How Your Small Business Can Unlock Additional Income

Running a business is no small feat. So, just think about it for just a moment: with the ever-changing market dynamics and increasing operational costs (and this inflation is never going back down), finding ways to boost revenue without disrupting daily operations can be a game-changer- plus, it’s just one of those essential ingredients too.

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There has to be this balance of not overcharging because customers will turn to your competition, and too low means potentially cutting in quality- which still makes customers turn away.

Thankfully, you can still actually make an income, and none of this affects your operations or what you have to charge! That’s right, as long as you own a physical location, you can make additional revenue. So, with that said, what are these potential strategies that you could implement? Well, here’s exactly what you need to know!

Hosting an ATM on the Premise

Honestly, isn’t the idea just really nice to receive free ATM services? Have you ever wondered why some random businesses have an ATM, even when they’re not a grocery store or bank? Well, one of the simplest and most effective ways to earn extra income is by installing an ATM in your business location. But how can you make money with this?

Well, this strategy not only provides a convenient service for your customers but also brings in additional revenue through service charges. Every time a customer uses the ATM, a small fee is charged, which goes directly to you. But on top of that, chances are higher you’ll get foot traffic. On Google Maps it shows local ATMs surrounding you, so more people means more potential sales, too.

Becoming a Parcel-Pickup or Access Point

Another great way to generate extra income is by becoming a parcel pickup or access point for courier services like UPS, FedEx, or Amazon. This involves handling packages for pickup or drop-off, which can attract more visitors to your business and offer a commission for each package processed. But how are you going to get money from this?

Well, people coming in to pick up or drop off packages are potential customers who might purchase something from your business. There’s no guarantee, but there’s at least a chance. But on top of that, courier companies often pay a commission for each package handled, adding to your revenue. Plus, this could even help enhance your reputation since offering these additional services can improve your reputation as a convenient and versatile business.

Selling Advertising Space

So, chances are, this is only going to be successful if you’re located in a good spot. If you’re not, then the likelihood isn’t all that high you’ll be able to get this opportunity. If your business is located in a high-traffic area or has a lot of customers, consider selling advertising space. This can be as simple as placing posters or digital screens within your premises or even offering space on your website or social media channels.

Businesses will pay to advertise in places where there is a guaranteed audience, and this doesn’t interfere in any way, shape, or form with your primary business operations. Plus, it’s up to you what type of businesses you want advertising on your premises anyway.

Vending Machines

These are usually placed at convenience stores, grocery stores, gas stations, and hospitals, right? Well, if you’re in a high traffic area, then this could be beneficial for you too. But as you already know, vending machines are a classic way to provide additional services while earning extra income. Whether it’s snacks, drinks, or even personal care items, vending machines can cater to various customer needs without requiring significant effort on your part.

 

Plus, your team or even you might want to buy from it, too! However, overall, customers appreciate the convenience of quick access to snacks and essentials, which can enhance their overall experience. Plus, once set up, vending machines require minimal maintenance and offer a continuous income stream. You can usually call the company that manages them, and they can come and refill it. Plus, where you have unused space (indoors or outdoors), you’re still making money!

Renting Out Space

Do you have any extra space? Do you own your premise? If you’re renting, then this might not be allowed in your contract (you’ll have to check). This could be for storage, as office space, or even a pop-up shop for other small businesses.

 

But there are other ways to rent out space without it being long-term. For example, there’s PeerSpace, so businesses that have aesthetically pleasing areas can post on there (such as parties or photoshoots), and people can temporarily rent out that space. This is just one example, but there are other services like that, too. But again, you need to have an aesthetically pleasing space in order for this to work out.

Hosting Events or Workshops

If your business has the space, consider hosting events or workshops after hours. Whether it’s a yoga class, a crafting workshop, or a local meetup, these events can draw in crowds and provide a new revenue stream. But generally speaking, events can bring in people who might not have visited your business otherwise.

So, ideally, you’re making use of your space during off-hours to maximize your resources without interfering with daily operations. But overall, the best thing would be the fact that hosting events can create a sense of community around your business, fostering customer loyalty.

Loyalty Programs

So this one really throws owners by surprise, but yes, it still deserves a section on this list. Implementing a loyalty program where customers can earn points for every purchase that can be redeemed for rewards encourages repeat business and increases customer retention. You can partner with other businesses to offer rewards, earning a commission on each redeemed reward.

On top of that, a well-designed loyalty program can enhance customer engagement and satisfaction- so, to a degree, it’s basically expected. But you could even look into partnering with other businesses for rewards, which can create new income opportunities and cross-promotional benefits. Basically, every little thing counts and helps.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(amazon author page) amazon.com/author/kenboyd

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/