Running a company isn’t always simple, and your cash flow may not always be as flexible – or as good – as you’d want. Diversifying your revenue streams is one way to make more money, and while it may not appear to be something you can do at first glance, it is certainly something worth considering because, if you dig a little deeper, you will most likely discover that you can add revenue streams without too many problems. Here are a few suggestions for generating extra revenue in your existing company.
Rent Out Your Property
Are you using all of the available space in your present company premises? If not, you could rent part of it out and make a decent living off of it. Many small companies need just a room, or perhaps a portion of a room. It’s difficult for these companies to find suitable premises; they are few and far between. If you have an empty room or space to rent, the owner of a small company may be extremely interested. Can you add shared secretarial services to your rental to make it more appealing, or perhaps shared kitchen space? You could even rent out the space on an as-needed basis for meetings. If you think carefully about who you rent to, there could also be opportunities to cross-promote and help one another in business.
Online Sales
If you don’t already have an online store, starting one and selling online is a fantastic way to increase your sales and bottom line. You don’t even need to modify or build a new website; you can sell on sites like eBay and Amazon Marketplace for a fraction of the price. Holding stock is also unnecessary since you can simply purchase what you need when someone makes an order.
Additional Products
Rather than finding new customers to purchase the same goods and services, it is usually less expensive to find additional items to offer to existing customers. Changing – or adding to – your product line demonstrates that you are up to date with current trends and understand what your consumers want.
Products With Added Value
Whatever you offer, there will be something to sell beside it that compliments it and adds value to the purchase. If you go out and clean people’s carpets, for example, you might offer stain removal products. You can sell brushes and combs if you groom dogs. If you sell paintings, why not include frames or perhaps a framing workshop? Don’t offer anything that will replace what you’re doing; instead, sell something that will allow your clients to help themselves in between your visits. This can make a significant difference in terms of revenue and how well your business is perceived.
Work As A Subcontractor
Have you considered becoming a subcontractor if you have marketable, skilled employees that other businesses might use? This could be a fantastic way to cover any holes in your schedule and keep your workers active at all times. It doesn’t even have to be individuals who work in construction or other physically demanding occupations. Excellent managers, for example, can go and help elsewhere on an ad-hoc basis.
Take care to thoroughly screen each request for a subcontractor, as you don’t want to end up lending out valuable workers to a direct rival. Also, make sure that you charge more than your current day rate; otherwise, by the time you’ve paid your employee, you won’t have earned any profit, rendering the exercise useless.
Create A Book Or An eBook
If you are a successful manager or entrepreneur, publishing a book about your adventures, including hints and suggestions on how others can become just as successful, could be another ideal product for you and significantly boost your revenue. You can sell your story along with your goods or promote it completely independently as long as it is engaging and well-written.
Advertising
If you have a website or send out newsletters, you should be able to include some ads. For online advertising, you can use Google AdSense, and if you have a physical newsletter, you might contact local companies and give them advertising space. This will work best if you have a large number of subscribers since the advertising will be more cost-effective.
Sell The Business
Although selling your business isn’t exactly a way to add a revenue stream to it, it can certainly bring you a good profit, which you can use to expand a separate business, start a new one, or even, if there is enough money, to retire. If you want to sell your business fast, you’ll need to do plenty of research and have experts to help you. The last thing you’ll want to do is to sell for less than it’s really worth.
