Sometimes some extra revenue in your business would be a very good thing. As a business owner, you know just how delicate cash flow can be, and one late payment can cause havoc and wreck any plans you have going forward. So, it makes sense to add some more revenue streams to your business when you can; this means that there is more money coming in, of course, but it also means that there is less chance that one client paying you late will cause so much trouble.
Of course, suddenly adding a new revenue stream to your business isn’t easy, not least because you need to pick something that is going to complement your other products and services and be something that you can offer to a high standard – as well as being something that your customers actually want. With that in mind, here are some of the ways you can bring an additional revenue stream into your business.
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Hire Out Your Premises
Many business owners have taken the decision to run their businesses from home, and if you have done this, then you won’t necessarily be able to try this idea out. However, if you do rent or own business premises, then those people who are working from home might be in need of your help, and you can make some extra money from it.
If you hire out your premises, perhaps for use as a meeting space if you have a spare room or two, or for storage, if you have a warehouse with space to spare, you can earn additional money without needing to put in any additional work. As long as the space is clean and tidy, the person hiring it will take care of everything else. If the space was going to waste otherwise, this is an excellent way to bring in some more money.
For many business owners, public speaking is one of the best ways to make some extra money when running a business. Of course, unlike the idea above, public speaking does require a lot of effort, and it’s not something everyone is comfortable with. However, if you can do it or if you’re willing to learn by studying language and structure techniques to ensure you are confident in what you’re saying, you can bring in a lot of extra money.
When it comes to public speaking, you don’t have to talk about your business (although this could give you an extra way to publicize it if you want to); you can talk about anything you think people want to know more about. As long as you can show you’re an expert and be confident and engaging, people will pay to hear you talk.
Become A Sub-Contractor
There might be times when you run a business when you have some gaps in your schedule. This could happen for a variety of different reasons, and it can be problematic. If you have staff, you might even find they have nothing to do, but you still need to pay them.
If you need to fill in these gaps, you can think about sub-contracting your team out to another firm. Your employees will have something to do, you’ll be making some money (although perhaps not as much as if you were running the job), and you can use the time to consider your options for better marketing in the future.