5 Ways your business can make money!!!

5 Ways your business can make more money

The key to successfully increasing your business income is to be sure the cost of diversifying isn’t making your profits negligible or nonexistent. All of the ideas below are ways your business can make money without spending a lot of money to do it.

How to make more money:

1)   Rent out part of your business premises.

If you own or lease physical business premises, do you really need all of your current space? If not, you can make more by renting out the space to another business.

2)   Package services as products.

 If your business primarily involves selling services, you can make more money by packaging your services as products rather than charging clients an hourly rate.

3)   Shift your sales focus

Shifting your sales to focus to your current customers rather than attracting new customers makes excellent economic sense because your current customers are already converted prospects. They know your company and your products and are easier to sell to.

4)   Lend out your employees

Do you have talented, marketable people working for you? Then maybe you could sub-contract them to other businesses. For instance, if you have exceptional managers, you could hire them out to other enterprises to run exercises in team-building and management skills.

5)   Add value-added services or products

A carpet cleaner selling bottles of spot remover. A store selling kitchenware offering cooking lessons. These are all examples of adding value-added products that customers and clients might be willing to pay money for.

Can you think of any other ideas that would help small businesses make more money without spending it?

In response to Rachel's Post...

Watch this video…

Do you think an experiment like this could happen in the US?

When I read this question “Do you think an experiment like this could happen in the US, I just laugh. I think that the commercial was hilarious and really made me want to watch. But as Americans I don’t believe all people would think this was funny. I think something would happen and there was probably be a law suit some where down the road. Or better yet someone would of probably started shooting back at the other people. But it’s definitely a great way to catch someone’s attention. Some people might take it the same way as the others in the commercial but everyone’s so different it’s hard to describe everyone as a whole.

In response to Nichole' s post

How different do you think buying a new car compared to a used car is? Would you rather buy a used or new car? Why?

I think that buying a new car would be a better than an old car. A few reasons why I believe that a new car is better then an old car is that you don’t have to repair it as often, now as much money goes into a new car and a nice car is less likely to break down. I am actually looking into buying a car and I am looking fir a brand new car. I would rather pay more for a nice car then a car I know I am going to have to eventually fix.  But one considers a new car read the following

• Monthly repairs for the typical American car on the road (approximately seven years old) run about 5 percent of a family’s budget.
• A new car takes about 15 percent of the family’s budget. Compare 5 percent per month for maintenance on an older car to about 15 percent to buy a new car – no contest.
• It’s common to justify a new car because of better gas mileage than an existing car. But some new cars would have to be driven for 20 years or more to reap mileage savings equal to the car’s cost.
• Unless your car is worn out (200,000 miles or more), it’s often less costly to repair the existing car than to replace it with a newer model.
• Low-cost financing tempts many to buy a new car. But nothing is free. The dealer may offer a low-interest loan, but the vehicle probably will cost more.

Should a car be financed?
Buying a car by financing has become the norm in today’s society. However, the best way to finance a car is not to finance it at all! 

• For most people, it’s best to save money and pay cash for a car. Auto financing is poor stewardship, even when below-market factory financing is offered at “too good to be true” rates.
• If you must finance the purchase of car, there are some basic guidelines that should be followed.
• If possible, arrange a loan through a bank or other financial institution, because this allows you to negotiate with the dealer on a cash basis.
• Don’t trade in an old car. Sell it. If a car dealer can sell a trade-in and make a profit, so can you.
• If your car isn’t paid off, keep it until it is. Otherwise, the current car debt is simply refinanced into the new car loan.
• If financing is necessary to buy a car, begin immediately to save in order to buy your next car with cash.

During the average family’s lifetime, more money is spent for automobiles than homes. Therefore, when considering the purchase of another car, remember that the least expensive car is usually the car you are currently driving. However, cars do wear out, and if another car is necessary, the best option is to buy a good used car, preferably at a price that can be paid in cash.

Promoting your business...

A daycare is the ideal job I would like to accomplish, as I get older. Owning a daycare is what I have always dreamed of! As parents look for daycare you want your name to stand out. You can help make this happen by promoting your business even when you don’t have a vacancy, so, when you do have space, you already well known and highly-regarded.

These tips will help you remember that your child minded and also helping out the benefits of your business.

Regularly update your families information service (FIS), details make sure that you complete any forms sent to you by your FIS, and aim to answer every question. If something changes about your service, for example, you gain a qualification; remember to tell your FIS.

Talk to others about what works for them, your FIS, childcare support workers, and other childcares will be able to let you know what type of advertising is successful in your area and how they fill vacancies. Find out what parents want. Talk to the people above, and the parents you know, about what families would like from their ideal childcare service. Ask the parents you already work with how they found you and what attracted them.

Sign up for vacancy schemes find out if any vacancy schemes are running in your area. Many schools and children’s center’s now offer vacancy-matching schemes.

Get involved in local projects, try contacting your local authority, children's centre, or child minding development worker to see if there are any projects you could get involved in, for instance, offering respite care. As well as helping to fill places, these projects give you experience in different types of work, which can lead to future interest in your service.

Join a child minding network, you’ll have the support of a coordinator when you have vacancies to fill and may get the chance to become quality assured or accredited to offer early years education — another string to your bow! You can find out whether there is a network in your area by contacting local authority early years team.

Turn your successes into news stories, if you have some good news, share it! Contact your local paper, radio station or child-minding newsletter, or produce your own newsletter for the families you work with. Always display best practice - wherever you are, make sure that people remember you for the quality of care you give the children.

Join a group or network; Joining a child minding network or group is one of the best things you can do to promote registered child minding and your own business. By working together you can reach a much wider audience. You can work together to fill vacancies by letting one another know when you have vacancies to fill or know of families looking for childcare. Many networks and groups have a vacancy coordinator whose contact details are put on publicity materials and held by the FIS.

Hit the headlines, it’s easier to get publicity as part of a group, so organize lots of events and invite the papers along, or send them photos afterwards.

Promotional materials, Produce leaflets, posters, and a website holding your group’s details. This can be cost effective and some places will only display general group adverts. You could even invest in a radio advert.

Attend events, Arrange stands at school events or shopping centers, or give a talk at a Sure Start centre. Some groups arrange drop-ins where parents looking for childcare meet child minders.

Reach employers, Make a list of employers in your area then share them out and contact their personnel departments to find out if your group could have its vacancy coordinators details put up in the staff room or in the office newsletter.

Get yourself heard, Nominate group members to attend local authority meetings, take part in early years forums and respond to any consultations to make sure child minding is on people’s minds.  

How would you promote your daycare? What would you do to help your business survive.