While becoming obsessed with making as much money is possible can be harmful for your business, and your mental health, any business owner should always be looking for ways to increase revenue. After all, you will not have much of a business without sales, will you? There are many ways to go about increasing revenue, and the subject can and does fill whole books. This post will discuss just a few that are certainly worthy of your consideration.
Consider Expanding Your Geographic Reach
Never assume that another business is already serving a certain area. If you are in a major city, for example, investigate whether your competitors are marketing to all the surrounding suburbs. Whether you sell kitchen equipment, do landscaping or run a catering business, get your business in front of as many eyes as possible. There is a good chance that many communities in your area are not being specifically marketed to simply because none of the businesses are physically located there.
If you sell a variety of products that complement one another, consider bundling them together. People love getting a good deal, and it will entice people to buy things they might not have otherwise. While many people will still likely stick to one item, like shoes, if you have a shoe store, there will still be a lot of people who will buy the shoes as usual as well as the bag and hat.
You may think that offering money back after a purchase is not the best way to increase revenue, but it can be. Even if you are giving some money back, you will probably still walk away with a profit based on the increased sales that this tactic is capable of generating. Also, research has shown that less than 50 percent of rebates are claimed, so in most cases, you will keep the full amount of the sale.
Complement Your Services
Look at your current services and see what you could add on without significantly increasing your costs. For example, if you do landscaping, think about offering pool cleaning as well. These are things that most homeowners hate doing themselves, and if they can find one company to do both, all the better for them. If you offer coaching on social media and other aspects of online marketing, consider adding ghostwriting services for people’s blogs and websites.
Enter Agreements with other Businesses to Sell Each Other’s Products
Tapping into the customer base of other businesses is a great way to leverage your revenue-boosting efforts for very little cost. Reach out to owners whose products and services are complementary to yours and ask if they will sell your products as well. If you sell software, reach out to hardware providers. If you make products for pets, reach out to pet food distributors. If you are a landscaper, talk to local contractors about partnering with them to get any landscaping business their customers need.
Kelli Cooper is a freelance writer who blogs about all things business, from Chicago business financing options to how to market with social media.