Alternative Income Streams For Making Your Business More Profitable

Is your company as profitable as it could be? There are plenty of ways to get more income streams going whatever line of work you are in – a business within a business if you will. I thought I would go through some of them with you – so take a look and see if you can use any of them to increase your profits!

Pimp out your skills

If you have a lot of experience in your field, why not try consulting? You can hold seminars in the real world, or use something like Google Hangouts to communicate with your audience. Talk to people about your skills and experience and teach them how you work – and all for a tidy sum. Once you get started, it’s something that you can go back to again and again, and it will help you get your name out there as an authority in your industry.

Rent out office space

If you have any room spare in your workplace, why not rent it out? You could advertise in your local newspaper and have other small businesses or startups pay you rent for desk or office space. You’ll need to compare landlord insurance online to give you the right cover should anything go wrong, and you will also need to check your taxes. But, that’s all there is to it – and it’s easy money coming in every month.

Advertise other businesses

If you have a lot of visitors to your website, why not think about getting extra income through advertising? Go for a complimentary business to yours, and you should see a few extra pounds coming through the books every week. For example, if you sell wedding cakes, maybe you could advertise for the local dressmaker? As long as they aren’t competing with you directly, it’s a great way to get a little more for not much effort.

Markup your products

All successful businesses know how to mark up their profits. It’s an obvious idea, but one of the best ways to maximise your income. The old classic scenario of buying low and selling high is the goal here. And, you never know – you might uncover something that sells like wildfire.

Haggle with your suppliers

As any successful business owner will know, sometimes the amount you save can be more profitable than the amount you sell. So, make sure you are getting a better price from all of your suppliers. This works best if you have been a customer for a long time – many suppliers will give you a better deal if you ask them. And, if they are worried you will go elsewhere, they may well drop your prices even lower.

Use your assets better

Finally, if you have employees, make sure they are working on the tasks that make you the most money. If you have an exceptional salesperson, that’s all they should be doing – selling. Get an administrator to do their paperwork instead, and always have them out meeting potential clients. Again, it’s a simple idea -but not one that every business embraces.

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