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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

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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Best Research Tool For Amazon FBA Beginners?

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Best Research Tool For Amazon FBA Beginners?

Could AMZScout hold the key to starting a profitable Amazon business in your spare time?

It just might.

After all, product research is arguably the single most important factor when it comes to successfully selling on Amazon. 

Choose the right products, and you’ve got a solid foundation to build on.

But pick wrong, and you’ll struggle to get anywhere at all.

In this quick review, we’ll see how AMZScout can help you make the best product choices and determine if this is the right Amazon research tool for you.

AMZScout Overview

  • Ease of Use

  • Stability

  • Price

Summary

AMZScout is the Swiss Army knife of Amazon product research software, offering a tool for every purpose. With attractive pricing options and a strong suite of training videos, AMZScout is a great choice when starting your Amazon business. Click here to take it for a test drive.

Pros

  • Pro Plugin makes niche research easy
  • Product tracker helps you avoid making decisions based on short-term spikes
  • Product Database lets you get super detailed in your product research
  • Training is easy to follow and some of the best around for Amazon beginners
  • Affordable

Cons

  • You have to install a lot of Chrome extensions to get full functionality
  • Product Tracker only shows information from the point you add an item forward
  • Not as full-featured as some competitors

What Is AMZScout?

As mentioned above, AMZScout is an Amazon research tool at its core, providing a suite of functionality to help you find the right niche and products for your business. 

And, like most modern software, AMZScout is primarily a web application.

But to really appreciate all that AMZScout can do, we need to dig into its key features.

AMZScout Features

As it turns out, AMZScout is far from a one-trick pony.

Indeed, the features that AMZScout brings to the table can be broken into three broad categories: product research, keyword research, and training.

Product Research

Product research is AMZScout’s bread and butter, and it all starts with the Product Database, which is where you land when you log in to the web app:

The Product Database lets you search across 10 different Amazon marketplaces by keyword or category, and you can filter by up to 16 parameters, including product weight, price, reviews, etc.

If it sounds like there’s a lot happening on the Product Database dashboard, that’s because there is. 

It can be a little overwhelming at first, but you’ll start to get the hang of it after a few searches. And the table of results delivers a ton of useful information about each product, including:

  • Amazon category and subcategory
  • Product rank in the category and subcategory
  • Number of monthly sales
  • Per-unit profit
  • Product ratings and number of reviews

The Product Database also shows competitor information like the number of sellers for each product and its Listing Quality Score, or LSQ. 

The LSQ is a metric AZMScout developed to give you a quick idea of how tough the competition is. It takes into account factors like brand and item name length, number of bullet points and images in the listing, and seller type.

Once you find a product you want to know more about, you can click through to see its Amazon listing or over to Alibaba to look into buying stock.

You can also add items from the main dashboard to the Product Tracker.

Product Tracker

As the name implies, the AMZScout Product Tracker allows you to monitor a product over time. Add your favorites here, and you get a table view that shows basic product information.

And you can click through to see even more details, as well as a graph of product performance over time:

AMZScout Product Tracker

One major drawback to this view is that the graph only shows product performance from the time you add it to the Product Tracker (and not before).

Pro Extension

This Chrome extension takes the basic functionality of the AMZScout Product Database and adds a little rocket fuel to your product research.

Just type in your search on Amazon, click on the Pro Extension icon in your Chrome toolbar, and voilà! 

You get a table with the same sort of product information you see in the main AMZScout web app, along with a few extra goodies:

AMZScout Pro Extension

The turbo boost comes from the proprietary ratings that AMZScout displays on this screen:

  • Product Score for Private Label: Is this a good candidate for private labeling? (higher score is better)
  • Product Score for Reselling: Is this a good candidate for reselling? (higher score is better)
  • Visibility Score: How many sellers are targeting this niche? (lower score is better)

But the Niche Score is particularly helpful when you’re just starting out. It rolls up all of the steps in Amazon product research into a single number to let you know whether you’re on the right track.

A score below 5 means the combination of demand, competition, and profit margin will make it tough for a newbie to succeed.

Get a Niche Score closer to 10, though, and your odds of finding success ratchet up in a hurry.

Of course, no one metric can guarantee results, but Niche Score can save you a lot of time as you’re narrowing in on a focus for your Amazon business.

