In this tough economic scenario, diversifying your income source to generate more revenue is of the essence. The best and minimum risky way to catapult your business revenue is by making the right use of your assets and other resources. Here are some of the tips that can help you increase the influx of income for your business without investing much to execute it.
Switch your Sales Funnels It is one of the simplest ways to generate more money which is often ignored. You can convince your existing customers to buy more products and/or services. You need to switch your efforts and marketing initiatives to your existing customers than luring new customers as your existing customers are already converted long ago. Convincing them to purchase your products will be easy for you than convincing otherwise newer customers. Your existing customers are well aware of your company and your products and are simpler to sell to.
Rent Out Your Unused Business Premises In case you possess or have leased office space, are you using all of it? If you are using only part of it, you can earn a good amount by renting out the unused space of your business to another company looking out for rented space.
Often companies that have just started out require a cubical or corner only. Chances are you might have a vacant room that you can rent out to another company for their regular business activities or for use as a warehouse. In addition, you may also rent out your vacant or unused warehouse or deserted storage space for renting as people of urban locality gets the warehouse space for high rent. So they would be looking for some cheaper options.
This story is from the May 2019 edition of Small Enterprise.
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This story is from the May 2019 edition of Small Enterprise.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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