Regardless of your industry, there are always ways to cut down expenses and make more money. You probably have more resources than you realize, and with just a little creative thinking, there’s no reason why you shouldn’t be able to develop new income streams.
If you’re having a financial shortfall this summer or simply want to boost your earnings, these three tips are definitely worth considering.
Rent Out Desks in Your Office
Think about how much spare room you have or could make use of, and consider renting it out. Re-organize your office to make it more efficient, and then try to squeeze in a few desks and computers. If you have conference rooms and meeting rooms, you could also rent these out on a per-hour basis to other local businesses.
If you list your office space on as a business centre, commercial real estate agents will be able to source clients on a short-term basis for you. This could be perfect if you just want to rent out the space temporarily as you won’t be bound to any long-term contracts.
Package Services as Products
If you price your services on a per-hour basis, you could be driving clients away. Companies often prefer to have a guarantee and aren’t happy with an open ended agreement. By selling services as products you could significantly increase revenue. This is especially beneficial if you’re having a financial shortfall and need to attract some new clients/want to entice your existing clients to purchase something new.
You know your limits and what you can achieve in a specific time-frame, so this doesn’t have to affect your earnings in any way. You could essentially provide the exact same services for the same cost, but make them look like they are better value for money. For example, if you run a graphic design company, providing one logo for £99 could yield better results than providing one hour of graphic design for £99, even though the completion time may be exactly the same. Guaranteeing a result simply provides greater security in the eyes of the buyer.
Sub-Contract Your Accountant
If you have a talented accountant or bookkeeper consider sub-contracting them out to other businesses during dry spells. Bookkeeping services are always in high demand and could provide a steady income stream. That said, sometimes it’s simply not worth keeping someone on the payroll, especially if they’re having to conduct work that’s not specifically related to their position.
Alternatively, you could try to boost your own skillset by learning to conduct your own bookkeeping. There are AAT courses in London that will give you a firm understanding of basics. Get qualified and you will not only have more control over your own operation, but could also work as a freelancer for other companies.
The key to making more money is diversifying your business model without any excess spending. You probably already have the assets, products and resources to make positive changes, you just need to look at them in a different light.
BIO: David Bishop is a business blogger and entrepreneur from Cornwall, England. He is currently involved with a number of tech startups, ranging from video games developers to digital marketing companies.