You probably wouldn’t be in business if you weren’t interested in making money. So, if there’s an opportunity to make more than you already are from the company you’re already running, then you would want to know, right?
Well, thanks to technology there are a number of ways you can make more money from your business and it doesn’t necessarily mean much more work or charging your customers more, all you need to do is to have a good look at yourself and your business and decide what it is that you already do but could be capitalizing on.
Selling products or services to your existing customers can help to increase revenue and research has shown that it is easier and more cost-effective to market to existing customers than it is to new prospects because first of all, you don’t have to find them, your customers already trust you, and they also need fewer pre-sales treatment and nurturing.
While there are plenty of ideas, not all will be suitable for your industry or right for your customers, so it’s important that you decide which ideas are the best and how they can enhance the services you provide.
Here are a few ideas to get you started:
No matter what business you are in, there are always extra services or products that you can add on to your regular offering.
For instance, if you owned a medical practice you could sell healthy snacks and magazines at reception, software developers could sell hardware or equipment, a carpet cleaner could sell bottles of spot remover, a kitchenware shop could offer cooking lessons, or a financial services firm could offer seminars on investment strategies. Do you get the idea?
All you need to do is have a look at your current services and consider what would work well with them. It’s also a good idea to put yourself in your customers’ or clients’ shoes.
It’s also worthwhile doing some research to see if there is a demand for the products you are thinking about offering. Your customers may already be getting them from elsewhere, but they would probably prefer to get them from you and kill two birds with one stone.
If you can sell physical products, then this also doesn’t just have to be limited to your own website. With so many places to sell things now, you can easily learn how to sell things on Amazon, eBay or Etsy and then build up a new customer base as people get to know you and your brand.
Write a Book
With an array of publishing platforms such as Kindle Direct Publishing, CreateSpace, and Smashwords, what is stopping you from writing your own book and getting it published all over the world?
While marketing a book can be challenging as marketing a business, with the right strategy and contacts, you could find that this is a very lucrative market for you. You can sell your book online through Amazon and other book shops, but you can also sell it to your existing customers.
A book can be a fantastic marketing tool as it shows your customers and potential customers your expertise and desire to share your knowledge. Just make sure that you make your book the best it can possibly be by getting it properly edited and formatted and adding a high-quality book cover.
Start a Youtube Channel
Again, this will depend on the industry you are in as to whether a Youtube channel would be suitable for your business, but if there is something that you can teach people how to do, then according to Brandwatch, searches of “how-to” videos on YouTube are growing 70% year on year, so online tutorials are a perfect way to get your business noticed but not only that, if you end up with a successful Youtube channel with lots of subscribers then you may be able to make money from advertising too.
Write a Blog
Your business really should have a blog anyway as it’s a very useful tool, is essential for your branding, and it is necessary to show your expertise in the industry.
Having an excellent blog means that you will generate leads from people who are interested in your company enough to give you their details. Plugins and tools enable you to use user-friendly lead capture forms that pop up as people are reading your content.
You can also link to your landing pages at the end of your content with Calls To Action that inform readers what they should be doing next. Your blog can work as an integral part of your sales funnel and is also a great place to capture data for email marketing.
This can all lead to more business, which equals more money, and just like with a successful Youtube channel, if you end up getting a lot of traffic, people may also pay you to advertise on your site. Which leads on to the next point…
Do you send out newsletters either online and offline? Or do you have some free space on your website? If so, then this is a good chance for you to make some extra money from advertising.
Google AdSense is one of the most popular ways to generate extra income from website advertising. However, you won’t make a fortune as the income it brings in will only be a few cents per click. It’s also possible that adverts will take visitors away from your site and sometimes to a competitor.
Don’t let this deter you, though, because, with the right technical know-how, you can create your own advertising scheme. If you do this, you will be able to charge people a flat rate for using your website as a platform for their ads.
This means that you will be able to choose who advertises on your website and who doesn’t. You can also make sure that the adverts are of high quality and not competing with your business.
This is one of the most lucrative ideas if you can manage to speak in front of people, which not everyone can.
There are events all over the country all throughout the year looking for speakers to talk about various different topics, from general life lessons to specific business strategies, to educate and entertain their audiences.
As a speaker, you can get paid hundreds of dollars per schedule, for your time, and it also gives you a chance to meet new prospects for your business and to sell your services.
Public speaking may start off as a slow revenue stream, and you might need to begin by volunteering at a few events before it takes off, but if you want to take this route, it might be wise to watch some TED Talks before you begin to prospect for presentation opportunities.
This will give you an idea of what kinds of subjects and styles are currently working, and it is always good to see how the best deliver their talks.
There are many websites where you can sign up, create a course, and sell it for the hosting website to take a small percentage.
This can be an excellent way for you to develop your brand and demonstrate your expertise while also earning extra revenue.
The best thing about this revenue stream is that you can record your course once and design your materials once, and then they will be used thousands of times without you doing any work.
So while the creation can be time-consuming, in the long term, it can be very lucrative.
Rent Out Part of Your Office
Do you own or lease your commercial space? Do you really need all of it? If not, then another way to make some extra money is by renting out some of your space to another business.
Many small businesses only need a corner or a cubicle, or if you have an unused room that another company could use as office space, then make the most of it.
It is also worth considering any unused warehouse space or empty garage space. You would be able to make even more money if you can throw in some add-ins, such as the shared use of a conference room, access to the Internet, printers, copiers, coffee machine, and the kitchen.
It’s even better if you sublease space to a business that is complementary to yours, and there might be an opportunity for cross-promotion.
Train Your Clients and Other Businesses
This is an interesting one, but keep reading. Do you have clients who only bring you a small bit of business, perhaps something that you could teach them to do themselves and make more money from it?
They would then spread the word and get you even more business, and you would also strengthen your position as a market leader. If you have talented and marketable people that work for you, then perhaps its worth thinking about sub-contracting them to other businesses?
Could you hire them out to other enterprises to run exercises in team-building and management skills? This would not only make you more money, but it would benefit your employees to work for another business as it allows them to gain valuable experience in a different organization.