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Today’s post comes from fellow S&S reader, Rebecca. If you have your own business, you can’t afford to miss these tips for making extra income!

6 Ways Your Business Can Earn Extra Income

Every business should be looking for ways to increase their revenue without decreasing the quality of their products or services. Whether the business is trying to expand or is going through a slow patch, earning more income can become crucial. Although there is no one quick fix to revenue problems, there are a few tips you can take on board to get your business ahead.

Read on for 6 ways your business can earn extra income.

Online Presence

Sometimes a business will go through a rough patch when new consumers are not being attracted. A good way to assess this is to look at your business’ social pages such as Facebook and Instagram, as well as assess their online presence.

Firstly, is your website easy to use? Bounce rates may be high if your site looks messy or is hard to convert on, so also ensure there are multiple payment options. Moreover, your social account is how you engage with consumers, whether this is a local restaurant, hairdresser, or a larger sized business. Your socials need to be visible online to build awareness with potential consumers. Even investing a small amount in Adwords can earn you back a greater income in return, and if these new consumers have a good experience, they could become long term customers and spread word of mouth about the business.

Term Deposits

Having a Westpac term deposit allow you to lock away money for a period of one month to five years, where you cannot access this sum without a surcharge until that time is up. However, the benefit is that while that money is locked away, you receive a very high rate of interest for the term you select, thus the business can earn extra income for doing almost nothing.

Assuming there is a regular income flow, this can work well for businesses that want to earn interest at a higher rate than what is available when opening a savings account. It is important to consider the minimum deposit which is usually between $1,000-5,000.

Opportunity for New Revenue Stream

Is there a product or service your business has been thinking of adding to their offering range? A new addition can be another revenue stream for your business, and if the tools used to make this new product or service is similar to current lines, it should not cost too much extra to offer.

A new offering can bring in additional customers, especially if this service or product is unique from top competitors. Attending bazaars and pop-up shops is great if you’re starting to set up a physical store. If you want to sell digital products and services, you can create a portfolio and maximize social media platforms for exposure of your brand. It is important to use marketing techniques such as email, word of mouth and social media announcements to get people aware of the new offering and build interest.

Upsell in Product Packages

Particularly if your business offers services, you can create package deals for clients. This will encourage them to purchase more services with you and increase the scale of the job as they see these package deals as greater value for their money. Thus, you are left with an increased revenue through upselling that would not have been achieved without the package deal.

Sublease Desks

After consulting a landlord, you can lease out empty desks in your office to make an extra income. This subleasing can be beneficial if the business is still growing into the office, and current space is not being optimized. You will need to do some research into how much you can charge depending on the area your office is in.

It is important to note if the usage of available facilities, such as the kitchen and meeting rooms, are included. Moreover, there are networking opportunities with the business operator that you sublease to. Ideally, you can advantage of these networking opportunities if they are in a similar industry but offering a different service so you are not in competition.

Renting Unused Spaces

Does your office offer more car park spots than you need or use? Maybe you catch the train into work? Consider renting these parking spaces out for another business income, especially if your office is in a central area like the city. Services like Parkhound make this possible, whereby you can list your space and rent it out for short term periods, or longer contacts at a fixed cost.

Overall, these six ways for your business to make an extra income can make a huge difference to your growth. Whether you rent out a part of your office, start a term deposit or introduce new products to attract consumers, you have many options to earn those extra coins. Ultimately, you can feel safer in your income flow, especially in those slower business periods.