More Ways To Make More Money
If you’re as optimistic as your summer-loving blogger, than you know that there is still a good month to go in our summer season. However, if you’re a student, the impending school season begins in about a week or so, making summer pretty much done. Business owners, however, know that the season to make money is always here!
It goes without saying that with each passing season, business owners are required to rethink their marketing strategies to cater to the changing needs of their customers. This is especially true in the clothing industry, for example, where the clothing on sale is indicative of the weather outside.
It’s not just the inventory that changes though. Sometimes, businesses just need a shake up to start garnering more interest and driving more customers into the stores. On About.com, Susan Ward lists a few ways in which business owners can gear their thinking towards making more money.
“Diversifying your income stream as the way to make more money is old advice,” writes Ward, “but in tough economic times, it’s advice well worth taking. The key to successfully increasing your business income is to be sure the cost of diversifying isn’t making your profits negligible or nonexistent.”
With that, Ward offers some advice that you may not have considered before. She begins by suggesting that business owners consider renting out a part of their business premises. If you’re not in need in all of your business space, perhaps there is a way to make money by renting out some of it to another business.
She notes that many small businesses operate out of a simple corner or kiosk. If there is a way to offer another entrepreneur some space that would be of great use to him or her, you have just opened up your business to a brand new revenue stream. Ward even suggests offering add-ins such as “shared secretarial services or computer workstations.”
Can you package your services as products? Quoting C.J. Hayden’s “Turn Your Services Into Products” article, Ward writes that “you can make more money by packaging your services as products rather than charging clients an hourly rate.” It helps to eliminate the reluctance of customers to sign on for what may be considered “open-ended projects”.
We will continue to take a look at Ward’s tips on how to make your business more money in tomorrow’s blog.