12 Passive Income Ideas To Get You Rich In 2023
Some of the major passive income ideas include investing, side hustle, creative work, and more. A passive income is an income that you do not earn, and you generate differently. Passive income puts money in your pocket even when you are not working. You will not need to do active work while you are income passively, unlike the case where you are a traditional employee or a full-time entrepreneur.
In this article, we will discuss different ways to make passive income in 2023 as we give you the twelve best passive income ideas. Along with the passive income ideas, we will also give you a brief explanation of how you can implement the idea for yourself. Hence, to learn about these extra income ideas, read on through to the end of the article.
Passive Income In 2023 – A General Overview
To earn passive income, you will not need to spend a lot of time, money, and resources. According to Forbes.com,
“Passive income helps you earn a little extra. Every penny earned matters, and you can deploy the funds to build an emergency fund, start a systematic investment plan in mutual funds, etc.”
In passive income, you can earn money by doing projects and making products with little work and essentially no maintenance. This is the money that you are earning from the assets that you control. However, you must note here that it requires some effort at the start, but as you progress, you will have little to no effort.
Furthermore, with progress, you will not need to invest a lot of your time. According to an article in Time Magazine,
“The cash stream from sources of passive income requires some upfront work, but once established, takes little to no time to maintain. While it can take some time to see the fruits of your labor pay off with passive income, earning money without regular work is possible.”
Passive income helps to raise your income level by providing you with extra income options. Although there is a small investment in some cases, it is only one-time. You will not need to participate and devote a dedicated number of hours to the work. However, there is a need for maintenance in passive income, which is not a requirement in any regular income.
On a side note, check out some of the best lead management software systems available in 2023 if you are into marketing and sales.
The Best Passive Income Ideas For You In 2023
Here are some of the best passive income strategies that you can tryout if you are looking to start with a passive income in 2023:
1. Dropshipping Business
Although one requires a little cash, you don’t need a lot to start a dropshipping business. Here, to sell a product to a particular customer, you do not need to manage products physically.
2. Blogging
It is the most tried and tested passive income that many people tried and got successful. However, it has a lot of competition. So, if you want success, try to be unique and simple.
3. Printing On-Demand
If you are creative or understand designs, you can start an on-demand print store, as you can monetize your creativity by printing T-shirts, posters, backpacks, mugs, papers, and more.
4. Online Tutorial
If you have knowledge of any subject or skill, you can start an online tutorial regarding the same. You can create video tutorials and create a package for learners to learn from.
5. Selling Digital Products
To sell digital products, you will have to create your assets (digital products) once, and then you can sell the product to as many people as you want with your online business.
6. Dealing With Rental Property
This is an ancient way of having a passive income. However, you will need to have the capital to buy properties that you will rent to others. The income level is also high.
7. Investment In Businesses And Stocks
The most popular source of passive income is investments in stocks and business-related investments. However, investing in stocks requires heavy speculation skills, which you will need to develop.
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8. Affiliate Marketing
According to Shopify.com,
“a great source of passive income because you earn a commission whenever someone uses your referral link to buy the recommended product or service.”
All you need is to recommend the product.
9. Social Media Influencer
If you are good at social media, and have the confidence to influence a many audiences with your social media content, then this idea can do wonders for you.
10. Starting A YouTube Channel
You can start a YouTube channel about anything that you know. Some of the best ideas, in this case, include – tech reviews, gaming videos, entertainment, tutorials, and many more.
11. Create A Digital Guide
A digital guide can be about anything, from travel guides, tutorials, University suggestions, and more. You can create a digital guide once, and you can sell it to as many people as you like.
12. Design And Sell Websites
If you are a website designer, then you can sell your designs to companies to earn. Furthermore, if you can code, then you can make full-working websites and sell them to customers.
Summing Up
One of the most underrated things about passive income is that it is the result of hard work and repeatedly working on the same thing. The more you work, the better returns it will offer you in the future. Once you add one of these passive incomes to your life, you will have better flexibility in work, more freedom, and better earning. Choose the one that suits your character and skills, and work on it consistently, to ensure future results. Do you have any other passive income ideas that you think can work amazingly in 2023? Share some of them with us in the comments section below.
