How to make a lot of money your business. 20 Ways to Make More Money
In a bind?
Boost your income and shave expenses with these 20 tips to for making more money. Image source: Photospin. We put together 20 of our favorites.
1. Money-making strategy: Drive for Uber or Lyft
Rent out your extra space- Do you have more space than you need? Rent it to somebody. Sites like Air b nb allow you to share your space for as little as an hour for a fee or a lease it to somebody longer term.
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Go with a per project fee to build trust. Then, advertise how you do things differently than your competitor.
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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. 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?
Reevaluate your vendors- At least once each year, examine the agreement you have with each vendor.
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Is somebody offering the same product or service cheaper? Especially check your technology expenditures.
Are you using a programmable thermostat? Audit your employees- Your business is constantly changing. Find a partner- Not a business partner. Look for somebody how to make a lot of money your business another sector that would team up with you. A financial planner might team up with an insurance agent, for example.
How to Make More Profit in Your Small Business
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.
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Network old school-syle- Networking online certainly works but everybody is wired for one on one relationships—at least to some degree. Nothing builds trust like spending time with somebody. Open up your demographic- If your business only caters to teenage girls, youe success has a ceiling.
By John RamptonEntrepreneur and investor johnrampton Getty Images As a business owner, it's essential to be constantly on the lookout for new profit-making opportunities. What you may not realize, however, is that creating a business within your business can be one of the best sources of hidden profits there is--in fact, most businesses have multiple ways of increasing profits just waiting to be discovered. The following 10 profit-boosting actions can be done without any extra cash investment.
Could you add an offering for teenage boys or older women? 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.
Automate something- Are you doing something the old fashioned way that could be automated? Remember the time audit? What did you write down that a computer could do for you?
Consider a loan- It takes money to make money, right? Go after that big client; make a phone call to a giant in the industry. Business success is fickle and fleeting.
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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. All Rights Reserved.
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May not be reproduced, reprinted or redistributed without written permission from Attard Communications, Inc. In the little spare time he has, Tim enjoys writing financial articles for major websites focusing on entrepreneurship, investing, personal finance, and retirement.
Susan Ward Updated December 05, Diversifying your income stream to make more money in business is old advice, but in tough economic times, it's advice worth taking.
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