Diversifying your business’s income stream to make more money in your business no matter the scale is a piece of old advice. However, in today’s dwindling economy, it’s advice that’s worth taking. One of the most efficient and least risky ways any business owners can increase their income and profit is by making better use of existing resources or assets.
With that in mind, the following ideas can help you bring in more revenue with minimal costs.
Rent Out a Portion of Your Business Premises
If you’re currently owning or leasing a commercial location for your business, ask yourself, do you need all of your current space? If that’s not the case, stretch your investments out and make more money by renting out some of the unoccupied areas to other businesses. Many small companies only look for corners or cubicle spaces, so if you have spare places like these, take advantage of them and rent it out. Additionally, unused rooms can also make you money as small businesses look for spaces like these to turn into offices.
Finally, if you have unused warehouses or empty garages and storage units, you can let other businesses rent them out. You can further increase your profits by renting spare rental spaces in your property by throwing in some add-ins. These include providing shared use of conference rooms, access to the WiFi, or have added armed property security companies to protect them from unlawful individuals.
Keep an Eye on Yearly Marketing Trends
If you want to earn more every year, one of the best ways you can do this is by upgrading your marketing campaigns annually, and to ensure they’re efficient and worth your investments, keeping track of marketing trends is crucial.
Package Services as Products
If your company primarily sells services, you can stretch your income and revenue by packaging your services and assigning set prices. Doing this can increase sales since it’ll eliminate most clients’ reluctance to sign on for what they may view as open-ended projects, making work appear more tangible—boosting profits in the long run.
Lend Out Employees
If you have a couple of talented and marketable people in your team, take advantage of the opportunity and earn more money by sub-contracting these people to other businesses. For example, if you have top-performing managers, you can hire them out to your business partners to run exercises or programs about team-building and management. Plus, from an employee’s perspective, working for other businesses is advantageous.
That’s because it allows them to gain valuable experience—making it a win-win situation for both you and your workers. You can also do this strategy by lending out employees to avoid laying them off and losing valuable talent. Loaning workers to other companies for a set time and getting them back when necessary can help you make more money down the line.
Shift Sales Focus
One of the simplest and efficient ways to make more money in business gets often overlooked, and that’s getting your existing customers to purchase more of your services and products. You can do this by shifting your sales focus to your pre-existing clients rather than attracting new leads. Doing this makes more sense since your current customers are already converted prospective clients—and they’re familiar with your brand and company, making it easier to sell them your products and services.
So, if you’re looking to give your sale a boost from existing customers, shift your sales focus on them and treat them right.
Offer Value-Added Services or Products
Offering value-added goods and services is an excellent business move to make. For instance, carpet cleaning companies can sell bottles of spot removers in addition to their services, a kitchenware store can provide cooking lessons for an extra fee, or a financial services firm may offer seminars on investment strategies. These are just some of the ideas that different niches can offer.