Categories: Business & Finance

Company Economy: 4 Smart Strategies For Finding Extra Income

September 22, 2017

Making ends meet in a competitive marketplace is tough. You understandably want to turn a decent profit from your professional efforts, but you may also need to reinvest funds into the business to help it grow. You may not realize it, but there are several ways that you may be able to make extra money from your business’s efforts without having to work extra hours or add new products or services to your line. Consider if these tips may be applicable to you, and put them to use today to start earning extra money.

Lease Out Extra Space

If you have extra space in your office that is not being used, consider leasing it to a tenant or subletting the space. For example, you may have an unused room in the back of your office that may be ideal for someone who only needs a small and affordable place to office out of. You may even be able to lease storage space behind your property to generate additional income, or you may have an outbuilding that is not currently being used. If you plan to take on a tenant or two, use a tenant screening service to ensure that you select reliable tenants. This will help you to avoid having to deal with tenants who damage your property or who do not pay rent as agreed.

Get a Vending Machine

In addition to leasing out your extra space to a tenant or two, you can also get a vending machine. A vending machine may be purchased for a few thousand dollars in many cases, and you will get to stock it with whatever items you choose. Some machines that accept credit card payments may even send money to your account on a weekly basis. Otherwise, you may need to empty cash from the machine each week when you refill it with drinks and snacks. This money-making idea works well if you have several employees or if your business is frequented by numerous clients and customers.

Sell Space on Your Website

If your business website receives a lot of traffic regularly, you may be able to sell ad space on your website. Your primary goal should be to maintain a reputable, professional website that helps your business to accomplish its primary goal. However, you could sell a small space to a related or affiliated company. You may also create an entire page of affiliates who are willing to pay you a small fee each month for the additional recognition you provide to them on your website. Consider only adding a few ads rather than many to retain your site’s professional look.

Install Solar Panels

Another idea is to install solar panels on your business property. Solar panels may be installed with a tax credit or rebate, making this a cost-effective improvement to make. The energy that they generate can offset your utility bills, reducing your overhead dramatically throughout the year. You may even generate so much energy that the utility provider sends you a check each month. If solar panels are not ideal, you can consider wind energy or other sources of renewable energy. A side benefit of this project is that you can advertise that your company is green. Many consumers look for environmentally-conscious companies to do business with.

While some businesses may be able to use only one of these ideas, some may be able to combine multiple income-generating ideas together to earn a substantial stream of additional income. This income may be pure profit for you, or it may be used to help fund business growth and expansion efforts. Spend time learning more about these and other money-making options that you may be able to add to your business.

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