When you are a business owner, you have all kinds of responsibilities. Right at the top of the list will be your duty to make as much money as possible. You need to try and squeeze as much cash from your business as you feasibly can – which is easier said than done.
Thankfully, there are different ideas and tactics you can call upon to generate extra money. Some of these ideas can help you make loads of cash, while others are useful for earning just a small bit now and then. Still, every little helps!
Are you interested in learning more? Keep on reading to find some useful tips:
Sell Add-Ons
An add-on is something that a customer buys to add to their initial purchase. It’s a genius way of making each sale more profitable. There’s nothing revolutionary about this idea – people have been doing it for ages. For example, you can buy a car, and then have the option to purchase add-ons like heated seats, a cool entertainment system, or stylish wheels.
The idea is to recommend products to people that align with their purchase. Let’s say you sell electronics on your website. A simple add-on would be a case for the device or something to protect the screen. You could even suggest cleaning gear to keep the device in tip-top shape.
As you think about this idea, you notice there are countless possibilities. So, give it a go to make more money from every sale.
Open A New Revenue Stream
A new revenue stream gives your business a different way to earn money. It’s an idea that exists alongside your main business idea, but it gives you an alternative. For instance, imagine you run a restaurant business. You make money by getting people to come to your restaurant and eat the food – pretty simple, right? To make more money, you could invent a new service – like selling meal kits to people. You sell these kits online, sending out ingredients from your restaurant so people can make some of the meals on the menu at home. So, while you still make money from diners, you have another source of income.
Here, the trick is to come up with new revenue streams that aren’t affected by one another. The new service or product you sell won’t decrease sales of your original product/service. It should be related to your business, but open it up to new customers who may not have bought from you before. In the above example, your restaurant business now generates sales from people who might live too far away to ever visit your restaurant. Thus, you make more money!
Find Partners That Offer Rewards
Your business should consider a reward system for customers. This is a fantastic way to encourage loyalty and repeat purchases. Funnily enough, that’s also a great idea to generate extra cash for your business! But, we’re not talking about YOUR loyalty rewards here.
Instead, you should find partners or suppliers that offer loyalty rewards to you. Plenty exist, as they want to retain you as a long-term customer. This could include giving you loyalty discounts, but some partners may offer things like cash rewards for constantly using their service. Companies like LoopTV do exactly that, as you can see here they offer cash if you keep using their product and stream things to customers. Search for partners that financially reward you for being loyal to them – it could end up helping you make a bit of extra money.
Rent Out Extra Space
Do you have any extra space in your business that’s not being used? In an office, this could include a few rooms that you simply have no use for. They sit there unoccupied every single day, possibly even turned into storage. Or, you could have a warehouse to keep your stock, but it is never completely full. There’s plenty of extra space for additional racks, but you never need it.
If this is the case, renting out your extra space is a fine way to make more money. Other companies will pay you to use this space, so you get a constant source of extra income.
At the end of the day, you must explore as many options as possible to generate extra cash for your business. Start by focusing on your main services/products and how you can make more money from every sale. Open up new revenue streams, try to get rewards from your suppliers/partners, and rent out any free space you have lying around. Soon, you will see how much more money you’re making!