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Best Business Credit Cards For Startups In 2023
Best business credit cards for startups can make your life easier for getting short-term loans instantly. Credit cards can help you to build a good business credit score. Your repayments on time can make your CIBIL score better in the long term. If you are a sole proprietor, then also you are eligible for a credit card. A social security number does not have a significant revenue history. If you are looking for the lowest interest rates, then Credit card history matters a lot. Cashback rewards and other perks offer a good credit card score. Your startup needs to succeed at times to make things happen in your favor. Best Business Credit Cards For Startups Available In 2023 Great business credit cards will offer you high limits for credits. Cash back rewards, balance offers, and travel facilities. Your credit card must suit your goals with complete ease. Try out the best options that can make things happen in your way. 1. Chase Ink Business Cash Credit Card For business owners who are looking for better finances, Chase Ink is one of the best options to avail. It is one of the quality business credit cards for startups. The welcome offer for them is $750. The recommended credit score ranges between 670 -800 to get the maximum benefits of this credit card. Features Of This Credit Card Are As Follows:- The best bonus-earning categories involve phone service, internet, cable, and office supplies. With Chase Ultimate rewards, it is highly compatible. You will receive 1% cash back on all other purchases. 2% cashback, you can redeem on the first $25 spent on restaurants and gas stations. Your contribution margin needs to be in good shape. It will offer you the best options to explore things with ease. 2. American Express Platinum Business Credit Card The American Express platinum business credit card is another best credit cards for startups. You will get the welcome offer of 120K points and an annual fee of $695. The recommended credit score ranges from good to excellent. You must be well aware of it. If your business requires frequent travel to distant places. Some of the core features of this credit card are as follows:- $100 statement for credit entry and global entry for $85 in case of TSA precheck. Extensive travel and shopping protection. You will get upto 5X membership reward points. Minimal non-travel bonuses. Compared to other cards high annual fee. 3. Chase Ink Business Unlimited Credit Card The Chase Ink Business Unlimited credit card is one of the best small business credit cards. You will receive a welcome offer of $750. The recommended credit score must range from good to excellent. You do not have to pay any annual fee and 1.5% cashback rewards you will receive from these credit cards. Some of the key features of the credit cards are as follows:- You will receive unlimited cashback earnings. On a new purchase, you will receive unlimited introductory 0% APR for 12 months. For getting a high sign-up bonus, you will receive a low spending rate. Only foreign transaction fees can apply. Limited protection on travel costs as well as purchases. No presence of bonus categories. Similar kinds of information are present in HubSpot too. You can go through it once for better understanding. 4. American Express Business Gold Card American Express business gold cards will offer you 70K points. You will get an annual fee of $295K points. The recommended credit score ranges from good to excellent. Each billing cycle ranges between $150K. You can earn one point per dollar for expenses. Some of the core features of this credit card are as follows:- You will receive flexible reward and redemption options. With the inclusion of the integration of books, it will deliver you expense management tools. There are no foreign transaction fees are essential. No credit statements. Offers high annual fee. It is not applicable for the lower spending business. Sometimes for ERTC qualifications, credit cards play a vital role in getting the loans on time. 5. Chase Ink Business Preferred Credit Card The Chase Ink business preferred credit card is also the best business credit cards for startups. It offers a welcome bonus of 100k points. The annual fee of $95 fees you will receive from these credit cards. The recommended credit score ranges from good to excellent. You will have the privilege to earn three points for every dollar spent. Some of the core features of the Chase Ink business credit card are as follows:- You will receive multiple bonus categories. Phone and travel protection is possible. There are no requirements for foreign transaction fees. It comprises annual fees. If you want to get a high sign-up bonus, then you have to pay High spend requirements for the sign-up bonus. 6. Blue Business Plus Credit Card From American Business The blue business plus credit card from American business credit cards will help your small business to grow at a rapid pace. You will receive the welcome offer of 15K points. Your requirement to pay the annual fee is $0. The recommended credit score ranges from good to excellent. Some of the core features of the Blue Business Plus credit card from American Business are as follows:- You will have multiple transfer partners. On all purchases, you will get flat-rate earnings. Delivers your generous welcome offer. You can apply for foreign transaction fees. $50K bonus earning cap. 7. US Bank Business Triple Cash Reward The welcome bonus offer you will receive is $500. The annual fee of $0 you have to pay for getting this business credit card for start-ups. The recommended credit score ranges from good to excellent. You will receive business rewards. For a long introductory APR period, you will have to go through it once. You will receive 3% cashback for all the categories. Some of the core features of this best business credit card are as follows:- $100 statement credit for recurring software subscriptions. Upto 5% cash back that is booked on the US bank travel portal. No travel rewards you will