Last Updated on Apr 1, 2020 by James W
The hardest thing about running a business is making money. In the first year or so, you are lucky if you see even the smallest of profits. And, afterward, it still doesn’t get any easier. The good news is that you don’t have to stick to the tried and tested to boost your revenue. Selling products and services is a good start, but you can offset these with a few nifty, unusual tricks. All of the following are legitimate ways you can turn a profit for your company.
Charge Rent
Do you control more office space than you need? If so, you should rent the extra space out to potential tenants. The amount you can make from rent or a sale is quite a large sum of money. For those of you that are skeptical, just take a look at McDonald’s. The McDonald’s franchise makes more money from rent on its stores and name than anything else. So, if you are a marketable business, you might also want to consider turning into a franchise. Companies will pay through the nose for offices and brand names, and you can exploit that fact.
Lobby The Government
The relationship between your company and the government might not be a special one. In fact, they might even introduce legislation that inhibits your ability to make money. They do it all the time for varying reasons, and it will most probably happen to the firm at some point. Instead of feeling pity and taking it like a champ, you can fight back. There is plenty of lobbying firms that will meet with government officials and try to come to a compromise. Although it sounds a little sketchy, it is all completely legal and above board. You never know what you can achieve with a silver tongue.
Accept More Advertising
Businesses love to piggyback off of other companies’ success. After all, it is a cheap and easy way to generate leads. And, they will piggyback off of your traffic if you give them a chance. The thing about traffic is that it doesn’t always correlate to profits. You might get thousands of visitors to your site every day, yet they might not make a conversion. Still, companies that care about advertising only care about the numbers. As long as you have the traffic, they will pay you a lot of money for space on your site. The more you advertise for external companies, the more you can make.
Sell Alternative Products
You might not know this, but lots of companies make more money from supplementary products. Take a gas station as an example. Gas stations sell gas, and that is their primary function. However, they make more money from food and drink that they do any other product. Can you make room for supplementary products in your business? Those that can tend to make a killing without selling any of their main goods or services.
Businesses don’t always have to shift units or cut costs to turn a profit. As you can see, the unconventional methods also work.
