Passive income is often praised as a strategic way to accumulate extra cash with little labor. Certain types of passive income can even be leveraged to increase cash flow into your business.
This extra money, paired with minimal effort to keep the associated systems running, can go a long way in maximizing your bottom line. If you’re looking to implement a passive income stream to bolster your business, here are 15 tried-and-true ideas on how to do it from the members of Forbes Business Council.
1. Set Up Your Network
By definition, passive income means you are making money by doing nothing or very little. Spending some time to correctly (“correctly” is the key word) set up an affiliate network and partnerships close to the affiliation will usually bring in very good revenue. One of the important things to remember is that your proposal should be attractive over a long period of time. – Gennady Feller, Safe Partner, Inc.
2. Bring Operating Costs In-House
Turn your cost centers into profit centers. Look at what your biggest operating costs are in your business, then see if you can bring it in-house and maybe even charge others for the service. It can be as simple as buying a building versus paying rent and even renting the additional free space. Or, if you deal with shipping logistics, you can set up your own warehouse instead of paying a company for the service. – Daniel Gizzi, Aircraft Executives
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3. Monetize Video Content
There is no magic solution to creating passive income, but we are currently in a content-driven world. Start making video content that aligns with your brand and products, and begin posting on TikTok, Instagram Reels, Facebook and YouTube Shorts. These…