Running a business is stressful without thinking about additional ways to earn revenue. There is a chance that by branching out that the company’s reputation could be tarnished. Companies that try to offer too much in terms of services/products can see the quality they provide decrease. Today’s world is all about customer experience so quality is more important than ever. Consumers are more educated due to the internet than ever before and will ask the tough questions. Create a list of potential opportunities to earn additional income to see if they are feasible or not. Below are a few ideas to help your business generate more revenue without making major changes.
Contract Out Employees to Clients at an Hourly Rate
Your current employees can be a huge asset if you cannot seem to attract enough clients. You can rent out employees to other companies for a profit if you simply cannot find enough work in-house. Marketing companies do this frequently by renting out employees whether they are copywriters or social media gurus. The company contracting out your employee might only need them for a few days a week though. This can be considered a form of white labeling your staff which a number of companies do. A lawn care company might have two days a week that they only need 4 guys but have a crew of 5. Another lawn care company might be happy to pay for them if the person is skilled at what they do.
Scrap Metal Can Be Profitable
There is a chance that at a mechanic shop or even a tech company that there is scrap metal being produced. This could be through electronics or extra parts that accumulate over time. Scrap metal recycling can be a great way to clear out space at your business while being able to earn money. This is a great situation as some just recycle metal without receiving any type of compensation. Look into the different options in the area to see which fits what your business needs.
Rent Out Unused Office Space
The office space that you have might be too large for your business at this time. You might plan on growing but this growth might take a year or two. You can generate revenue by renting out the part of the office space to another company. You obviously do not want to rent it out to a competitor but it is fine to rent it out to an unrelated business. If you have any close partners that need office space, they should be at the top of the list. Building lasting relationships with other businesses can lead to referrals back and forth for the foreseeable future.
As you can see, there are plenty of ways to earn additional revenue for your business. You might have to think outside of the box though as sometimes earning extra revenue doesn’t happen in the most traditional of ways. Take the time to assess how your business can earn extra revenue without truly changing day to day operations.