How to Make More Money in Business

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 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

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.

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.

Lend Out Your Employees 

Maybe you could sub-contract them to other businesses. For instance, if you have exceptional managers, you could hire them out to other enterprises to run exercises in team-building and management skills. From an employee perspective, working for another business can be advantageous in that it allows them to gain valuable experience in a different organization.

Add Value-added Services or Products 

Including value-added services or products is another great business move. Some examples are a carpet cleaner selling bottles of spot remover, a store selling kitchenware offering cooking lessons, or a financial services firm offering a seminar on investment strategies during tough economic times. Another example includes a farm offering delivery service (for a fee) for the products it sells.