As a business owner, you’re always looking for new ways to grow your company and make it more successful, more profitable. While most of these opportunities will be connected to your core services, you should also be keeping your eye on ways to make money that isn’t related to whatever your primary money-making sources are. Because no matter what your company is, there’ll be many more ways to make money than you realize.
Below, we take a look a few of the ways you can boost your revenues, all of which will put little to no strain on your day to day business activities.
Renting Out Your Space
If you have business premises, then take a look and ask: are you using all of the space that’s available? If you’re not, you might be able to rent out some of your unused work or storage space to other companies. There are many small businesses out there who don’t have the facilities to store their products or supplies; if you have extra space, that’s a quick and easy way to bring in some extra revenue. The same goes for desk space: a corner of your office might be useless to you, but valuable to a smaller company.
Making Money From Your Materials
The biggest companies are profitable not just because they’re good at what they do, but also because they know how to get the most money from all aspects of their business. You’ll have plenty of materials that you need as part of your day to day operations; did you know that you can sell these materials to other companies? Things like scrap metal, cardboard, polystyrene, plastics, and more. Just because you consider these materials junk, that doesn’t mean everybody does; one man’s junk is another man’s treasure, as they say, so don’t throw them away: turn it into cash. Remember, in business every penny counts.
Selling Non-Core Add Ons
Your company will exist as one part of a much larger industry. No matter what product or service you’re providing, there’ll likely be many opportunities to offer an add-on service or product. You won’t have to be responsible for the quality of these offerings; you’re just a third party (though make sure you vet the company first to ensure they’re reputable). Think of the way travel companies sell car rentals, tours, and other services that are offered by outside parties. It’ll be as simple as adding another box to your checkout process, or offering a simple upgrade, yet could provide an additional source of income.
Can You Advertise?
Now, you’ll have advertised your own company, but have you ever thought of advertising other companies? Of course, you won’t want to market a direct competitor, but you can open up your premises to advertising related companies within your industry, especially if you have a prime location. Partnering with other companies is a great way to cross-promote your own services or products, too, and requires minimal start-up cost.
Always be on the lookout for new opportunities that aren’t directly related to your company. You’ll discover that there’s money to be made everywhere if you look hard enough.