10 Ways To Make An Extra $10,000 In Your Business
/While money isn’t everything, it is certainly a top priority for us as freelancers and small business owners. Whether we want to hire another team member, increase our salary, expand our reach, or move to a new location, we are always looking for ways to grow our bottom line in order to reach our goals. Here are ten ways you can add $10,000 to your bottom line.
Me with Charles, the owner of Crumble and Whisk. They make the BEST cheesecake I have ever had. Check them out the Lake Merritt farmer’s market in Oakland, CA.
10 Ways To Make An Extra $10,000 In Your Business
Turn your services into intellectual property. If you have a proven concept or methodology, look for ways to package this into a digital product or another asset that can be sold in larger quantities. For example, if you are a photographer who creates filters, you can sell these filters as a product. If you own a fitness studio that offers trainings to new hires you can package this training as a product to be sold to other studios looking for ways to elevate their team.
Create a sales process. Most business owners and freelancers do not have a sales process. Creating a structure around how you find clients and elegantly roll them into your offerings will increase your bottom line, immediately. Think about creating a sales funnel on your website or outreach tasks that you can do daily to improve your sales structure.
Set up an affiliate program. If you have clients that rave about your products or services, ask them if they would like some sort of compensation as a thank you for helping you to spread the word. This compensation could be in the form of free services, classes or products or monetary compensation.
Cut expenses. By negotiating your current fees or reducing certain costs completely, you can add dollars to your bottom line. This could be your internet, phone, lease, or any other operational or overhead cost.
Rent out a part of your business to other companies. This only applies if you own a commercial location. If you have extra space, consider renting it out to a local massage therapist or another small business owner. Additionally, you could turn it into a pseudo co-working space and charge a drop-in or monthly fee.
Add commission-based sales representatives. Whether you have a service or product, you can train folks on how to sell for your business. Some representatives are open to 100% commission, while others may request a base pay plus commissions.
Consult other businesses on your expertise. All business owners have perfected a way of doing business that could be helpful to others. This could be operational expertise, accounting, marketing, sales, you name it! Other business owners will pay you as a consultant to help them figure out how to improve their business.
Improve accounting processes. One of the most overlooked ways of improving the bottomline is fixing broken, or inefficient, accounting processes. For service-based businesses, this is usually related to your accounts receivable process. Improve your cash flow and increase your bottom line by fine-tuning your invoicing procedures. For product-based businesses, inventory management can be a huge money drain. Elevate the efficiencies and watch your bottom line, soar.
Add valuable service offerings. As you chat with your current clients, pay attention to the needs they express. Based upon these needs, see if you can create a service offering that can help them. If you want to add services to your business, you may want to consider a white label company. A white label company creates rebranded tools and services for you to resell. If you want to expand your business without dealing with all the hassle, you may consider using mSign, for example, as a white label partner. Make sure you offer your existing customers new solutions.
Create a membership program. Whether you provide services or sell products, you can create a membership program. This could give your clients first access to new services/products along with other perks for a monthly fee.
