10 Ways to Make Your Business a Little More Money
When you run a business, you might have one or more products and services that serve as your main income and which your business is built upon, Although you should undoubtedly spend the majority of your time focusing on those products and/or services, it can never hurt to diversify your income stream and do whatever it is you can to bring in more money and boost your bottom line.
Below, you will find some worthwhile ways of making your business a little more money on a regular or one-off basis. If you need to diversify and make a bit more cash, try as many of them as possible and you should see results…
Rent Out Office Space
If you rent or own your own physical business premises, then access whether you’re actually using every inch of it to your full advantage or not, If you’re not, then why not rent it out to another company or even a freelancer who’s looking for a quiet place to work?
Property is undoubtedly one of the biggest expenses that any business had to deal with and that not only means that you can make an income from any spare room you have, but also that there will be plenty of people in your area who are looking to rent a little working space, whether that’s a whole office, a small cubicle or even just a desk.
If you can rent space to a company that complements you own, then it could even lead to greater business opportunities as you combine forces to promote each others’ companies, share clients and maybe even work together on exciting new projects. Anything is possible!
Turn Your Services into a Package
If your business is service-based, instead of just selling each service on its own. Look at ways of combining services so that they make a more inviting package that will be useful to your customer and which will enable you to make more money.
If you offer a package, then instead of charging by the hour or by the service, you can charge a premium, and that can only ever be a good thing. So, for example, offer a full-service website creation package where you offer not just the web design, but the content writing and the SEO services too. That’s just one example, but it should give you an idea of what is possible.
Make Money from Old Rope
The business world and especially the tech used to run a company changes so fast that upgrades are more essential than they have ever been before, and they can hit your bottom line hard. If, however, you sell your used computer equipment on for a fair price, something that you can do if you click here, you can make a little money, which will offset your upgrade nicely. Again, that is just one example, and there are undoubtedly other assets you can exchange for money, rather than just getting rid of them, when they are no longer of use to your business.
Retain More Customers
Did you know that it’s five times less expensive to sell something to an existing customer than it is a new one? It’s obvious when you think about it because if they’ve already found you and made a purchase, you have their details already, so you don’t have to spend so much on marketing to bring them back like you do to draw new customers in. So, if you want to make more money and spend less money to get those sales focus on giving good customer service and offers to your existing customers in a bid to keep them onside.
Sub-Contract Your Staff
If you have members of staff who have specialist skills in whatever area, then you could possibly sub-contract them out to other companies who need that expertise in exchange for a fee. For example. If you have a manager with excellent communication skills, having him go off and give a communication workshop at another company could prove to be quite lucrative for you and your employee.
Sell Add-On Products
When you sell your company’s web design services, why not persuade the customer of the benefits of your SEO service too, or if you sell a new washing machine, why not convince the customer to buy some of that excellent new stain remover you’re stocking too? By pushing add-ons, you can make a surprisingly large amount of money above and beyond what you’d get for your main product, and because these add-ons are related, customers are more likely to be receptive to their purchase.
Put Your Assets to Work
As a business, you probably have multiple assets that have cost you a lot of money to acquire, It makes sense, then, to evaluate those assets to see if and how they could make more money from you. For example, if you have an office filled with Mac computers and other equipment, could you rent it out to individuals looking to run Computer courses on the weekend for a little extra money? Look for the opportunities – and there always are a few- and use them to your advantage.
Cut Your Expenses
One way of effectively making money and boosting your bottom line is by lowering your expenses – something you can learn about right here. So, talk to your supplier and see if you could get a better deal, invest in low energy appliances, or get rid of that unnecessary member of staff and you will have effectively boosted your profits.
If you run the kind of business where it is possible, allowing your employees to work remotely will help to cut costs all round because you will require a smaller office space, pay less in utilities and travel. Also, your employees will generally work more productively and have fewer sick days.
Use Social Media for Marketing
If you aren’t already, start marketing on social media which is free to low-cost and which is actually a lot more effective than many traditional methods of selling.
Do you run a business? Do you have any bright ideas for making a little more money which are easy to implement?