Running your own business comes with its advantages but there are two sides to every coin. One of the biggest challenges faced by business owners is how to maintain a healthy cash-flow during the tough times. This challenge is further complicated by tough competition and new players in the market.
The key is finding ways to source an additional, extremely profitable income stream for your business. Business owners need to able to think outside the box and adapt to changes in their trading environments. Here are some useful tips that might assist you in doing this.
Create Ongoing Service Agreements :
Whether you are a plumber or a consultant you can offer service agreements for checkups or check-ins that are billed either on a monthly, quarterly, semi-annually, or on an annual basis. This keeps the cash flowing into your business, but it also creates great value for your customers, by giving them access to you whenever an issue arises throughout the year. It also assists your clients with their payments to you and budgeting for your services by removing the need to allocate a large amount of money when an issue arises.
Teach What You Know:
Your knowledge and expertise is not only marketable to your customers but to those who would like to learn what you know. An insurance broker can teach other insurance brokers how to build successful practices. A financial planner can run seminars that offer financial planning advice, which can ultimately lead to potential clients down the track.
Products can take many forms, for example financial planners can package their knowledge and offer information products through their website. Plumbers can join affiliate programs and offer products through their website without having to hold inventory and get a commission on any purchases.
If your business experiences slow or seasonal trends that affect your cash flow, it may be time to explore other ideas for generating income. Get creative, look outside the box and put yourself in your customer’s shoes. How can you offer a valuable service to others?