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The more income streams you can develop for your business, the better your chances of turning a profit eventually. That’s why, no matter what your primary product or service may be, if you figure out how to add tangential ways of making money, that’s going to be good for your bottom line.
You can think about creative ways to make money by adding screen printing possibilities, working with other companies and brands, using coupons as loss leaders, or offering multiple ways to pay for ongoing services. Each should open up different opportunities for further income within your business framework.
Add Screen Printing
If you want your brand to be visible, maybe you should have clothing with your logo on it that you can sell. Now, you could outsource the screen printing of shirts, hats, or other materials, or you can invest in screen-printing supplies and do it yourself.
If you get your own supplies, there’s going to be way more flexibility than otherwise, and it will also give you room to experiment. As far as cost-effectiveness goes, once you get past the initial investment, it’ll be far cheaper to do your own screen printing.
Related to how to make your business profitable: Why Marketing Strategies Do Not Succeed
Work with Other Companies and Brands
When you begin to use social media for business, you’ll find out that there’s a lot of crosstalk between various companies. You can use this to your advantage. As long as you hook up with other firms and brands that don’t sell exactly what you do, you can form a mutually beneficial relationship, especially when it comes to online advertising.
Related: Want To Become a Thought Leader? Write for RunTheMoney.com
Knowing how to trade your promotions with other companies can go a long way toward reaching new audiences, which will lead to more sales.
Recommended Social Media Resource
Source: bulk.ly/social-media-post-ideas/
Use Coupons as Loss Leaders
Learning how to use coupons for your business can make it much more profitable as well. You have to assume that people aren’t just going to buy what they receive a coupon for. You can use these sales to intrigue them into coming to your main website.
You can also use coupons to lead prospective customers to your physical store location. After they get there, they should be happy with the sale item they purchase. But you should have other displays that will get them to buy further items to boost your profit levels.
Have Multiple Ways of Charging for Ongoing Services
If you have a product or service that can exist as a subscription, that opens up tons of opportunities for additional income on the side as well. Even charging a few dollars a month to a lot of people for something that is an additional benefit of your company means you’ll be getting all of that money as pure profit. And the longer you offer something people are willing to subscribe to, the longer they’ll be happy with you, and the longer you’ll be satisfied with the payments.
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