Other Product Research Tools

Beyond these core utilities, AMZScout also offers up a few other tools to help you with product research:

  • Monthly reports detailing emerging Amazon trends
  • Weekly “hot products” reports that zero in on areas with exploding sales numbers
  • Quick View – a Chrome extension for comparing products side-by-side from Amazon search results pages
  • Stock Stats – another Chrome extension, this one for “spying” on your competitors’ stock levels
  • Amazon Dropshipping, Arbitrage, and Wholesale – and one last (for now!) Chrome extension for evaluating how suitable a product is for each of these three business models (dropshipping, arbitrage, wholesale)

Keyword Research

Once you’ve decided on which products you want to sell (and figured out how to source them), you have to actually list them on Amazon.

But just throwing your products into that massive marketplace won’t get you very far.

No, to give your listings the best chance of turning up in user searches on Amazon, you need to ensure you’re targeting the right keywords…yeah, it’s hard to get away from SEO, even for business models outside of blogging!

Anyway, AMZScout provides another box of tools to help with keyword research.

Reverse ASIN Lookup

Enter an item’s ASIN, and this tool returns a list of keywords – along with information about search volume and competition – that you can use in your Amazon listings:

AMZScout Reverse ASIN Lookup

Amazon Keyword Research

This one’s a pretty straightforward keyword tool where you type in a seed phrase and get back a bunch of related keywords:

AMZScout Amazon Keyword Research

Keyword Tracker

The Keyword Tracker is a Chrome extension that lets you enter a product ASIN and then track the keywords that the product ranks for over time:

AMZScout Keyword Tracker

You can choose how often you want to update the information for each product, ranging from once an hour to once a day.

Training

Loading up on features is great, but they won’t do you much good if you don’t know how to use them…and why.

You need some training.

Luckily, this is one area where AMZScout really shines, especially if you’re just getting started on your Amazon trek.

The Amazon Private Label training is a 22-video course that walks you through every aspect of starting an Amazon business, from doing initial product research (surprise!) all the way to a tutorial on how to ship your product to Amazon FBA.

The first eight videos in the series are free, but you need a subscription to access the rest of the course.

Overall, this training is easy to understand and follow, and it’s one of the best courses around for Amazon beginners.

If you’re a bit more seasoned, you can jump into AMZScout’s Masterclasses offerings, which tackle more advanced topics, like pay-per-click ad strategies, sourcing local products, and international Amazon sales.

There’s also a “University” option, which offers up a series of premium courses (with matching premium prices) led by instructors with hands-on experience in building successful Amazon businesses.

How Much Does AMZScout Cost?

As of early 2023, AMZScout offers two basic subscription levels:

Pro Extension

The Pro Extension package gives you access to the Chrome extension plus the basic training courses. Pricing is $259.99 per year or $599.99 for lifetime access. 

Note that this level does NOT give you access to the full-blown research tools or trend and product reports.

Seller’s Bundle for Amazon

The Seller’s Bundle gives you everything the Pro Extension package does but also adds on access to the full web application, as well as all the weekly and monthly reports.

Pricing is $49.99 per month, $379.99 per year, and $1599.99 for lifetime access.

Free Trial

The good news about all this is that you can try AMZScout for yourself with a free trial that gets you access to all the tools. And, unlike a lot of software trials, you don’t have to use a credit card to sign up – just an email address gets you in.

The free trial limits how many searches you can run, but it’s enough to get a pretty good feel for AMZScout’s capabilities.

You can sign up for the free trial on the AMZScout homepage

AMZScout Alternatives

For as much as AMZScout offers, it’s far from the only game in town when it comes to tools for conducting your Amazon product research.

Jungle Scout is probably the most popular of them all and provides even more features than AMZScout, though at a higher price point.

But be sure to check out our Jungle Scout review to learn all about this excellent Amazon tool.

Helium 10 is another popular full-featured option that offers up several pricing options.

Brady Cook ran through all the major players in his article on Niche Pursuits: Need an Amazon Sales Estimator? Here Are Your 7 Best Options

Definitely worth the read!

The Verdict

So, is AMZScout worth the price and time investment needed to learn how to use the tool?

If you’re just starting your Amazon business, the answer is a resounding “YES!”.

AMZScout gives you all the tools to pick a niche and specific products you want to sell. And the training modules alone will jumpstart you along your journey.

