The aim of the game for any business – startup or not – is to make the most amount of money possible, in which there a million and one pieces of advice floating around on the internet that claims to be able to help with this. But sometimes old advice is the best advice, and one of the oldest pieces of advice is about diversifying your income stream to make more money.
But how can a new business successfully bring in new revenue streams without spending a load of cash doing this? Well, we have come up with a few ideas that may be able to help you.
Rent Out Your Premises
One of the biggest overheads of any business is their premises. It doesn’t matter if you own an office or lease a space, it is costly, and all the little things that come with it are costly too. As such, you should start considering whether you need all of the space you operate in. Of course, having space is a nice luxury, but imagine if you could start renting out some of your office as a means of reducing your outgoings, and substantially too. It could be that you could spare a meeting room, or a corner plot of your open office, and sublet it out. What’s more, you could really maximize this by throwing add-ins at an extra cost, such as secretarial support, or IT support for their computers. Not only will this reduce overheads, but it could encourage a partnership, and will certainly help your spread the word of your business organically.
Your Old Tech Is Worth Money
Part of staying in the game is keeping up to date with the latest tech. However, this is a seriously costly must-have. As such, why not create a little extra revenue stream by selling off your old technology. Of course, we recommend you visit Exit Technologies for more, but to summarize what technology can be sold off, there are companies that buy used processors, servers, memory, networks, storage assets, gadgets, computers, and compliances, all of which will ease the financial burden of upgrading.
Package Up Your Services
If you are the business of selling a service, then chances are you operate at an hourly rate. That is how you charge your clients. However, recent research has proved that you can make more money by packaging your services as products. The reason for this is, a lot of clients are reluctant to sign an agreement that is essentially open-ended. It is too high a risk and one that makes your work appear tangible. As such, package your services and see both your sales and revenue increase.
Loan Out Your Employees
A great way to maximize the talent you have working for you is to sub-contract their services to other businesses. You may be unsure of how this would work without affecting your resources, but it could be that you have an exceptional manager, in which case you should look at hiring them out for a couple of days a month to enterprises that want to improve their team-building and management training. So many companies look to outsource tasks these days, so why not fill that need by loaning your employees out to them instead of laying them off. It is an inventive means of growing your revenue, but effective too.