How to Make More Money in Business
I don’t want to pass up the opportunity to share an article I read about how to make more money in business. Below are a few highlights:
Diversifying your income stream to make more money in business is old advice, but in tough economic times, it's advice worth taking. One of the least risky (and least costly) ways to successfully increase your business income is to make better use of your existing assets and resources.
All of the ideas below are ways you can bring in more revenue for your business without spending a lot of money to do it.
Rent Out Part of Your Business Premises
If you own or lease commercial space, do you really need all of your current space? If not, you can make more money by renting out some of your space to another business.
There are a lot of small businesses that only need a corner or cubicle. Or maybe you have an unused room that another business could use as office space. Also, consider the unused warehouse space or empty garage/storage shed that could be rented (in urban environments storage space can command a high premium).
You can further increase the revenue from spare office rental space if you’re able to throw in some add-ins, such as the shared use of a conference room and access to the Internet (direct or WiFi), printers, copiers, coffee machine, etc.
Package Services as Products
If your business primarily involves selling services, you can make more money by packaging your services and assigning set prices. This will increase sales because it will eliminate clients’ reluctance to sign on for what they view as open-ended projects, and it makes your work appear tangible.
Shift your Sales Focus
One of the easiest ways to make more money is often overlooked: getting your current customers to buy more of your products and/or services. Shifting your sales focus to your current customers rather than attracting new customers makes excellent economic sense because your current customers are already converted prospects. They know your company and your products and are easier to sell to.
Find the full article here and don’t hesitate to discuss your thoughts with me. Please feel free to contact me on 0467 749 378 or email at [email protected] for any thoughts and perspectives.
Thanks,
Robert