In these unpredictable economic times, to make more money and diversify your current income stream is essential for your business to thrive and, for lack of a better situation, survive. For many business owners, the first risk which comes to mind is the amount of money being spent to diversify their income streams. For others, the risk involves the possibility of transitioning to another, more high-income business altogether and finding effective ways to make money.
Unless there’s a genuine desire to shift to a new business to find a new level of success, the following list of options in which to bring in more revenue to your business centers mainly on the products and/or services you already offer. Additionally, these options are cost-effective and high on returns – so you shouldn’t have to worry about spending more in order to make more money in business.
Package services as products
If your business primarily involves selling services, you can make more money by packaging multiple 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.
It also makes clients feel that they are getting a deal with the services, and would purchase complementary services alongside with it. This encourages them to come into your business ecosystem and potentially become a new, longstanding customer.
Add Value-added Services or Products
Including value-added services or products is another great business move. For example, a carpet cleaner selling bottles of spot remover, a store selling kitchenware offering cooking lessons, or a financial services firm offering a seminar / webinar on investment strategies during tough economic times. Another example includes a farm offering delivery service (for a fee) for the products it sells.
These are all examples of adding value-added products that customers and clients might be willing to pay money for. Make more money by examining your products and services and brainstorming additional services or products that your customers might be interested in. Then choose the one you think will make the most money for your business (preferably with the least capital input) and test it.
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. If you want to increase sales to existing customers, though, you have to make sure you treat them right.
Another consideration for this is developing a sales funnel which caters for any customer going through it to purchase an cross sell (a complementary product to the main purchase they just made, example, if they would want fries and a drink with their burger) or an up sell (typically a larger quantity of the product they already purchased, example, an upsize of their fries portion and drink).
This process has netted companies as much as an 83% increase in gross profit margins from a simple bump of 20% in sales.
Make More Money by Getting More From Your Assets
Your business premises, your intellectual property, your products, your services, your customers, and your employees are all assets and resources that may or may not be producing as much income for you as they could (like a green screen room, a digital camera for filmmaking or an employee with a talent outside the office that can be applied in the office, like podcasting).
Take a hard look at your business and see if some of your assets are being underutilized. Often the ways our businesses could make more money are right in front of us; we just have to recognize them.
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. You can gain even more advantage by subleasing space to a business that is complementary to yours, giving the opportunity for cross-promotion. For example, if you own a vehicle repair business and sublet a bay to an auto detailing company, you can cross-promote each other’s services and attract more customers.
Build an Online Community
You can also earn money online by building an online community, although the monetization strategies you can pursue will vary a lot depending on your goals. You can build a community with a blog, for example. You can also build an online forum and charge people for membership. You could even build up a Facebook group and use your influence there to sell and promote products.
Promote and Advertise Your Business
As we are on the subject of promotion and advertising, many businesses are resistant to doing this for their business. However, this is a mistake, advertising and promotion has shown to provide exposure of a business for up to 27% of internet users, stating they find out about new products and services this way. In fact, during the 2020 cornavirus pandemic, mobile ad spend soared by 71% as more potential customers were on their phones and devices than ever before.
Promotion and Advertising is a major way that new customers are going to find out business, and customers purchasing is the lifeline for any great money making business. So if you haven’t started, and you think ‘it is not for your business’, think again. All successful business in any capacity has promotions, and your business should as well.
So in conclusion,
We’ve shown you 7 effective steps to earning more money for your business, those were,
- Package services as products
- Add Value-Added Services or Products
- Shift your sales focus to current customers and consider cross sells and up sells
- Make more money by getting more from your assets
- Rent out part of your business premises
- Build an online community
- Promote and advertise your business
What are some additional revenue streams that you are implementing in your business or profession to make more money? Tell us in the comments below.
If you’d like to learn more about how you can can make more money in business, set up a consult with us here.
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