Hidden sources of income are all around you, you just have to know where to look.
Consider these 20 ways to find the hidden riches:
1. Rent out your extra space- Do you have more space than you need? Rent it to somebody. Sites like
Airbnb allow you to share your space for as little as an hour for a fee or a lease it to somebody longer term.
2. Get away from an hourly rate- People don’t like hourly rates
because it’s open ended and there’s plenty of room to inflate the
price. Go with a per project fee to build trust. Then, advertise how you
do things differently than your competitor.
3. Get your current customers to buy more- Too many businesses constantly go after new customers. Growing the business is certainly a good idea but marketing to your current customers is cheaper and more likely to produce sales.
4. Add accessories- Why does your local grocery store stuff
the checkout lane with low-cost items? Because it makes money. What are
you offering to add value to each sale?
5. Reevaluate your vendors- At least once each year, examine
the agreement you have with each vendor. Is somebody offering the same
product or service cheaper? Especially check your technology
expenditures.
6. Turn stuff off- Everything from computers to coffee makers,
if they’re not being used, turn them off. One power-sucking item won’t
make much of a difference but multiple items will show up on your
utility bills. Are you using a programmable thermostat?
7. Audit your employees- Your business is constantly changing.
What an employee did when they were first hired may be much different
than what they’re doing now. Continually evaluate and decide if they’re
still needed and at what level.
8. Find a partner- Not a business partner. Look for somebody
in another sector that would team up with you. A financial planner might
team up with an insurance agent, for example.
9. Hire somebody- As your business grows, you’re going to need
help. If you’re spending all of your time on the mundane tasks that
don’t produce revenue, it’s time to hire somebody.
10. Take a class- When was the last time you learned something
new? Do you have the same certifications you did 10 years ago?
Continually better yourself. It will open new opportunities as your
business grows.
11. Network- You’re thinking, “duh,” but if you’re honest,
when was the last time you put focused effort into networking? Who have
you met this year that you’re routinely talking to as a result of
networking? If the answer is, “nobody,” it’s time to work a little
harder at making new contacts.
12. Network old school-syle- Networking online certainly works
but everybody is wired for one on one relationships—at least to some
degree. If you aren’t having face to face or at least phone
conversations, go back to the basics. Nothing builds trust like spending time with somebody.
13. Perform a time audit- If you’re working an eight hour day,
how are you spending those hours? Most likely, you’re wasting more than
you think. Spend a week writing down each activity and prepare to be
amazed at how much of your time isn’t spent making money for your
business.
Of course, you’re not going to be 100% efficient but what is taking up your time that you should give to an employee?
14. Get more aggressive- Very few people like aggressive sales
people but if you’re waiting for customers to come to you, you probably
need to be more aggressive. If you and your staff aren’t “pounding the
pavement,” you’re missing out on a lot of business. If you’re not doing
it, your competitor will.
15. Open up your demographic- If your business only caters to
teenage girls, youe success has a ceiling. Could you add an offering for
teenage boys or older women?
16. Place bigger orders- Are you afraid that a bigger order
will result in too much extra inventory? That might be true but a larger
order might yield a lower price making the extra inventory much less of
a charge-off.
17. Automate something- Are you doing something the old
fashioned way that could be automated? It probably won’t take long for
your initial investment into the technology to be paid back. Remember
the time audit? What did you write down that a computer could do for
you?
18. Consider a loan- It takes money to make money, right? Always carefully consider a loan but if the risk/reward is clearly on your side, do it.
19. Be more confident- Don’t let yourself be limited by your
mind. Go after that big client; make a phone call to a giant in the
industry. Whatever you’re NOT doing because you’re fearful or don’t
think you deserve it, put your lack of confidence aside and risk
failure. Sometimes it won’t work out but it only takes one or two wins
to make a big change.
20. Take a break- Are you working 24/7? If you aren’t taking
breaks, spending time with family, and having fun, whom will you
celebrate your successes with? Business success is fickle and fleeting.
Success as a spouse, parent, and community leader are much more
meaningful and lasting. And, taking a break to recharge is essential for
business success.
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