The past eighteen months have certainly not been something they taught us in business school. It started with a global pandemic and mandatory lockdowns of non-essential businesses, then erupted in costs of goods and services skyrocketing, only to complete this craziness with an employee shortage, and rent and real estate costs going through the roof for most areas of the country.
If you’re like most businesses, you’re probably looking for ways to increase your revenue. Here are some things you can do right now as well as a few other ideas you can start implementing for long-term increases.
15 Ways to Make More Money at Your Business
- Raise your prices. Businesses of all types are being forced to do this because their costs are increasing. Most people, while they dislike it, realising it’s necessary.
- Train your employees on upsells. It’s easier to sell to someone who’s already buying than to create a convert of someone who knows little about you.
- Keep track of what each customer buys. Use data on customer purchases to reach out to them with applicable discounts, sales, new products, or services they would probably like based on past purchases.
- Add a service to your goods or goods to your services. If you sell furniture paint, offer a paint service. If you paint furniture, sell a line of paint for DIYers or those who can’t afford your service.
- Host a class. If it’s specific and helpful enough you can charge for it.
- Become an affiliate for another business. If there’s something you buy often or a business you refer people to, ask the business if they have an affiliate program.
- Start a side hustle. There are a lot of things you can do to bring in additional revenue that have no start-up costs and can bring in more money. You can start a personal side hustle or try incorporating one into your existing business.
- Consult or coach. Tell people how to do what you do and charge them for it.
- Start a Kickstarter campaign. Okay, so this isn’t a solid stream of revenue, but it can help you create one by producing something you’ve always wanted to produce but haven’t had the time or capital to do it.
- Start a membership program. Charge people for access to you or priority service from your business or any other type of membership.
- Create a subscription or sample box. You can do this on your own or with other businesses in your area.
- Host a contest with an entry fee. Yes, you’ll need to line up a prize for winners, but if it’s a broad reaching contest, you could make money with an entry fee.
- Host a camp or overnight. Depending on your business, you may be able to turn your business into a camp over holidays or the summer or even host a special overnight. Meet with an insurance professional to understand the liability involved. You can also offer classes to homeschool students. Remember camps don’t have to be for kids.
- Create a challenge. You may be able to create a directed challenge and charge a fee for several weeks of training or services.
- Sell more items online. Or start selling online if you haven’t already.
Most of these ideas can help you bring in money right away. Another way to do that—although it doesn’t increase your revenue per se—is to change your billing structure if you’re a service provider. You can collect more upfront and less upon the completion of services. Plus, now is the perfect time to roll out these ideas as people understand the struggles businesses have these days.