Economic times have become more challenging, and making extra money in your business is advice worth considering. When you hear of the companies that instantly start making tons of money, sometimes the reality is different. It takes years for some businesses to find a stable footing, grow, and become profitable. During times like the COVID-19 pandemic, many companies struggled to stay open while others focused on survival. If you’re looking to make more money in your business, here are smart ways to consider.
Outsource and hire out your staff
Hiring out your employees is one of the ways you can retain talent when you need them instead of firing them. Working for another business enables your staff to gain valuable experience, eventually bringing it to your company. For example, if you have an exceptional financial advisor, sub-contract them to other firms for a period and have them come back.
Alternative to hiring staff out, you can outsource from other companies. Outsourcing allows you to have tasks performed by highly skilled professionals in a particular area affordably.
Rent out space from your premises
If you’re leasing or own commercial space, evaluate if you need to use all of it. If not, rent out some of it to make more money for your business. Some small companies only require a cubicle or corner to operate. Also, if you have an unused room, other companies could turn them into office space. Storage space is usually in demand; if you have an empty garage or storage shed, consider renting it out.
Make money from your assets
Company machines, employees, and customers are all assets that you can utilize to make more money for your business. For example, you can turn your employees into influencers and marketers instead of sourcing for high-profile influencers. On the other hand, if you have excellent service, customers can be your number one marketers through word of mouth to their families and friends. If you have extra equipment in the workplace that is underutilized, consider renting them out or selling them; for example, you can sell your surplus toner.
Diversify with complementary products/services
Many businesses focus on attracting new customers instead of retaining the existing ones. While that is still essential, you can achieve both by diversifying your products or services with complementary ones. Customers spend a lot of time searching for products; it would save them time and money purchasing what they need from one store. More products/services that complement each other mean more customers and ultimately more money.
Package your services
Clients dislike hourly rates while seeking services because it’s open-ended and leaves room for price inflation. Instead, package your services as per project; this way, you build trust. Eventually, you gain more clients when you inform them of how you’re different from your competition.
It’s old advice that you should try as much as possible to exhaust all business areas where you can earn extra money. However, while making extra money, you should also know how to spend your business profits for optimal development. Consider hiring out your staff or outsourcing, package services into projects, rent out underutilized spaces in your business, or sell the surplus.