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A lot of people overlook the idea of diversifying their store’s income. They believe that the main method of making money is to simply increase your sales, add more products and grab more customers. However, that’s a shallow way of thinking and there are actually lots of creative and unique ways to increase your profits by diversifying your income.
So to give your business a hand, we’ve put together a couple of useful tips that will help you diversify your income.
Rent out your employees with outsourcing opportunities
One of the best ways to make use of talented employees is to consider outsourcing them for additional income. It could be a risky move if your employee doesn’t have much loyalty to your company, but you can think of it as helping your employees find more work and get more hours. This is a fantastic opportunity to make better use of your staff members if they’re not doing much due to a quiet period at work.
This is a common strategy used by development companies when they’re not actively working on a project. It’s not uncommon for businesses to loan out their employees to help acquire more capital for the company while also giving the employee a chance to work more hours.
Package a service and offer it as a product
A popular way to diversify what your business offers is to package up your services into a product and market it to your customers. For instance, if you’re a company that typically sells services that cover computer repairs, then you could start selling a product that offers people unlimited repairs for a monthly fee. Products like this can be extremely popular if you’re in the right industry, but it’s also difficult to gain traction unless you’re willing to market it to everyone that walks through your doors.
You also need to balance the financial implications of selling your services as a different product. Offering subscription services and entering long-term contracts can also be challenging to keep up with, especially if you’re still a relatively small business without a large team.
Consider renting out space in your business
Another fantastic way to increase your profits is to consider renting out space in and around your business. For instance, if you have a lot of unused space, such as extra booths and offices, then you could consider renting it out to other people for their own businesses or personal use. This is a great way to diversify your range of income if you’ve got a lot of extra space. Other examples include setting up a dual shop with another entrepreneur or just simply renting out your premises when it’s not actively in use.
You can also rent out space around your business, such as for parking purposes or even to take advantage of the cell tower boom by contacting telecoms companies and asking if your site is suitable for a cell tower. These cell towers are crucial to help boost cell phone signals, and telecoms companies will usually pay a decent amount of money to build one on your property if you’re in a location that needs coverage.
Shifting your sales focus to something different
Another great opportunity to diversify your income is to switch your sales focus. This is one of the easiest ways to increase your income but it does require you to analyze what your audience is looking for and the types of products that they’re likely to buy. You can often look at the reviews of your business and its products to see if there’s any useful feedback that you can use to pivot your business.
Alternatively, you could try and branch out into other industries and reach other audiences. For example, if you’re currently doing very well by targeting a relatively old audience, you can look for ways to attract new customers that are in a different age group. This is an opportunity that does require a bit of research, but it’s well worth the effort because it opens up new business opportunities that you previously might not have noticed.
As you can see, there are a number of fantastic ways that you can earn more money from your business. This is a great opportunity for private landowners to make more money, to make better use of talented staff members, and also shift your sales focus. Diversifying is an important aspect of any successful business, hence why should always consider it as a way to increase your profits.