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Six quick ways to make money as a small business

Have you ever wondered how you can make money quickly in your small business? How can you increase your profits without causing an increase in costs? Well, here are some ways you can make some quick money in your small business.

Rent out part of business property

Do you have an unused room or space which is wasting away in your business? One quick way to change it into a moneymaking space is to rent it out. When renting it out think about who your potential new office partner will be. It may be a good idea to rent the space out to someone who complements your business. In this way you can cross-promote each other and thereby also increase your sales. If you are renting the place already, you will need to contact your landlord to ensure it is okay to sublet an area in your office.

Add on value-added services

One way to increase the sales of your business, is to add a value-added service which will apply to your client base. If you own a kitchenware shop, you could offer cooking classes which use the kitchenware available in your shop. So when the client uses the product and enjoys it, they may be encouraged to buy the product from your shop.

Upsell to existing clients

It is important to always offer the best product to your client. If you see the opportunity always try to upsell to your customer. This does take some skill to do but it is the easiest and quickest way to increase the profits. One thing to be cautious of when upselling is to ensure that you are not too forceful as this may well drive your customers away. 

Charge consulting fees

Are you an expert in your field? Then take advantage of this by charging consulting fees when sharing your knowledge with other individuals. You can attend seminars as a guest speaker or host webinars where you share knowledge about your business and field of expertise.

Package your services

Instead of offering an open-ended service, why not package your services together. By creating packages, clients will be able to see a tangible product and know what services they are attaining. This could encourage clients to buy your services more readily. 

Sell advertising space on your website

If your website receives a lot of traffic, you can make a quick buck by selling advertising space on your website to a business which complements the product you are selling. An example would be if you are print shop, you could sell advertising space to graphic designers. By doing this you could inadvertently drive more business to you.

Try one of these six ways today to help your business make some quick money. Most of these ideas will also help you create some passive income which will help to increase your profits. Go out there and start making the bucks.

Proudly brought to you by the National Small Business (NSBC).

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