Hidden sources of income are all around you; you just have to know where to look. Boost your income and shave expenses with these 20 tips for making more money.
Looking for ways to make more money? We put together 20 of our favorites.
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 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 from your competitors.
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 style. 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 salespeople, 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 competitors will.
15. Open up your demographic. If your business only caters to teenage girls, your 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? For example, a tool like the ZenBusiness Money app can save you time in the invoicing process.
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. Successes as a spouse, parent, and community leader are much more meaningful and lasting. And, taking a break to recharge is essential for business success.
Disclaimer: The content on this page is for informational purposes only, and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.
