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Want To Generate Passive Income? Here Are 15 Practical Ways To Do It

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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

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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

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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

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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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Samsung: 6-Day Workweek For Execs, Company in Emergency Mode

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Samsung: 6-Day Workweek For Execs, Company in Emergency Mode

Four-day workweeks might have all the buzz, but one major tech company is going in the opposite direction.

Samsung is implementing a six-day workweek for all executives after some of the firm’s core businesses delivered lower-than-expected financial results last year.

A Samsung Group executive told a Korean news outlet that “considering that performance of our major units, including Samsung Electronics Co., fell short of expectations in 2023, we are introducing the six-day work week for executives to inject a sense of crisis and make all-out efforts to overcome this crisis.”

Lower performance combined with other economic uncertainties like high borrowing costs have pushed the South Korean company to enter “emergency mode,” per The Korea Economic Daily.

Related: Apple Is No Longer the Top Phonemaker in the World as AI Pressure and Competition Intensifies

Executives at all Samsung Group divisions will be affected, including those in sales and manufacturing, according to the report.

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Samsung had its worst financial year in over a decade in 2023, with the Wall Street Journal reporting that net profit fell 73% in Q4. It also lost its top spot on the global smartphone market to Apple in the same quarter, though it reclaimed it this year.

Though employees below the executive level aren’t yet mandated to clock in on weekends, some might follow the unwritten example of their bosses. After all, The Korea Economic Daily reports that executives across some Samsung divisions have been voluntarily working six days a week since January, before the company decided to implement the six-day workweek policy.

Entrepreneur has reached out to Samsung’s U.S. newsroom to ask if this news includes executives situated globally, including in the U.S., or if it only affects employees in Korea. Samsung did not immediately respond.

Research on the relationship between hours worked and output shows that working more does not necessarily increase productivity.

A Stanford project, for example, found that overwork leads to decreased total output. Average productivity decreases due to stress, sleep deprivation, and other factors “to the extent that the additional hours [worked] provide no benefit (and, in fact, are detrimental),” the study said.

Related: Samsung’s Newest Galaxy Gadget Aims ‘To See How Productive You Can Be’

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Longer hours can also mean long-term health effects. The World Health Organization found that working more than 55 hours a week decreases life expectancy and increases the risk of stroke by 35%.

The same 55-hour workweek leads to a 17% higher risk of heart disease, per the same study.

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John Deere Hiring CTO ‘Chief Tractor Officer,’ TikTok Creator

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John Deere Hiring CTO 'Chief Tractor Officer,' TikTok Creator

This article originally appeared on Business Insider.

Agriculture equipment company John Deere is on the hunt for a different kind of CTO.

The brand on Tuesday announced a two-week search to find a “Chief Tractor Officer” who would create social media content to reach younger consumers.

One winning applicant will receive up to $192,300 to traverse the country over the next several months showcasing the way John Deere products are used by workers, from Yellowstone National Park to Chicago’s Wrigley Field and beyond.

“No matter what you do — whether it’s your coffee, getting dressed in the morning, driving to work, the building you go into — it’s all been touched by a construction worker, a farmer, or a lawn care maintenance group,” Jen Hartmann, John Deere’s global director of strategic public relations, told AdAge.

To kick off the search, John Deere tapped NFL quarterback Brock Purdy (who will presumably be a bit busy this Fall to take the job himself) to star in a clip in which he attempts to set out on a road trip in an industrial tractor.

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Suited up in the obligatory vest, work boots, and John Deere hat, Purdy’s progress is interrupted by teammate Colton McKivitz hopping into the cab while a string of messages floods in from other athletes and influencers expressing interest in the job.

The clip also represents the first time that the 187-year-old company has used celebrities to promote itself, Hartmann told AdAge.

According to the contest rules, entrants have until April 29 at midnight to submit a single 60-second video making their pitch for why they should be the face and voice of the company.

In addition, entrants must live in the 48 contiguous states or DC — sorry Hawaii and Alaska residents. Interestingly, any AI-generated submissions are prohibited, too.

Videos will be judged against four categories — originally, creativity, quality, and brand knowledge — after which five finalists will be chosen and notified after May 17.

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How to Capitalize On This Thriving Talent Pool to Drive Your Company’s Growth

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How to Capitalize On This Thriving Talent Pool to Drive Your Company's Growth

Opinions expressed by Entrepreneur contributors are their own.

As business operations shift, executives and entrepreneurs are increasingly turning to an on-demand workforce that is simultaneously empowered by technology and drawn to purpose-driven projects.