If you’re a little more experienced and want a more full-featured product, then AMZScout may not be the absolute best choice for you, especially when tools like Jungle Scout and Helium 10 don’t cost all that much more on a monthly basis.

The good news is, you have nothing to lose by taking advantage of AMZScout’s free trial…and maybe a whole lot to gain!



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How to get your net worth to $4 million in a decade

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How to get your net worth to $4 million in a decade

Follow this man’s plan, if you can. Plus more career and investing advice.

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Various Online Earning Techniques: 8 Full Guide

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Various Online Earning Techniques: 8 Full Guide

Do you know A Full Guide To 8 Various Online Earning Techniques? More people are looking for ways to supplement or replace their full-time income, which has led to an increase in the popularity of online income. Choosing the best strategy for you can be challenging with so many options available.

1. Affiliate Marketing

A Full Guide To 8 Various Online Earning Techniques

In the affiliate marketing business model, an online retailer pays someone a commission for bringing in customers or closing a deal. Typically, affiliates earn money by disseminating a unique tracking ID-enabled link to the merchant’s website. As an affiliate marketer, you can make a good living, but it takes a considerable initial time and financial investment.

Read More: To Disable Sportsbooks If Visiting in Asia or Pakistan

2 . Drop shipping

Drops hipping is a form of internet retailing where the product being sold isn’t kept on hand by the vendor. Instead, they obtain the item from a third party, deliver it to the consumer directly, and then reimburse the third party for the transaction. The store can turn a profit even if the product’s sale price is less than what they purchased for it because they aren’t keeping or transporting it. Because you don’t need to buy inventory or keep track of it, this business model is ideal for creating a low-cost website. However, you might want to think about working with a drop shipper who also provides affiliate services, since this will enable you to maximize your profit by getting a cut of each sale.

3. Independent Writing

There are numerous internet businesses that pay writers to develop material if you have experience in a particular sector, such as health or fitness. Writing articles can make you the money rapidly because most clients pay between $20 and $35 per post. Additionally, you’ll have the chance to develop your portfolio and connect with other independent authors. You must have an interesting and intriguing bio, a writing sample, and the flexibility to accept any task if you want to be successful as a freelance writer.

4. Blogging

A Full Guide To 8 Various Online Earning Techniques
A Full Guide To 8 Various Online Earning Techniques

You can generate income from your blog by charging for subscriptions or selling branded goods like t-shirts and mugs. You don’t have to be a skilled writer to start a blog, and it is rather simple to do. But since blogging takes a lot of effort, the potential financial gains are minimal relative to the time spent.

5. eBay selling

If you want to sell certain items but don’t want to bother with online orders or inventory, eBay is a terrific option. On eBay, you can make money in a number of ways, including by placing bids on products, adding items you already own, or setting up shop as a third-party seller.  You can promote your products on eBay right away after creating an account. This internet income strategy isn’t really passive, either.

6. Etsy product sales

Etsy is a terrific platform for selling handcrafted goods online if you do it regularly. While you’re in charge of producing the goods and keeping up your own website, Etsy runs your shop free of charge and takes a small cut of sales. This internet income stream is not very passive.

7. Working as an online teacher

If you have specialized expertise, like math or computer programming, online coaching is a fantastic alternative. Through websites like Tutor.com or TutorVista.com, you may work from home as a tutor and earn money online. You can also build your own website and advertise your tutoring services there. Any topic can be turned into a small course and sold online. As an alternative, you can bill by the hour or by the topic. But tutoring is not a terribly passive activity. If you enjoy teaching and don’t mind the added commitment, this is a terrific way to make money online.

8. Online polls

You can make some additional money from home by taking online surveys, but you must be careful not to spend all of your earnings. You can choose from a wide variety of websites that offer to pay you to take online surveys, but you should be very careful. Some websites may utilize deceptive tactics to persuade you to sign up for a “survey” that you will never be able to complete, while others may provide very little compensation for your time. As a reputable website where you may get money taking surveys, we suggest Survey Junkie.

Slutsats

Excellent online income-generating strategies include affiliate marketing, dropshipping, freelance writing, blogging, selling on eBay and Etsy, working as an online instructor, and taking online surveys. Each of these approaches has benefits and drawbacks of its own, so you should carefully examine which is best for you.

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