Whether you are only a start-up or a big successful company, the following are amazing ways that can help your business get some extra money, and extra money never hurts!
[Image Source: Jon Ross]
Rent rooms/conference halls
If you have a large office or even a whole building consider renting out a few rooms for conferences, talks and shows (business-wise of course!). Companies rarely use up all of the space available and it seems like a waste of money if it can be used in a different way!
Do seminars and workshops
Since you have probably been in the industry for a while, you know a lot about it and can even hold seminars for others! Train on your employees and ask for feedback – readjust the content and way of presenting and off you go!
Create products out of services
If your business involves a service (for example, consultancy) consider making a product out of it – some sort of a full package with a software/app/slides/etc. If customers are not willing to commit to a never-ending service, buying a product once might make them rethink the initial decision.
Get back to your old customers!
If your business involves selling products, convince your old and current customers to buy more of it or more frequently. Maybe they should be using it more often or it is so great it would make a brilliant present for every family member. Creativity is the key!
Don’t just sell one product, find a suitable addition to it! Gym membership with a fresh fruit&veg delivery service, workshops with a software to test and practice skills – there are just two examples of how it could go.
Lower your costs
Simple math - by decreasing spending, you are obviously going to increase the profits. Look through everything and think of what doesn’t seem as necessary as before. Maybe an office is too big for so few people? Too much advertising that does not work? Employees that have nothing to do in the summer time? Cut the unnecessary spendings out and there’s your extra cash.
Reorganise your employees
Sometimes the simplest thing to do is to allow people to work at what they can do best. Make a list of everyone and what their strengths and limitations are and create small teams where everyone would be doing exactly what they are best at!
Lend your employees to other companies
Sounds a little weird at first but if you have talented employee why not sub-contract them to another business? They could work on a project on a temporary basis - extra cash for you and a huge ‘thank you’ from your (now definitely) business partner.
Start a blog
If you or any of your employees are passionate about writing why not create a blog? You could write about some useful tips for newcomers in the industry, news, company features and many other interesting things. It might take some time to get noticed but once your readership grows advertisers will come in flying!
Make your office a movie location!
Whatever place you see in a movie – it was either rented or built from scratch. Renting a location is always cheaper and easier for movie directors than building a whole set and if you think your office/firm would look fantastic in a movie, list it on relevant websites and wait for a call.
Written by Daria Sergeeva