Diversifying your income stream as the way to make more money in business is old advice, but in tough economic times, it's advice well worth taking. 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 you can bring in more revenue for your business without spending a lot of money to do it. If you own or lease physical business premisesdo you really need all of your current space?

If not, you can make more money by renting out some of your space to another business. There are a lot of small businesses that only need a corner or a kiosk.

Or maybe you have an unused room that another business could use as office space. You can gain even more advantage by subleasing space to a business that is complementary to yours, giving you the opportunity for cross-promotion. For example, if you own a vehicle repair business and sublet a bay to an auto detailing company you can cross-promote each other's services and attract more customers. 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.

Or Change Your Business Model and Watch Your Profits Soar! Shifting your sales 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 forex azhar idrus your products and are easier to sell to.

Learn how to entice your current customers to buy more by reading 6 Sure Ways to 08 aug 2016 gbpusd 5 minute binary options trading Sales. If you want to increase sales to existing customers, though, you have to make sure you treat them right; see 8 Rules for Good Customer Service.

Do you have talented, marketable people working for you?

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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. Another twist make makmoy money perfection this idea is to lend out employees to avoid having to lay them off, loaning employees to another company for a set period of time and then getting them back when you need them.

The Washington Times from Washington, District of Columbia on November 16, · Page 14

Definitely an arrangement to be made by contract only. A carpet cleaner selling bottles of spot remover. A store selling kitchenware offering cooking lessons. A seminar on investment strategies in tough economic times. A farm that sells produce offering a vegetable delivery service. These are all examples of adding value-added products that customers and clients might be willing to pay money for.

Make more money by examining your products and services and brainstorming services or products that your customers might be interested in. Then choose the one you think will make the most money for your business and test it. Your business premises, your intellectual propertyyour products, your services, your customers, your employees are all assets that may or may not be producing as much income for you as they could.

With the five "how to make more money in business" ideas above in mind, take a hard look at your business and see if some of your assets are being underutilized. Often the ways our business could make more money are right in front of us; we just have to recognize them.

One of the other ways you can increase profits is to cut expenses. See the following articles for ideas on how to reduce your business expenses:. Search the site GO. Updated May 09, See the following articles for ideas on how to reduce your business expenses: Get Daily Money Tips to Your Inbox Email Address Sign Up.

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