Did you know there are different ways to diversify your income for your business? Being able to create an additional income stream to supplement your business can help you stay afloat during lulls in business or to finance advancements. For small businesses, this can be essential to help with the running costs of the company and help you bring in more money and have a more reliable income than solely just what the business brings in.
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In this post, we look at some creative ways you can diversify your revenue streams to make your business work for you.
If you own a large plot of land, then have you considered adding a dell tower to your grounds? This is a great way of generating a reliable income source for many years to come.
Allowing a cell company to erect a tower on your property means entering into a lengthy contract, but being able to negotiate a deal for what you land is worth could pay your dividends in the future. Cell tower lease rates can vary, so you want to make sure you get advice on what to expect, what to ask for and how to negotiate a deal that both parties are happy with.
Depending on your company, you could add one-off packages to your services provided. Allowing people to purchase a one-off service, bundle or a time slot can help you bring in more money to the company.
Keeping this as a side-arm to your main business, allowing people to not enter into contracts and essentially buy as they need, for special one-off costs could help you reach people who may not have otherwise considered using your services.
If you sell physical products, look at ways you can add to your portfolio by filling a gap in the market for your customer’s needs. Offer add on purchases at special one time rates or look at how you can adapt your business. For example, if you sell furniture, you can offer an assembly package as a side business to save the customer shopping around for someone to help them set up their new furniture.
Use Your Land
If you have unused land, then finding the best way to use this could help you add to your income and build your business altogether. Let’s say, you have a working farm, but not all of the land you own is used to grow crops or house animals. What is going on with that space?
If the answer is nothing, then why not? Get using this space to help you generate a new income stream to boost profits for your company.
- Allow tiny houses to be built
- Get permits for an outdoor cinema for the locals to visit.
- Rent out lots to local community groups to grow plants or vegetable gardens
- Build a guest house or renovate old buildings to be able to accommodate guests.
- Start a vineyard.
There are many new and unique ways you can make good use of otherwise redundant land. Considering what is the best option for you before you decide on anything is essential so you can work towards your new goal.