When you’re running a business, you should be looking for ways to make a little extra money from different sources. This is useful as it provides you a source of income that you can fall back on if sales fall off a little for whatever reason. Of course, if sales stay healthy that’s just a bonus because the extra money can be used to simply boost your business profit margins. It’s all about diversifying your business model, making sure that you are taking advantage of different options available to you. There are plenty to choose from.
Outsource Your Services
When you a run a business, you will typically be offering your services to private clients and customers. This could certainly be true in the marketing industry. As a business marketing team, you can offer your services, to businesses, bloggers and website owners that need online marketing. However, you can also extend your services to other marketing businesses as well. Marketing businesses take on a lot of different jobs for their clients, and they can’t always handle them all. Instead, they use outsourcing companies to carry the load. You can be one of those outsourcing companies and gain an extra source of revenue for your company. The biggest benefit of outsourcing is that you get paid and don’t get the responsibility if the delivered service falls below quality levels.
Use Your Waste
A lot of business models have significant amounts of waste. Did you ever think that this could be used for another source of profit? As a matter of fact, it can. Waste can be moulded together using a briquetting press and can form blocks that can be sold and used as biofuel. Lots of waste can be used like this such as wood shavings and agricultural materials. If you’re running a farm, you should definitely be thinking about using the excess waste and selling it as a product in this form. You’d be amazed how much extra this could add to your monthly earnings.
Use The Space
Perhaps you are running a large business office. It may even be too large for your limited numbers of staff. If that’s the case, then you can rent an area of your office out. Perhaps you can divide the office in two, renting one half out to a completely separate company. You don’t even need to remodel the office for this to work. Instead, you can just have designated areas for each company, and you’ll get paid by the new company using the space.
Finally, we can turn our attention back to marketing. You might have a business website or a business blog. You can sell the space on this site for sponsored content that is related to your business but also helps promote another, non-competing brand. You’ll see this quite often on mechanic websites that also offer businesses which sell tires. It’s a great way to boost profits with the business equivalent of a side hustle.
Using these options, you could easily push your business profit margins through the roof.