a side hustle could turn into a multimillion-dollar business that generates a passive income stream — but at the very least, starting a side gig could help pay some bills.
A new survey from personal finance software company Quicken shows that almost half (43%) of Americans with a side hustle, or an extra source of income added to a primary income, make more money and clock in fewer hours overall than those without a side hustle.
The three most popular side hustles pursued by those who work less and make more money were personal assistance (20%), cooking and baking (16%), and caregiving (16%). One in five people with side hustles said they were business owners, too, selling products online or offering services like photography.
The majority of people with side hustles (82%) said starting a side gig helped them financially, and kept them from living paycheck to paycheck. Most with side hustles (57%) had savings equal to at least four months of living expenses.
The survey also found that, for younger side hustlers, a way to an extra income doubles as a path to becoming more employable. 44% of Gen Z (born between 1997 and 2012) choose to start a side hustle in order to obtain skills for long-term careers, much higher than the overall 18% of Americans who started a side hustle with the same motivation.
Quicken conducted the survey online, gathering responses from more than 1,000 Americans.
Additional research on side hustles, released in August by NEXT Insurance, showed that three out of five people bring in less than $1,000 monthly in side income, while 22% make $1,000 to $10,000 a month, and 15% make more than $10,000.Related: Starting a Side Hustle Should Come With a Warning Label — Here’s What You Need to Know
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