Businesses are always on the lookout for smart ways to give their revenue a nice boost, and the most successful of businesses utilize plenty of techniques to give themselves a reliable, additional cash injection.
There are plenty of methods and procedures businesses can adopt, with the majority of them being relevantly easy and simple endeavors that take up very little resources, granted if you know what you’re doing. Here are three interesting and simple schemes to implement in your business that can make a pretty penny on the side.
1 Domain Flipping
Domain Flipping is the practice of buying online domains and then selling them on for a profit after that domain has increased value. The reason why a lot of businesses are investing in domains is that it can be a very lucrative passive income, as all that’s required in the process is to buy a domain, then put it up for sale.
There is little, if any at all, running and maintenance costs when you own a domain, and domains with potential to sell for thousands can be bought for around $20, with some being even cheaper. Domain flipping also has an incredibly low barrier of entry, as you don’t need any specific or advanced technical skills – just basic computer knowledge and a computer with a stable internet connection, which the majority of businesses already have.
However, it’s important to note that not every domain is valuable, and that a good amount of research needs to be put in place before purchasing a domain to sell on. Key things that need to be considered are if the domain is a popular phrase, if it is marketable as a brand, and if it has a high domain authority, but of course, there’s so much more to learn about domain flipping.
2 Sell Complementary Products
No matter what niche your business fulfills, there are always extra services that can be bolted onto your regular service to complement it, as well as entice another type of customer. As an example, a software developer could also sell hardware and equipment that works well with their software, or a gym could also sell healthy snacks and fitness magazines. These complementary products can quickly become an additional revenue stream if woven into your business’s identity well.
It’s important that businesses examine their current service and evaluates what would work well with them, and research needs to be to see if these complementary products have any demand. You may find that your customers are already buying these products from another source, but it would make it more convenient to get it all from one place, which could be your business.
3 Charge For Advertising Space
If your business has a website and a regular newsletter with plenty of open space, then it may be a good idea to fill those spaces with adverts from other, unrelated businesses who are paying you for the platform. For this to be viable, your business needs to generate a lot of traffic and reach a wide audience, as, without this, advertisers won’t be interested.
Google AdSense is a good way to generate revenue for your ad spaces, but it has a few drawbacks, namely that the income is very minimal due to you only receiving money when there is a click. You should also be aware that these adverts might take a visitor off your page, potentially losing a sale.
If you manage it correctly, though, you can charge businesses a flat rate to use your website as a platform, which can generate greater fees and gives you the benefit of choosing who and what is advertised on your platforms.