receive from this credit card. Low rate outside all the bonus categories. Best Small Business Credit Cards There are several small business credit cards that you can opt for in 2023. Some of the best small business credit cards are as follows:- Chase Ink Business Preferred Credit Card. American Express Platinum Card. Capital One Spark Cash for Business. American Express Blue Business Cash Card. Discover it, Business Card. Wells Fargo Business Platinum Credit Card. U.S. Bank Business Platinum Card. Your business's net operating income also matters a lot here. Try to consider this fact as well from your end. Final Take Away Hence, these are the best business credit cards for startups in 2023. You need to take care of the reality while you want to get short-term loans for your business. It is impossible to make your choices all of a sudden. You can share your views and comments in our comment box. It will assist us to know your take on this matter. Try to develop a better solution that can make things work perfectly well in your favor. Read More Busuiness Related News By Clicking Below!! ERTC Qualification Step-By-Step Guide Top 7 Best Business Ideas For Teens In 2023 What Is Safe Harbor 401K? Benefits And Types
Nov 07, 2023
The Resources You Need To Start Your Business
What do you need before launching your business? If you've been working toward it for a while, you might be wondering whether the simpler question is what don't you need? While the run-up to starting your company might feel increasingly frantic as you get closer to opening your doors, whether they are physical or virtual, if you've done your research, have a solid business plan, and have made sure that you have ample supply of the resources below, you should be ready to go. Details About Resources You Need To Start Your Business 1. Knowledge There's really no limit to the amount of knowledge that can be useful to you as an entrepreneur, but at some point, you do have to set aside the research and take those first scary real-world steps. Think of knowledge acquisition as an ongoing thing. There's a reason that some professions have continuing education requirements. It would be best if you never stopped learning about your industry, about business in general, and about ways you can improve. But what about the necessary elements in order to get started? First, you need to know your industry. Ideally, you've already got some experience in it; if not, then you'll have a much steeper learning curve. You can take courses, read books, look at online talks, and chat with other entrepreneurs to help you learn more. You need to know about basic business concepts and structures. This can help prevent a situation where you take a very circuitous path to solve problems that actually have fairly standard solutions. Knowledge really is power, and being well-informed about your industry and the forces that act on it will put you at the head of the pack. 2. Funding Having enough funding is critical for every new business, but you also need to know the types of funding and how much you need. Don't underestimate. Even a home-based endeavor will have costs such as setting up a website, physical or virtual storage and printing up business cards and similar items. There are a variety of funding sources that may be available to you, including loans, grants, and investors. Keep in mind as well that funding can be a staged process. You may need a certain amount just to get up and running, and after that, you can look for additional money that is accessible with the aid of Philippine debit cards. In fact, some loans and grants are only available to entrepreneurs who are already in business. 3. Location And Equipment When you hear the word resources, physical items may be the first thing that you think of, and you can't start your business without a place to operate from and things to help you do your job. If your enterprise is virtual, you still need to carve out a space online and have someplace to work, even if it's only a corner in your house or bedroom. If you're selling a product, of course, you will also need to have that actual product. Some resources will be specific to the type of business that you're running, but don't assume that because you are small, you don't need to have certain tools. In fact, you probably face the same challenges that larger companies do, albeit on a smaller scale. This can be the case for companies that have a small fleet. You might think that just because you only have a handful of vehicles, your fleet management challenges will be smaller. However, fleet tracking for small businesses is just as important as it is for large ones. A great way to simplify your operations and increase efficiency is with GPS tracking. In general, the process of accumulating the necessary equipment can add up to big costs, so you need to carefully evaluate your needs. However, don't make the mistake of trying to skimp on necessary hardware and software. This may look economical in the short run, but it will catch up with you eventually. Read Also: 6 Tips For Growing Your Small Business And Boosting Your Bottom Line 4. People Human resources usually refer to employees, and this is certainly one important element of success if your company is big enough to employ more people than just you. Find great candidates through personal referrals or working with a recruiter, and make offers that will attract top talent. However, people will be useful to you in other ways as well. Finding a mentor with who you can bounce ideas and who can offer guidance is invaluable. People extend to the support systems in your life as well. You'll need both professional and personal support. Are you involved with any local professional organizations? Are your family and friends on board with what you're doing? These sources of support can provide ideas and encouragement and can help keep you on track when your energy is flagging. Read Also: Top Signs Your Boss Is Threatened By You Effective Ways To Track Your Employees’ Work Is Natural Gas Distribution A Good Career Path?
