When profit margins are slim, most businesses decide the best course of action is to cut costs. They limit their expenditure, trim their budget, and try to spend less and less. However, this isn’t always the best option. Instead, you should focus on increasing your income instead. How can you do this? Just look at these three ideas for inspiration:
Make As Much Money From Advertising As Possible
Advertising revenue is one of the best secondary sources of income for business. It helps keep your income ticking over, and can present huge profits come to the end of the year. The key is ensuring you make as much money from adverts as possible. How? By monetizing as much as you can. Get ads on your website, ads on your mobile app, you should even have a separate blog site and get ads on that too! One brilliant idea is to start a YouTube channel and monetize it. You can earn some serious revenue through YouTube, and it will dramatically increase your income. Plus, there’s the added benefit of helping reel in new customers and broaden your appeal with a YouTube channel too. The bottom line is that you must take advantage of ad revenue and use it to boost your income in any way possible.
Sell Gift Cards
Gift cards are a brilliant way you can boost your income without having to come up with a crazy new product idea. With a gift card, someone can spend money and get a car that they can only use with your business. Most people buy these for friends and family as a present on birthday or Christmas. They’re convenient, and benefit you in that you have one extra thing to sell and gain money from. It’s easy to get gift cards printing done and have some cards that look great and follow your business design ethos. Also, gift cards are brilliant for bringing new customers to your store too. A loyal customer might buy their friend a gift card, meaning they have to buy things to spend the money, a real win-win for you.
Start Selling ‘Add-Ons.’
A great way to boost your income is by selling add-ons along with your main products. What this refers to are any additional things that can be sold to go with your main products. For example, phone companies sell smartphones, then they have loads of accessories like cases, headphones, chargers, etc. Look at your product and figure out what things you can sell to compliment them and provide something more for the customer. That’s the key with these items, they need to enhance someone’s purchase. A customer needs to feel like their main purchase is made better by getting an add-on as well. The good thing is, these items are usually much cheaper than your main products, which helps entice customers while keeping your income ticking over.
Focus on improving your income, and you’ll see larger profit margins without having to make sacrifices and cutting your budget.
If you’re looking for advice on how you can boost your personal income, then we’ve written a guide on that for you to enjoy too!