5 ways to expand your existing business and make more money
A lot of business owners are leaving money on the table because they are too narrowly minded in the way they run their businesses.
If you are a business owner, here are 5 ways you can expand your business so as to make more money.
If the ideas listed here doesn’t fit into your kind of business, think of other ways to expand your business so as to make money because no matter the kind of business you have, there are several ways to make more money from it.
1. If you offer low ticket goods/services, create high ones too, if it’s high tickets you already have, offer low priced ones as alternative.
If your product is too expensive, there are people who will really want to buy it but can’t afford it. Create an alternative for such people instead of referring them to someone else.
If your product is too cheap, there are people who will never buy it. Create a high priced one for people like that too.
An example of this is what we do at the Zari investment club, we have packages both for low and high income earners. 100k and 1million naira package respectively. This has enabled us to have both the rich and middle class in the society become a member of the club.
2. Create a course on how to do what you do. E.g. If you are a website designer, you can create a step by step guide on how to design a website and sell directly to your audience or on some marketplaces like Udemy or host a paid virtual training and teach others who needs a website but can’t afford your fees. If you make and sell skin care products, create a course on how to do so or hold virtual paid trainings to teach people.
3. Create affiliate programs. Affiliate programs let’s as many people as possible to promote your products/services for a commission. This way, your products are seen and bought by more people.
4. Create a complementary goods/services or collaborate with someone and share the revenue.
Complimentary goods/services are goods and services that is used in conjunction with another goods/services.
If you are a book editor, you can collaborate with someone who is a book cover designer,
If you sell hair extensions/Products, collaborate with someone who is a hair stylist.
If you are a caterer, collaborate with event decors etc. Event decors, collaborate with photographers.
When people come to you for the initial services/products, let them know you have a team of people that offer the rest too. That is the complementary ones.
Find a way to make money from goods/services that compliments what you offer.
5. Have YouTube channel. You are leaving money on the table when people come to make or cut hair at your salon and you don’t cover the process.
You are leaving money on the table if you teach people how to make cakes, skin care products, snacks without covering the process.
Whatever you do, if it requires covering it, please do, edit and post on your YouTube channel. Even planting of crops as a Farmer requires covering and uploading on your channel.
Conclusion: Money is everywhere and if you own an active business, you have more opportunity of making more money so think of ways to add new ideas to your existing business so as to make more money.
So tell us, what are you going to do today to expand your business?
Tell us in the comment section.