Jan 18, 2023
Matrix Organizational Structure – What Are Its Pros And Cons?
In a matrix organizational structure, the teams within an organization try to bring different roles within the team together. Doing so, unlike a traditional hierarchical structure, they develop a grid-like reporting structure. Basically, the organization combines two or more structures from within. Here, both the traditional hierarchy of management as well as inter-department management is combined. In this article, you will learn in general about a matrix organizational structure and how it works within an organization. In addition to this, we will also discuss the major pros and cons of this organizational structure. Apart from that, we will also discuss the major roles within a matrix organizational structure. Hence, to learn more about such an organizational structure, read through to the end of the article. What Is A Matrix Organizational Structure? The matrix organizational structure basically combines two or more kinds of organizational structure. For example, let’s say you combine project management and functional management. According to Indeed.com, “Additionally, the matrix structure is composed of both a traditional hierarchy of management, where employees are managed by a functional manager, as well as additional project managers who can manage employees across different departments. These two or more managerial systems intersect on a grid or matrix.” In this organizational structure, different management styles are used - where the functional management as well as the divisional management are combined. Here, functional management consists of the traditional hierarchical structure based on the job function and the organization’s department. On the other hand, a divisional manager is the one who presides over the cross-functional team, which consists of representatives of both teams. An organization with a matrix structure has team members reporting to different managers. There might be a hierarchical manager while the team members may also have to report to their project manager. This type of structuring is important for companies trying to create new products without the hassle of realigning their teams. The matrix organizational structure combines the functional and the divisional managers. This helps the work processes to be done faster. According to the Wall Street Mojo website, “In a matrix structure, team members provide information to a project leader and their department head. This management structure might assist businesses in developing new goods and services without reorganizing teams.” The matrix organizational structure was started in the aerospace industry. This was the time when many firms wanted to get into a contract with US Government employees. They needed to create certain charts that show the structure of the project management team. How Does A Matrix Organizational Structure Work? This structure is best understood with the help of an example. According to ChartHop.com, “At the simplest level, an example of an organization using a matrix structure would be one that has set functional teams (e.g. Marketing, Sales, Customer Success) as well as more divisional teams with members from different functional areas that work together on specific initiatives.” A common example of a matric organizational structure is Nike. The company has teams that operate the functional management like merchandising and HR, as well as divisional teams that operate based on location, demographics, and product. Companies and their employees can get a lot of advantages with the matrix structure, especially with the ways that they work within the organization. The teams can share knowledge with each other and can make more informed decisions. Apart from that, the best thing that they will have is better morale within themselves. However, there are problems that you can find inside a matrix organizational structure, too. Some of them include conflict, slowdown of processes, lack of clarity, and more. Here’s how a Matrix organizational structure works – The employees report to two managers simultaneously. A functional manager is responsible for their overall role in the department. Their project manager, on the other hand, is responsible for the overall role in the department. The project manager is also responsible for a specific role or a project. When team members report to two different managers, the organization automatically breaks down its structure in a different style. What Are The Pros Of A Matrix Organizational Structure? There are different pros and cons of using Matrix organizational structure. It offers flexibility, adaptability, and advantages when matching changing customer needs. This type of organizational structure helps maintain work efficiency and matches market conditions and strategic goals. By creating cross-functional teams working on different projects, these companies can use the Matrix organizational structure to their advantage. According to