When it comes to staying in profit, everything you can do to ensure this happens for your business helps.
In fact, most business owners now realize that diversifying streams of income they have is the best approach.
Happily, this is something you can find out more about in doing in your company in the post below.
#1 Consulting
The great thing about consulting is that you can charge big bucks, but it costs very little to set up.
After all, you will already have people that are specialists in their field working for you, so offering these services to someone else won’t be difficult at all.
Additionally, because we all have easy access to social media platforms like Linked in and YouTube, building up a reputation as a specialist is a lot easier to do now.
Something that can not only help to give credence to the consulting services you offer but also reinforce the reputation of your business and brand as well.
#2 Renting out unused equipment and space
Another smart way of creating an additional income stream is to take stock of the equipment, and even the space that you have at your disposal but do not use.
In fact, companies often find that they have a significant amount of both of these things, which are not cost-neutral. After all, equipment and space cost money, and if you aren’t using it is using up capital that could be invested elsewhere.
To that end, leasing out an unused warehouse, or even office space can be a financially smart move. Oh, and leasing or even selling unused equipment can provide you will the funds to invest in other areas too.
#3 Selling patents
Something that your business may already have that is of significant value are patents. That is the exclusive rights on an invention. In fact, patents can be treated in a similar way to investment products, and so can be used to make your business some additional money.
Of course, the best way of doing this is by getting some professional Patent portfolio management help. Then you will know when to buy, hold, or sell, and so be able to generate as much additional income for your company as possible.
Additionally, there is another advantage to investing in patents for your business. After all, if you hold several essential patents in one area, it can help to give your business an edge in that market. Something that should help to boost your primary source of income too.
#4 Tapping additional markets
Finally, when diversifying income streams, do consider tapping additional demographics to the ones you are primarily working will.
Yes, to do this successfully will take some significant research and even some re-branding and a different marketing approach.
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