Everyone always wants to know the secret to get more revenue from their business. But, if it were easy to do, then everyone would be rich. With the secrets for making more money is so closely guarded, most business owners go through a lot of trial and error. This is especially true when it comes to trying to make more profits from their company.
Luckily, not every method of getting bigger revenue streams is really hard or takes a lot of time. Some of them need very little effort and can provide a lot of benefits as a result. With that being said, here are three of the best ways to get more revenue out of your business.
Introduce Subscription Plans
Subscription plans are not a good fit for every business or product type. But, for the vast majority of companies, this can be a great way to increase revenue. That is why the number of businesses using subscription plans has increased by over 100 percent since 2014.
The average business only receives revenue from its users when they end up buying something from them. Depending on what products or services they offer, this purchase might only occur a few times a year.
But, businesses can increase their revenue by a lot if they sell products or services that get sold quite often and also offer subscriptions.
By giving the customer a small percentage off of anything they purchase by signing up for a subscription, it should be enough reason for them to sign up. This becomes more likely if they are already a regular customer. If you are going to offer a subscription plan, then the best discount to give customers is 16.7 percent on purchases.
Even if a customer does not purchase something one month, they will still be paying money. This small amount of money from the subscriptions can help your business cope with any slow seasons.
This subscription plan model should help to make your revenue stream larger. At the very least, it will help to make it much more consistent.
Trade Office Space for a Co-Working Space
If your business is one that you can operate entirely, or even mostly, online, then you have an awesome opportunity available to you. 20 years ago, almost every business had some sort of physical office because remote work was very rare. However, as technology has progressed and the entire workforce has undergone a major transition, remote work has become much more common, growing over 160 percent in the last 12 years.
This has led to the demand for traditional offices going down by quite a bit, especially with the younger generations. But, many businesses still feel like they need to have an office space. They might have also leased one back when they were larger and have since gone through layoffs, leaving them with far fewer employees. In either situation, they are going to have a lot of office space that is going unused.
All this empty space is costing your business thousands of dollars every month, which is devastating to your profit margins. However, you can quite easily turn this waste of space and money into an additional source of revenue.
While traditional offices are becoming less in demand, co-working spaces are more popular than ever. People still need a place to do their work but now they can do it anywhere with a plug-in and Wi-Fi connection. Therefore, they suddenly have a lot more options available to them. As a result, these large spaces are converting into group areas available to the public where professionals can go and get their work done. The best is that they can do it in a productive and cheap location.
You can easily take advantage of this co-working movement by turning your empty office space into a new co-working space. After this, the only thing missing is some eager professionals who are paying to attend the space.
Achieving this is now simpler than ever before thanks to the many apps out there that are like Airbnb for office spaces. Simply finish adding any missing office supplies and then sign up for an account. Once that is done, the app should take care of the rest. It will let professionals in the nearby area know about your brand new co-working space.
After the professionals start arriving, you will receive a portion of the price that they pay to use the space. This will help transition the office space from a financial burden to an additional revenue source.
Create Product or Service Bundles
A big mistake that many businesses make is that they only offer their various products or services individually. While this may appear to be the most convenient way to sell items, it is actually costing you precious revenue.
When someone buys one of your products, chances are that other products would go great with it. For instance, if someone ordered a new winter coat, then you might also offer a certain pair of winter gloves that would pair together perfectly. By bundling these items together, it prevents the customer from having to seek them out individually and makes them much more likely to purchase both items.
This is because there is no motivation to purchase both items as opposed to just purchasing the jacket. By creating product or service bundles, you can offer several items for a slightly lower combined price. This will usually be enough of a reason to convince most customers to purchase several items together. There will be more items selling and more revenue-generating sources as a result.
Implementing all three, or even just one, of these tactics, will be a surefire way to help increase the amount of revenue that you can get out of your business.