LinkedIn.com, “One of the main advantages of a matrix structure is that it allows for more flexibility and adaptability to changing customer needs, market conditions, and strategic goals. By creating cross-functional teams that work on specific projects or tasks, a matrix structure can leverage the diverse skills, knowledge, and perspectives of employees from different departments, and foster innovation and creativity.” The intricacy of the matrix organizational structure is one of its main characteristics. You can see from the above sections that the employees are answerable to two managers - functional and project managers. This is because the allocation of resources is in such a way that the human resources are utilized at their highest. The following are some of the major pros of a matrix organizational structure: The departments are able to coordinate better, as the structure brings highly competent team members from different departments to one place. One of the major characteristics of a matrix organizational structure is that it combines the operational and project management frameworks. The communication between two or more departments gets better with the implementation of the matrix organizational structure. What Are The Cons Of A Matrix Organizational Structure? Like most management structures, the matrix organizational structure also has its drawbacks. Here are some of the cons of the matrix organizational structure that you will need to be aware of: There is a continuous need for clarification for the managers regarding their positions, and there are ambiguities in some cases. Hence, there is always a need to define the power dynamics between managers. Apart from the managers, the teams also need clarification regarding their roles in the structure. The individual team members should have a good idea of what their role is at the functional level and what their role is at the project level. This helps in reducing miscommunication between the members. In some cases, due to the involvement of different teams and departments, the decision-making processes can get a bit longer. Apart from that, time is taken since decisions regarding processes need to be made through two different managers. Hence, processes such as quality assurance slow down due to the presence of multiple supervisors. Read More: Entrepreneur : Who Coined The Term ‘Entrepreneur’? Tips: Use Matrix Organizational Structure to its Fullest Potential If you are planning to use the Matrix organizational structure, it’s best to start by outlining different roles within the project. Here are several tips to try when utilizing Matrix organization structure in an organization to its fullest potential. Manage Expectations While outlining the responsibilities of different roles within the project, the best approach would be to understand the expectations of each manager. A project manager might be expecting the performance of the overall project. On the other hand, the marketing manager might only be concerned with campaign performance. It’s important to manage the expectations of different managers and work accordingly. Keep People Accountable for Their Work The best way to ensure efficient project delivery; it’s important to make people accountable for their work. Workplaces with systems in place to increase engagement in their work can boost accountability. Companies can have a weekly report template for the employees accountable for different tasks. Communication Between Employees and Managers It’s important to keep communication seamless and transparent between employees and managers. There can be a weekly chart outlining the completion of tasks. In addition, the managers should also provide employees with feedback. Companies can do it in person or through chat and communication apps used in the organization. Inter-Department Relationships Projects requiring co-dependencies from different departments often face operational hurdles. It can happen due to a lack of collaboration and inter-team communication. However, it’s important to deepen interdepartmental relationships to avoid misunderstanding during collaboration. Wrapping Up Hope this article was helpful for you in getting a better idea of what a matrix organizational structure is. This structure is best suited for large organizations or organizations that deal with multiple projects. Due to the multiple needs of the organization, the managers can shuffle teams and bring personnel from different departments to work together. The matrix organizational structure helps in better coordination between departments and ensures a better quality of products and services. Do you have anything to add regarding this type of organizational structure? Share your thoughts and ideas with us in the comments section below. Read More: What Is Social Entrepreneurship? – Steps To Become A Successful Social Entrepreneur What Is a Franchise, And How Does It Work? – Examples, Benefits & More What Is A Venture Capitalist, And What Are Their Functions?
