If you’re trying to grow your small business, money is probably one of the largest obstacles standing in your way.
You’ll make more money once you grow, but how are you going to be able to afford that expansion? Whether you need extra income to fund a new product or service or a small nest egg to get you through a rough patch, little bits of money are hiding everywhere. Are you collecting them?
Cutting Unnecessary Expenses
Cutting unnecessary expenses is almost the same as generating new income. The income you receive will help you achieve a lot more if you don’t need to stretch it as far. Take a look at all of your outgoing bills. Are you paying for services you no longer use, or things you can do on your own? What about office supplies? If you’re spending a lot on paper and printing supplies, you can always go paperless. It’s eco-friendly and a lot less expensive. Review your budget to assure that you’re being as frugal as possible.
Selling What You Don’t Need
Clean out your home and your office. How many electronic devices do you have that you no longer use? If you decided to go paperless, you likely have a few extra printers and copiers that are just collecting dust. Sell them and set the money aside. Plenty of people, particularly startup founders, will also be willing to purchase older desks and chairs you used when you first started your business. Sell them to someone who’s just trying to get their dream off the ground. They can’t afford the new expensive stuff, and you have something within their budget.
Renting What You Can Rent
Extra space anywhere in or around your office can easily be rented for some fast cash. If you have an extra room in the office and don’t yet have an employee to fill it, you can rent it out to a startup or an independent contractor who needs a place to work. Excess storage space can be rented out to other businesses or local people as community storage. You can even rent extra parking spaces to people who need long term parking.
Making Cash Through Your Website
Your website might be one of the biggest moneymaking resources you have access to. It all starts with the kind of content you create. Making money through your blog is one of the best places to start. You can use your blog to market your product or service and drive up sales, or you can take a different route. If there are supplementary products you recommend, you can use affiliate marketing to make some money when readers purchase your suggestions. You can also allow sponsored posts, where a brand who is not your competitor will pay for a feature on your blog.
Creating video content might be a worthwhile pursuit for your business. Video content will inform and educate your audience, encouraging them to shop with you. Tutorials can help them make the most of what you have to offer. The best part about video content is that many platforms, like YouTube, will allow you to run ads on your videos. This ad income won’t be much, but it’s money you weren’t expecting.
A little creative thinking and a change of your mindset may be all it takes to generate a little extra income from your business. Energized entrepreneurs do whatever it takes to make the amount of money they need to make – even if it means adopting a side hustle.