One of the keys to surviving an economic slump is to get more out of the resources you've already invested in. If your business leases or owns commercial property, are you using it all? If not, you could be renting out the unused space to another business, generating some additional income for your own business (A Bigger Bang for Your Buck, The Front Runner, Presley & Partners).
You can get even more for your unused space if you can throw in some add-ons, the author suggests. For instance, "a law firm with an unused office could rent it out for, say, $500 a month. But if it adds access to its law library, a receptionist and the use of office equipment, all of which are part of fixed costs, the rental price could double or triple."
And don't think that it's only unused space inside that could be making you money. The authors also point out that unused parking space and unused acreage could also be income generators.
You may even be able to rent out parts of your business when they're not doing business. If you have machinery that some other business could use off hours, for example, you could be renting it out.
The article also discusses two other things that you might be able to do to augment your business' income: selling skill sets and lending out your employees. Follow the link above to read more about these ideas for adding sources of revenue to your bottom line. Because right now, who couldn't use some additional income coming in?
More on Making Money in Tough Times
You can get even more for your unused space if you can throw in some add-ons, the author suggests. For instance, "a law firm with an unused office could rent it out for, say, $500 a month. But if it adds access to its law library, a receptionist and the use of office equipment, all of which are part of fixed costs, the rental price could double or triple."
And don't think that it's only unused space inside that could be making you money. The authors also point out that unused parking space and unused acreage could also be income generators.
You may even be able to rent out parts of your business when they're not doing business. If you have machinery that some other business could use off hours, for example, you could be renting it out.
The article also discusses two other things that you might be able to do to augment your business' income: selling skill sets and lending out your employees. Follow the link above to read more about these ideas for adding sources of revenue to your bottom line. Because right now, who couldn't use some additional income coming in?
More on Making Money in Tough Times
- How to Recession-Proof Your Business
- Ways to Save Money on Business Expenses
- 10 Ways to Cut Fuel Costs
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