Consider Upwork, whose 2020 Future of Workforce Pulse Report revealed that nearly 80% of hiring managers engaging freelancers feel confident about doing so. These hires provide coveted expertise — on a project-to-project basis — that entrepreneurs need to scale their operations without incurring long-term overhead costs.

This new market paradigm also promotes dynamism, with 79% of businesses agreeing that freelance talent enables greater innovativeness. Perhaps most telling, 84% of hiring managers utilizing it feel more assured about adapting to future disruption, compared to just 69% of those relying solely on full-time staff.

By capitalizing on freelance marketplaces, entrepreneurs can amplify employer branding, augment capabilities and future-proof organizations, even amid turbulence. As nearly 60% of hiring managers plan to increase engagement with freelancers over the next two years, the time is now for executives to realize their inherent potential.

Related: Navigating the Great Reshuffle: Why Your Employer Brand is Key in Recruiting Talent

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The job market continues to shift

After a season of massive hiring, we’re back to seeing layoffs and downsizing. Companies are feeling the bloat—from unused office spaces with rising rent to oversized employee structures — and are shifting focus to hiring only the most essential positions. This leaves a critical talent gap needed for complex projects and specialized tasks. Highly skilled and specialized independents can fill this void.

A few key benefits to engaging them:

Access to niche experts: Platforms like Toptal and Guru provide access to elite professionals from leading Fortune 500 companies and innovative startups. Whether the need is for a machine learning specialist, growth strategist or financial modeler, entrepreneurs can now curate on-demand teams that boast specialized skillsets, enabling them to focus investment on projects with the highest strategic value.

Enhanced agility: Leading corporations increasingly “rent” skills by tapping freelance experts for initiatives involving new technologies or while entering unfamiliar markets. With niche contributors available to plug knowledge gaps, owners can explore ideas that once seemed unrealistic due to internal constraints—unlocking inventiveness and first-mover advantage.

• Stronger employment brand: Blending full-time employees with project-based freelancers signals a commitment to modernization and work-life balance. Offering both engaging work and flexibility will help draw exceptional candidates and help you compete with corporate giants for top-tier talent.

Related: Can Retirees Thrive in the Gig Economy? Navigating a Changed Workforce

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Tips for capitalizing on gig talent

Having explored the forces reshaping work, executives may wonder how to effectively leverage freelance platforms. After all, how can you know you’re getting your money’s worth if a hire isn’t physically present full-time?

• Define projects clearly: Contract hires thrive when expectations and deadlines are established upfront. So, clearly, detail needs around deliverables, success metrics, required skills and projected time investments. Staying ahead when it comes to communication and expectations will help avoid headaches, including delays.

• Build loyalty with talent: The best independent professionals have options regarding the projects they accept. Study their profiles to discern passions and incentives. Offer interesting work, flexibility and strong communication to motivate interest and improve results.

• Manage collaboration: Provide steady context, feedback and guidance at each project stage, but also foster autonomy, even while directing efforts toward strategic goals. A dynamic balance of these qualities drives optimal outcomes.

• Continue expanding your talent pool: Add proven freelancers to an internal database for repeat engagements, and notify talent about new initiatives for which their expertise would provide an edge. Uncovering additional ways, freelancers can enhance the business deepens the relationship.

Related: Fill Your Talent Gap by Sourcing Candidates From the Veteran Community

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Top platforms for connecting with talent

Now comes the hard part: finding contractors who bring fractional expertise sets. There are a growing number of platforms, of course, but I’ve found that the following stand out as leaders:

Fiverr: Ideal for execs seeking design, digital marketing, writing, video and admin support. Known for affordability and ease of posting jobs. It taps a global talent pool, too.

Upwork: A flexible platform that spans more than 150 skills. Used by everyone from small businesses to global enterprises. Strong at IT, development, design, finance and consulting.

Toptal: Focuses exclusively on the top 3% of talent. Best for expert software developers, designers, project managers and finance experts. All contributors are extensively vetted.

Contra: A growing independent platform that vets and connects both job candidates and hiring companies. Best of all, it doesn’t take a commission from projects.

Related: 3 Strategies to Optimize Your Hiring Process and Find the Best Employees

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The numbers speak for themselves: businesses engaging freelance professionals report greater confidence and competitiveness, as well as the ability to withstand turbulence, yet legacy beliefs can still cause hesitancy among those keen to hire. Supported by such specialized collaborators, companies can explore new horizons unencumbered by a one-time narrow view of staffing models.

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