You might think that the answer to making more money in your business should be a quick and easy one: just raise your prices. Now, while that might seem like it might make you more money, it could have the opposite effect if fewer people buy from you.
The key to making extra money is not just raising your prices, but finding smart ways to generate new forms of revenue or expand on the services you are already providing.
There are many ways to make more money in your business, and some of them really are quick and easy, you’ll wonder why you didn’t do them before.
Make it Easier for People to Pay You
Sounds obvious, but you would be surprised how many companies make it difficult for you to give them your money. We live in a world that values speed and no added stress, and nowhere is this more true than when it comes to buying something.
There are several payment options available now for businesses to make sending and receiving payments a breeze, such as Paypal, Venmo, Klarna, or using a virtual terminal on your website. These make transactions straight forward as well as giving different options for people to pay you.
Rent Out Your Office Space
I rent out my Milwaukee photography studio to local photographers and artists. Renting out my studio is a small way to offset the cost of rent and know that I am helping other photographers grow and sustain their business.
If you own or lease an office space, have a think about whether you really need all of it. You could perhaps make some extra money by renting out some of your space to another business or to freelancers or entrepreneurs who need a desk.
Many small businesses only need a corner or cubicle; some businesses just need to borrow meeting rooms, if this is something you could help out with then it’s a win-win for both companies.
Shift your Sales Focus
Focus on getting your current customers to buy more of your products and/or services rather than attracting new customers. This makes so much sense because your current customers already know your company and your products; they already like you, so, therefore, they are easier to sell to.
Reach out to your current customers and see what they need right now. Your current customers are the perfect people to poll for suggestions.
Add Value-added Services or Products
Adding different services or products is another really great business move that increases your profits easily. Depending on what kind of business you have, there will likely ways in which you can create or include extra products or services.
For example, if you have a dog walking business, perhaps you could sell dog leads and harnesses. If you have a photography company, could you offer mentoring sessions, online courses?
Take a moment to brainstorm: are there any physical or digital merchandise you could sell that would complement your business? Is there a way you can add more value to your current services?
Lend Out Your Talents
Have you ever sub-contracted your talent to other businesses? Are you able to offer running exercises or training?
For example, if you work in a PR, you could teach your clients the basics of PR?
If you are a creative, could you teach clients how to resize photos and do other basic edits and designs? Plenty of businesses are looking for videos, infographics, and images for their websites, blogs, and social media channels.
If you have a way with words, you can use that skill to write for businesses that need web content, articles, blog posts, and press releases.
Increase Profits by Cutting Expenses
One of the other ways you can increase profits is to cut expenses, and there are many ways to do so. Start by looking at what you’re spending your money on in the first place and look for things you can either do without or swap for cheaper.
Even for smaller purchases, it’s good to ask for prices from a few different suppliers or companies. I always aim to collect at least a few different quotes from different providers for comparative purposes and to see what kind of deals I can negotiate over the phone.