Sep 11, 2023
LLC VS Sole Proprietorship: Major Differences That You Need To Know
LLC Vs Sole Proprietorship: What is right for you? - Whether you are starting a new business or an online store, you will need to choose the right legal structure for your business based on your choice and needs. Both LLCs and sole proprietorships are quite common. The business model you choose might have a big impact on how you run your company, especially as seen from the tax, legal, and management perspectives. In this article, you will learn about two major types of business structures - LLC and Sole Proprietorship. We will first discuss each of these business structures individually in brief. Finally, we will share the major differences between the two in regard to structure, function, role of the owner(s), etc. Hence, to learn more about these two types of business structures, read on through to the end of the article. What Is An LLC? According to Investopedia, “A limited liability company (LLC) is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities. Limited liability companies are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship.” The LLC is basically a corporate structure where the owners of the organization protect their place from the liabilities of the company. Here, the company is a different entity from that of the owner. In case of debts, liabilities, and lawsuits, the structure of the organization protects the owners by making them limitedly liable. However, what the regulation of the LLC is depends on the state in the US where your business is located. Apart from banks and insurance companies, any individual or entity can be a member of an LLC. Whatever profits LLCs make, they do not pay taxes directly on the profits. The profits and losses of the LLC are passed through to members of the organization, that report on their individual tax returns. Read More: Micro vs Macro Economics: What’s The Difference? What Is A Sole Proprietorship? According to the Forbes Advisor, “A sole proprietorship is an unincorporated business that’s owned by the individual running it. A sole proprietorship is the default choice for anyone who runs a business but hasn’t set up another formal business structure like an LLC. As a sole proprietor, there’s no separation between your personal and business assets and expenses. You are personally responsible for all your business’s debts and obligations.” This is the simplest form of business. It is basically an unincorporated business with only one owner. Apart from that, this business is also the least expensive to form. A business, by default, is a sole proprietorship if an individual operates the business on his own. For example, if you are an individual shopkeeper, freelancer, retailer, or online business owner, you automatically become a sole proprietor of the business. In this case, you will not need to adopt a business structure from the first. Furthermore, if the name of the business is the same as the name of the owner, then the business is typically a sole proprietorship. However, any sole proprietorship can also operate under a trade name or a brand name. The best thing about a sole proprietorship is that the business and the business owner are not legally separate. Hence, if the business incurs debts, the owner of the business is personally responsible for making the payments for the debt. LLC Vs Sole Proprietorship: What Are The Differences? The major difference is rightly noted by Wall Street Mojo - “LLC is a separate legal entity run by its members having limited liability, and it is mandatory for an LLC to get registered, whereas sole proprietorship is a sort of business arm of an individual which is not separate from its owner; hence its liabilities are not limited, and there is no need to register sole proprietor.” The following are the major differences between LLCs and sole proprietorships: Limited Liability CompanySole ProprietorshipThe company has more than one owner.A single owner of the business runs a single unit.The business and the members are separate entities in an LLC structure.The business and the owner are not separate in a sole proprietorship.The members of the business need to register as per state regulations if they want to form an LLC.The owner of a sole proprietorship needs to ensure that the business name is not the same as another business in the state.It costs around $100 to $800 to form an LLC.There are no costs to form a sole proprietorship.The taxation method is single. A single applicable rate is charged to the members.The taxes of the sole proprietorship are charged from the income of the sole owner. The owner’s taxes and the business taxes are the same here.The members of the LLC are liable only as far as their investments and shares in the business.The owner of a sole proprietorship is fully responsible for the entire business. Furthermore, the owner also does not get liability protection.There is little paperwork to be done.There is no paperwork involved. The best option for you, if you are starting out as a business owner, is to go with a sole proprietorship. If you want to grow a bit more, then changing the structure of your business to an LLC will be a better option. Read More: Vertical vs Horizontal Integration: What Are The Key Differences? Final Thoughts LLC vs Sole proprietorship - Hope you have understood the differences between these two types of business structures. If you are starting out as a business owner, consultant, or freelancer, then sole proprietorship is the easiest and simplest option for you. The paperwork that is required is very minimal, and there are no big costs associated. However, if the business grows bigger and you need legal protection for yourself and your personal assets, LLC is the option to go for. In case of bankruptcy or a legal lawsuit against the business, you do not get involved. Furthermore, there is tax flexibility too. What do you think is the better option of the two? Share your opinions with us in the comments section below. Discover More Business Insights Below! What Is Net Operating Income? How To Calculate NOI? Vertical vs Horizontal Integration: What Are The Key Differences? What Is A Holding Company? – Importance, Operation, And Pros & Cons
Oct 25, 2023